Starting and taking your business to the next level is challenging. So you have to start with a business plan.
What is a business plan?
A business plan is a comprehensive document that you compile which consists of the:
- background and reason for starting the business
- the financial projections
- competitive analysis
- marketing plan
- operational plan
When you start a business having a business plan will give you direction. You can get a free business plan template to guide you along the way. You’ll be able to see a broad overview of the structure of your business. Your list of products and services and target market will be defined so you know what you’re selling and who will be your customers. Be realistic with the financial plan and start with conservative figures so that when you surpass it will be a victory for you. If you are planning on a big financial leap your marketing plan is going to have to be on par with the plans. Your marketing budget should be about 10% of the turnover. So if you are aiming towards a certain turnover figure the amount you’ll need to spend will be proportionate. You will also need a sound marketing plan and it will have to be monitored to analyse where your leads and sales are coming from.
The business plan is good place to start when you want to open a business. It is a lengthy process but it acts as a roadmap that reminds you of the vision and mission as well as the plans you need to get the ball rolling. It also helps when you want to apply for funding because investors want to know whether you are organised and driven to make a success of the business. They also want to see that you’ve done the research and necessary planning to grow the business.
If you’re not quite sure where to start, you can download our free business plan template from our website.
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