Partner Content

How to write the perfect business plan

on


No matter how much planning you put into launching your new business, the odds are always going to be stacked against you. Most businesses will end up failing, and there are a number of reasons for this; not least of which is the stiff competition that many of them face. But another reason that lots of businesses end up failing is because they don’t launch with a coherent and detailed business plan.

The better your business plan is, the easier you will find it to make it through those all-important early days. It is when your business is just starting out that it is at its most vulnerable, so it is essential that you have a business plan that lets you hit the ground running. Here’s what you need to do to put together the perfect business plan.

Do your research

You can never know too much about the market that you are entering. The more information you have about the niche you are going to be targeting, the easier you will find it to make an impression.

Research is key when you are determining realistic goals for your business and working out exactly what you think you will be able to achieve and over what timeframe – the  more research you have done beforehand, the easier you will find the decision-making process.

Your business plan is too important to just wing it. It isn’t good enough to assume that you understand your market; you need to actually do the research and find things out for certain. Remember, your business plan should examine existing businesses and consider where their approach works and where it doesn’t. Your own plan should be written with an awareness of what has and hasn’t worked in your market in the past.

Set yourself achievable targets

There are a number of things that your business plan should contain, but perhaps the most important is your roadmap for the future. This should lay out exactly what your business is going to achieve and how you will achieve it. This includes both the big-picture, long-term objectives of your business, and the specific short-term measures that you will take to get yourself to that point.

The more details your plan includes, the better. You should fully cost all of your proposals and consider how you will market them. This includes identifying where any money you’re planning on spending will be coming from. When you are breaking down your long-term objectives into individual goals, being able to produce more detailed plans will enable you to plan much more confidently and reliably.

Consider all of your costs

In order for your business plan to be useful, it needs to be accurate. A business plan that doesn’t reflect reality for your business is not going to be much use to you. In particular, it’s important to think about exactly how you will fund each stage of your business’s progression. Many entrepreneurs massively underestimate the costs involved in getting a new business venture up and running, often because many of these costs are new to them or are things that they hadn’t previously considered.

For example, let’s say that you are preparing to open a delivery business. A fleet of delivery vehicles is therefore going to be one of your most important purchases. However, it isn’t just the cost of the vehicles themselves that you need to consider. You also need to think about the upkeep costs of those vehicles, such as keeping them full of fuel and properly insured. The cost of fuel is prone to fluctuations, but you can make a reasonable estimate of how much it will cost to run each vehicle.

Your insurance, on the other hand, is much easier to factor in upfront. Before you even consider buying the vehicles you could use a price comparison site like Quotezone to quickly find out how much fleet insurance for those business vehicles will cost. The more accurate your projected costs are, the more useful your business plan will be overall.

Include a strategic marketing plan

The way that you market your business will be one of the most significant factors in determining how successful you are. If you aren’t doing a very good job of letting people know that your business exists, then you’re going to struggle to get them to spend their money with you.

When you are writing your business plan, you should include your plans for launching new products and services further down the line. Think about what you will offer your customers when you launch and in what directions you can expand these offerings further down the line.

With the right business plan on your side, your business will be able to launch the right way. As time goes on, you should update your business plan to reflect new realities and to take into account your evolving circumstances. With a solid business plan on your side, you can’t go too far wrong.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

Recommended for you

What Do You Think?

Your email address will not be published. Required fields are marked *