10 things to include in your start-up business plan
Businesses are often started with a passion to bring a great idea to market, but with no clear strategy.
Great ideas involve planning - it is vitally important to your business success! The planning process provides the opportunity to dig deep into WHY you want to run your own business, HOW you will do it, WHAT you will actually do, and WHO your customers will be.
Every marketing effort is tailored to your dream customer. The language you use speaks to them in a way they identify with. You give them the benefits of working with you.
Your brand is clearly stated and there's less potential for confusion, and you:
Are less likely to waste time and money on doing things that aren't part of your business vision, you have a budget in place and can use your resources more wisely.
Have targets, you know what actions are required to meet these targets and you have deadlines (thereby providing some accountability).
Set direction, you have focus and purpose. You are motivated to work on your business and eager to make your empire the best it can be!
Here are 10 things to include in your start-up business plan:
Work out your 'sweet spot'
Get specific - what do you love to do (of all the services you provide, what do love best)?
What pays you well?
What can you do really well - what are your skills?
Who is your dream customer?
Out of all the customers that might need or want your services, who do you enjoy working with best?
What makes them your dream customer?
Once you know your dream customer describe them EXACTLY
Create a dream customer persona so you know how you will communicate with them in your marketing.
Know their frustrations and problems and how you can provide a solution.
Do your market research
You need to go outside of your circle of family and friends to make sure you have a tangible market to sell to!
Be sure you can deliver
Design HOW you will sell to your customers, and what you need to organise to get this right! This is going to include making sure your website is generating leads and you have a sales funnel in place to convert leads into paying customers.
Get clarity on your purpose, vision and values
Your big WHY - this is going to guide your entire business. This needs to be represented in your VALUE PROPOSITION STATEMENT so you can communicate your big WHY.
Create a roadmap
Map out EXACTLY who you are, what you are here to do and how you are going to get there. Set your targets with actions required (and deadlines to achieve these tasks by).
Know your numbers
An often over-looked area of a start-up is the financials! It is common to leave the numbers until later, a bit of an after-thought. This is NOT going to aid the success of your business!
You need to know; your start-up costs budget, how much working capital you need before you start earning regular income, your pricing needs to be spot on, your break-even point, your budget and cashflow forecast for at least 6 months in advance, and how you should be dealing with tax obligations. These things are a minimum!
Create your business model
This is going to include; the entity you use to trade (think sole trader v company as an example), how all the work above rolls into HOW you are going to do business, how you will pay yourself and what you are going to monitor and measure to improve your business.
Create your launch strategy
What is the pre-launch hype?
What can you offer new leads to bring them in as regular customers?
How are you going to let the world know you're ready to solve their problems?
ANOTHER TIP - Don't spend money on your website, logo and stationery etc until you are crystal clear on your brand! This is likely to change if you're not 100% confident with your business message!
Don't leave things to chance...your start-up is going to be hard work, don't make it harder than it needs to be!