Entrepreneurial aspirations are a great thing. Every wonderful business has to start with a wonderful idea, and once this first hurdle is crossed, it can be hard to determine the next steps. It’s impossible to get to a new destination without a road map, and in the case of entrepreneurship, the road map comes in the form of a business plan. For those that have never written business plans before or dealt with such specific dealings, this can be a bit intimidating. Thankfully, there are many great resources out there to take a business from an idea to a thriving establishment, so check out these basic business plan tips before finding a building and picking out a business phone number.
Audience
As with any writing, one of the most important things to consider is the reader and desired demographic. A tech startup aimed at millennials will want to have a hip tone, new-age buzzwords, and forward-thinking principles in place. A more family friendly establishment will want to cater its information to this demographic, instead. Despite the desired customer base, the business plan is often for investors, so keeping this in mind will increase the likelihood of success, too.
Research
Once the audience and tone have been assessed, the next step comes in the form of plentiful research. A competitive business plan has ample data, market research, and a plethora of numbers to share. The only way that a business will get off the ground is if it can convince enough people that it is not only a good idea, but a necessary one. Identifying possible competitors, explaining the desired niche in the market, and demonstrating the ways that this business will solve an existing problem or create a product that people don’t just want but need will take investors from the “maybe” column into the “yes” region.
Details
Practice makes perfect. Knowing a business plan inside and out before presenting it to anyone major to the potential success of the business is a great way to increase a likelihood of success. In a pitch meeting, there will be questions. A presenter that has already thought through of some of the most common questions and has answers prepared will impress potential investors or banks much more than a presenter that believes in their idea but stumbles over the specifics. Investments can be risky, and the job of a great business plan (and its accompanying presentation) is to ease some of those stresses. With these pieces in place, a business is more within the realm of possibility than ever.
