So you have a business idea; the inspirational ‘light bulb’ moment. You want to get started immediately.
“Everyone will buy this” “Why wouldn’t people use this service?” - The thoughts that go through every new entrepreneurs’ mind when they have that eureka moment.
But have you thought it through? Do people actually need this product? Is there a market for it? Or an industry already established? Do you know how this business will work? What are the operational considerations? Is there a business already doing this in another way?
These are the questions, and many more, you need to ask yourself when starting a business. There is a great deal to think about, so how do you keep track of it all?
That’s where the business plan comes in. A business plan is a document that allows you to turn your thoughts and ideas into a business. It allows you to think about all the parts of the business and how they will interact together.
Discover how to create a business plan with this in-depth guide, that will explain how to:
- Figure out what a business plan is and why you need one
- Write an executive summary
- Explain your product or service
- Identify your unique selling point
- Target your market place
- Structure your aims, objectives and employment
- Research your competitors
- Source suppliers
- Plan your sales and marketing strategy
- Structure your business operations
- Account for plant machinery, equipment and vehicles
- Undertake legal matters and plan for 'what if?'