Where do you see yourself in six months, or a year from now?
Starting a business is just one part of being an entrepreneur. You also need some ideas about how your business will grow.
But if you’ve never thought about a business plan, let’s talk about how it can help young entrepreneurs.
Why have a business plan?
A business plan explains your business’ beginnings, its purpose and goals, how they will be achieved, and other details.
Your business plan helps you see whether you are meeting customers’ needs and achieving your own goals. Some of the things it can help you determine are:
1. Are you offering the right products and/or services?
Does your business solve a problem that’s important to your customers? What makes it different from products/services from other businesses in your industry offer?
2. Do you have an effective marketing plan?
How do you promote your business? Is your promotion haphazard and random or do you have a marketing strategy?
How do you use social media? Who among your friends and family can help you promote your products and services? What kind of partnerships can you create with local businesses, or what events can you be part of that will help promote your business?
3. What are your sales goals?
Consider setting weekly or monthly sales goals, based on realistic expectations. You c an’t know how well you’re doing unless you have some idea of how well you’re supposed to be doing.
Key Takeaways for What a Business Plan Looks Like
You may have heard the saying, “If you fail to plan, then you plan to fail.” Your business plan is a key part of your planning. It helps you make sure that the big questions are answered:
- Are you offering the right products and services?
- Are doing enough to promote your business?
- Is your business meeting goals?
It’s also a good idea to regularly review your business plan after you create it. You can then make any changes to your plan as your business continues to grow.