Everyone that wants to start and run their own business needs a business plan. A business plan will not only help you stay on track and allow you to plan ahead it will also be crucial to show future investors to demonstrate how you will not only survive but also succeed in an increasingly difficult business world.
The 5 paragraphs below should allow you to start making your own business plan; whether it be a local, national or international business these are the 5 things you must include.
1. Company Overview
A company overview is a crucial part of any business plan. The company overview will explain what your company is and how your company will benefit its customers by the services it offers. The company overview should answer the common questions people will ask about your business.
The main things the company overview should include are; where are you located? What type of business are you? What are your opening hours? When do you plan to officially open your business?
Answering them simple questions should cover the main parts of the company overview and allow potential investors to get a basic understanding of your business.
2. Competitor analysis
Identifying your competition is extremely important. Finding both the strengths and weaknesses of your competition will allow you succeed in your marketing strategy.
A competitor analysis will allow you to target both your local and national competitor’s which should benefit you both in the present and future.
The main points to cover in your competitor analysis are; who your competitors are? Where your competitors are based? Your competitor’s strengths and weaknesses and what threat your competitors are to your business?
Answering all the questions should cover the analysis of the competitor’s research and give you the perfect chance to be successful in business.
Making sure you know exactly what your competitors are doing ensures you don’t get left behind. Each industry will have trends that emerge although it’s not crucial you run your business exactly the same as a competitor it is, however, crucial you always keep an eye on what is successful in your industry.
3. Marketing Strategy
The marketing strategy is one of the most important factors of your business plan. This will determine how you advertise your company/brand. With the rise of social media, it will be important to ensure you have your company’s name as the handle on Facebook, Twitter, and Instagram.
Next, you need to decide how you will get your companies name out there. A local company may benefit more from leaflets and advertising in a local newspaper.
Whereas if you’re aiming for national coverage social media adverts and Google ads may be the way forward. Marketing is important at any level of business but can, however, be very timely if it’s something you’re new to.
It is advised if you have the financial availability to hire a marketing advisor who can guide you through every step of a marketing strategy and even give you new ideas to your business you haven’t thought of yourself.
4. Emergency Plan
One key thing many upcoming businesses forget to plan for is emergencies. Floods, fire, and vandalism are all things that can happen to your business. Without a physical location to trade from it is most important to make a successful business, this is why it’s crucial to have an emergency plan to ensure your business stays open during an emergency.
One way to ensure your business is safe during times of emergency is having an emergency restoration company such as CleanSafe on hand. Leaving dealing with emergencies to experts can allow you more time to focus on growing your business and minimise the time your business is closed for.
An emergency cleaning company can have your business up and running on the same day, this means you’ll be back talking to your customers and building further relationships.
5. Financial Plan
The most important sector of business is money, without money none of the big brands you know today would be able to survive. Of course, there are other important aspects of growing a brand, but none of these can succeed without a successful financial plan.
The financial section should include where you plan on getting your money from; whether this is your savings, family members or investors it is important you know how much you’ll be able to spend on your business and where the money will be sourced from.
The financial plan should also include some goals, how much money you plan to make in your first year and how you can invest that money back into the business to create more financial gain by year two. Planning to re-invest money is crucial if you want your business to grow, the old saying the rich get richer is very true with a wise financial plan.