Starting Your Business Plan for Success
Creating a business without a detailed business plan is similar to taking a trek without a map. You may enjoy the ride but you will not meet your destination or goals. Business plans are your lifeline to the fundamentals of your future business and must be broken down into its critical components.
First, what is your 15 second “elevator pitch” for your business. What are the key problems or gaps that you are addressing and how large is the market for your business. Why are you the most qualified to solve this problem. There typically is no business without a critical business problem to be solved. You must be clear and place parameters around the solution.
What are the pieces or resources that you will need to succeed in solving this problem? What is your costing model, do you need to maintain inventory, provide resources to perform a service? How long will it take you to gain profitability knowing that any business typically requires 1-3 years of operation to reach profitability. You must plan for this regarding cash flow and cash requirements.
What is the TAM or total available market for your product or service. How many people need what you offer? How many competitors exist that are doing similar things and who are already established in this area. Again, it will be important to clearly identify your differentiation from the competition.
What funding resources are required. Will you be seeking investors, partnerships or will you use grants to gain the funds necessary to run the business. Partnering with your parents still should require a detailed business plan and presentation. Treat your potential parental partners as if they were strangers. Clearly articulate your operational, marketing and service goals. Provide ongoing communications as to how their funding will be used. Metrics speak for themselves and should always be used in all regularly scheduled planning/update meetings.
Job-Lander can help you get organized get started down the road toward creating your business reality. Click below for a complementary 30 minute consultation or to enroll in our course.
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