Why You Need a Business Plan
Welcome to my blog! If you would like to keep updated on new posts, please subscribe.
And consider following me on Facebook and Twitter. Thanks for visiting!
When you go on a trip, you use a map or GPS to ensure that you get to where you want to go in a relatively uncomplicated manner. You don’t just head out on the road without any idea of where you’re going or how you’ll get there.
The same thing should be done when you start a business. Map out a plan, starting with the end. Where do you see your business when it’s most successful? How can you ensure that you get there in a reasonable amount of time? To help you create a business plan, answer the following questions:
Who are you? – This question really has two parts – who are you personally, and who is your business? How you want your customers to view you as a business is important because it will help you proceed with every aspect of your business.
What do you offer? – It’s true that you offer something that can easily be named, xyz service or xyz product. But you really need to determine the solutions you are providing. Is it freedom? Is it time? Is it something else? If you can answer that, you’ll be able to move your business forward faster.
Who is your customer? – Identifying your customers is an important part of owning and running a successful business. But this doesn’t end after you figure out who your customer is. You will need to continue to study your customers over time. Create a picture of your ideal client so you know exactly who you’re working for.
What differentiates your offering? – Your competitors are offering a product or service that is similar to your. But there is something that makes your product or service stand out from everyone else’s. What is that thing? How can you emphasize the thing that makes your produce or service better, different, or special?
How will you deliver it? – It’s important to know the means by which you deliver your product or service to your audience. Without knowing that, it will be difficult to succeed in your business.
How many do you need to deliver for success? – One thing many business owners forget to do is figure out how many products or hours (if you’re in a service business) they need to sell to break even and then how many more to be profitable. When you know this answer, you can break down that figure to how many products each day you need to sell.
What is your timeline to profitability and success? – Once you determine all of the above information, then you can calculate how long it will take for you to be successful. Note the date you want to show your first dollar profit. Then move backwards and enter in the actions you need to take each year, month, week, and day to make your business be successful.
When you answer these questions seriously, you easily can create a plan of action. Before you know it, you’ll be successful because you have a clear plan.
Previous Post
Next Post