Every business, whether it’s just starting out or is a well-established enterprise, needs a plan.
Your business plan is your roadmap to success, and it should include all the necessary details about your business.
But what exactly goes into a business plan?
Here are three must-have ingredients every business plan needs.
What Every Good Business Plan Needs
1. Focus & Clarity
When you write a business plan, you must consider the reasons for the business existence:
- Who do you want to serve?
- What do you want to provide?
- When do you want to start?
- Where will you set up shop?
- Why do you want to start such an endeavour?
- How will you meld all these things together to create a prosperous business?
These are the main reasons why you’re going into business and they should always be top of mind when making decisions.
You also want to focus on your big life dreams.
- How much money do you want to make over the next 5 years?
- Do you want to sell multiple products or just one?
- Everyone’s big dream will be different but you should write it down as part of the plan.
A Clear Idea of Your Target Market
Most business owners know their target market is a crucial feature of business success.
In deciding who your business serves, ask yourself questions like:
- What age group?
- Teenagers? Twenty-somethings? Seniors?
- Who has this problem or could benefit from what I have to offer?
- What geographical boundaries?
- Where do these people live?
- How close to me are they?
- What socio-economic group do they fall into?
- Do I want to serve just this city, or the whole region or country?
2. Overview Of Entire Business
Consider your business plan as a mountain. Your mission statement is at the base of the mountain, with your major ambition and vision at the top.
Everything in between is what you’ll need to do to get from point A to point B, and these phases should be included in a business plan.
- What products do you want to create?
- How often do you want to produce a product?
- How can you implement some passive income or affiliate income into your business?
- Are there any speaking engagements or online summit opportunities that will expand your reach and your followers?
- What can you add to your sales funnel for those not yet ready to commit to coaching?
A Plan For How You’re Going to Reach Them
Consider how you plan to reach your ideal business clients.
- Will you use Facebook ads?
- What are you willing to pay for advertising online?
- How many hours per day can you devote to sales or marketing activities?
- Is it enough to make a difference in business growth?
Do not skip this step!
A business plan is a crucial document that lays out your business’s future and the best way to get there.
It should include what you want to accomplish and how you plan to do it.
3. Clear Action Steps
This is the most important step, to ensure your business plan is useful.
This is where your planning steps are broken down into smaller, actionable steps.
Instead of just saying I want to write a book, break the process down further.
- How much time can you dedicate each day to writing?
- Do you want to self-publish or find a publisher?
- You’ll need to hire an editor and someone to design the cover.
These are actionable steps that can easily be crossed off your to-do list once completed.
Don’t get off track when creating these plans. You don’t need to plan 5 years’ worth of action steps at one time.
The idea is to plan a year at a time, keeping your focus in mind, so that the action steps become a pathway or a blueprint to your big dreams.
These can then be broken down into 90-day action plans.
The best business plans are documents you use every day to keep on track when building your business and working towards your goals.
A Timeline and Milestones
Your business plan should also include a timeline with key milestones.
This will help you track your progress and stay on track.
It is also very important to have realistic expectations for your business.
Be sure to set goals that challenge you but are still achievable.
The Resources You’ll Need to Get it Done
Finally, your business plan should identify the resources you’ll need to get it done.
This includes money, people and equipment.
Be realistic about how much money you’ll need to start and sustain your business.
If you’re not sure, get help from an accountant or business consultant.
Your business plan is an important document that will help you achieve business success.
Make sure it includes all the essential business planning details.
With a business plan in hand, you’ll have a better chance of business growth and getting your business off to a good start!
A Good Business Plan
Creating a business plan is an important step in starting any business, service-based or product-based.
It is an opportunity for you to explore all your business ideas.
It’s an opportunity for self-reflection and introspection, which may help you identify the business problems and challenges you may face along your business journey.
A good business plan will help you stay focused and on task as well as provide the necessary tools to achieve your goals.
Whatever stage of business life you are in, these 3 must-have ingredients should be part of every business plan you create.
If this seems like a daunting task, I’ve got the perfect resource for you that you’re going to love The Business Plan Template!
This template will help you plan your business and create action steps that you can quickly implement to get results in your new business.
By taking the time to create a thorough business plan, you are ensuring your success!
Get Access to the Build Your Business Vault, so you can get your hands on the Business Plan Template plus much more!