A business plan is not a goal in itself, but rather a way to help you achieve your bigger goals. It’s a document that acts as a map for yourself and helps you evaluate whether or not your idea has potential.
A lot of people include things like addressing the market, estimating costs, and making sure you have enough money to invest into your business before starting in on everything else on their list, but none of those are needed if you make your plan simple.
It sounds crazy, I know, but it works!
If you're already thinking about all the steps involved in opening up a restaurant, then creating a complex business plan might be overkill. In fact, you can probably get by with very little content- even just one page!
Business plans come in many different formats, styles, and lengths depending on what stage of business development they are at, and what kind of audience they aim to reach. What size company you want to target with your business depends heavily on who you hope will hire you later.
I will give you some tips on how to write a simple business plan here, but first let me tell you why having a simple business plan is so important.
A lot of people get overwhelmed by business planning because they think it has to be super-detailed with lots of pretty charts and graphs.
That’s not what I would call a simple business plan!
I believe that having an outline or concept for your business is enough at first. You can add more detail as you grow, but starting out with nothing beyond a one or two sentence idea is totally fine!
This article will go into some details about how to create a simple business plan that anyone can do. There are even free templates online you can use.
A summary, company description, mission/vision, key leadership team members, market analysis, productivity goals, and financial projections are some of the most important parts of a business plan.
In the business plan section, you should include a short paragraph-summary for each item above. Make sure to emphasize how these components contribute to the success of your business!
It is very common to put the company description first in many business plans. This can be tricky because it is not only limited to describing the firm, but also the purpose of what the company does.
A good way to organize this information is by starting with why your company exists then move onto describing its services and products, and finally its management.
Market research, goal setting, and forecasts are easy to get wrong, so make sure to do your due diligence before writing up numbers.
The first thing you will need is an idea or a topic for your business. You can’t run a business without a topic, so don’t pick a business concept that sounds cool but doesn’t make any money!
You must determine if there are already businesses doing what you want to offer before diving in.
It is very difficult to succeed as a entrepreneur unless you have a good understanding of how businesses work. So, before you invest time and resources into developing your business, make sure you have checked out the competition!
Also remember that not every business owner makes a large income – some even earn just enough to survive!
So, be honest with yourself about what you believe will bring success to your business.
A business plan is not just about telling people what you are going to do and spending lots of time talking about how visionary you are, and listing all of your achievements.
That’s a good start, but it isn’t enough!
A business plan needs to be more than that – it has to make sense. It must be written clearly, and must contain everything necessary to run your business.
It doesn’t need fancy formatting or large fonts, but it should be easy to read and understand. You don’t want to spend hours writing an excellent plan then finding out there was something you missed off or nothing at all!
There are some basic things every business plan should have, though. These things may seem like boring ‘foundation’ materials, but they play a big part in helping others determine if your ideas are sound and possible to implement.
They also help potential investors assess whether your idea is viable and worthy of their money.
Yes! All you need to do is identify an area of the market that you want to target, and then tell people about it. You can even go into more detail with what you want to offer them before you launch.
But before you actually launch your business, you’ll probably need to test the waters for a few weeks or months by offering one product or service first.
This is called pre-launch stage and it’s totally normal – most new businesses go through this.
If you are really worried about how you will make money once you launch, you could also use the time during the pre-launch stage to look at ways to generate income online (or via other means).
A business plan is not like a personal will or mission statement. It’s much more detailed than that! A business plan is usually three to five pages long, and it looks at where your company stands now and projections for the future.
It can be difficult to write a business plan if you don’t do it very often. But don’t worry — we have some easy tips for you here!
All too frequently I hear entrepreneurs say things such as “I don’t know what my next step should be,” or “I don’t know how to market my product,” or “I don’t know who could use my service/product.”
These kinds of statements make me wonder whether they really want to go forward with their business idea or if they just want to give up.
Business planning is an excellent way to evaluate your current state of affairs and determine what steps need to be taken to move onward. You won’t necessarily find yourself walking down the street with your new business concept, but having a solid plan helps you understand your strengths and weaknesses as an entrepreneur and gives you something to aim for.
Even if you do not have much money to invest, or even if you are only willing to spend time with your business in limited amounts, there is still something that you can easily do.
This is what most entrepreneurs will tell you about doing businesses alone – you cannot!
Business owners typically share stories of how their friends helped them set up their business, or how they know someone who has done it before so they gave them some tips.
These ‘friends’ usually get paid for this help, which makes it hard to say whether these tips were actually worth it.
If you really want to start a business, then you must be able to access resources, and you should be able to afford to experiment.
You could very likely find free resources online or through networking groups, but nothing beats getting good training costs-free!
There are many ways to gain this knowledge for free, including: talking to other business people, reading books and self-help guides, and watching YouTube videos.
General business advice sites also offer free information and lessons. These are great starting points as you begin investing in more advanced courses.
Byteofinformation.com and Investing.com are two websites that feature all sorts of helpful business info.
Even if you do not have much business experience, you can create a simple business plan that does not include fancy decorations or flowery language.
A good business plan will tell people’s story of what you are offering and why your offer is better than the others. It will describe how you will market yourself and your product/service. And it will contain information about where you will find your customers and how they will know who you are.
You do not need to be an expert in business to write a business plan. In fact, writing a business plan without any expertise is the best way to start because you will learn something new.
Business students often times skip the narrative part of the business plan due to time constraints. But before you begin working for someone, you should make sure you understand their job description and position.
By including a narrative in your business plan, you give the reader some background information and personal touches on your company.