Ten Tips for making a Business Plan

4 11 2009

Many people get stuck on what to include in their business plan, so I am writing this post to give those of you out there some tips on structuring your business plan. Read on!

  1. Before you get in too deep, take a step back and outline a clear vision and goals for your company
  2. You can’t create a plan without a budget. Draw up a rough draft of your budget, including expected sales and expenses
  3. Don’t ignore your customers. If you already have a few customers, ask them what they want from a company like yours
  4. If you don’t have customers, try asking friends or family
  5. Research your competitors. Not only is this good to see what your prices will be, but it is also good for gathering information
  6. In relation to the tip above, don’t try and start a price war with competitors by starting out with lower prices. They will most likely lower their prices as well, and they will probably be getting cheaper supplies. So they can afford to instigate a price war, you can’t
  7. Be prepared to take risks. As with any other aspect of life, you will not get a significant return on your investments of time or money if you don’t take risks. Make sure these risks are calculated however, and you have researched them deeply.
  8. Once you have put together your business plan, contact a couple of business professionals you may know for their opinion, or your friends and family
  9. Expect the unexpected. No business plan is going to work exactly how you want it to, so make sure you have necessary measures in place to cover any problems you may encounter
  10. Don’t forget what makes you unique. It may be price, customer service or something else, but make sure you continue to implement this forever.

Don’t skip the plan! Make sure you make a business plan; it gives you a better chance of being successful.

Did you find this helpful? Leave me a comment and let me know!

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4 responses

16 11 2009

Item 2..You can’t create a plan without a budget. <– here is a big problem.

16 11 2009

How do you mean?

17 11 2009
Michiel Jonker

#1 is essential. I am always amazed by how many people do not take the time to outline their business plan before diving into the business itself.

I am a firm believer in having an outline before doing ANY hiring. Also, make sure you remember to include how to profit from difficult situations not just your successes. Include how to profit from risks.

My wife and I have been running our own business for years. And we had a business plan but what we forgot to include, in writing, was how to profit if a recession occurs. Without the steps in writing, it made it hard to make profits.

So we went back to our original plan, made edits, and added how to earn profits under such circumstances. Since doing so the profits have been flowing, again. I hope this tip benefits your readers as much as it benefited us!

18 11 2009

Thank you for sharing your wisdom with the other readers 🙂

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