Writing an effective business plan is a crucial first task when you’re hoping to start a new venture.
Committing your aims, objectives and strategy to paper will not only provide you with a clear plan of action but it will help others such as financial organisations understand what you’re hoping to achieve and how you’re going to do it.
There is a lot of information on the internet to help you, such as this great step-by-step guide but here are five top tips to get you started:
1. Be clear
This might sound obvious but you need to be able to show this business plan to someone who knows nothing about your idea and impress them.
That doesn’t mean lots of fancy words and acronyms that won’t mean anything to someone outside your sector.
It means showing a clearly thought out plan of what you want to achieve and how you’re going to get there.
2. Do your research
It’s all well and good having the best business idea in the world ever but unless you’ve got the statistics and facts to back up how you’re going to make it work, your business plan will be just that – a plan.
Make sure you include any key financial forecasts, market research or other important information that you need to make your business succeed.
3. Be realistic
You may be very, very excited at the thought of running your own business but take a reality check when you write your plan. Include a short SWOT (strengths, weaknesses, opportunities and threats) analysis of your proposed business – it could pay dividends in the long run if you’re ready to tackle any problems head-on.
4. Get a second opinion
We’re not talking a Dragon’s Den dissection of your proposals but do ask someone else to read your business plan. As well as picking up on any howlers like spelling mistakes or dodgy grammar, they may well spot a vital piece of information you’ve missed or think of something you haven’t.
5. Keep it simple!
Writing a business plan that is pages long isn’t necessary. A succinct and clearly thought out plan of action that covers all the major points will always be better received by those you’re hoping to impress.
And if you’re reading this and have some ideas to share on how to #getstarted in business or creating a business plan, please share them on our social media platforms on Twitter mentioning @marcheshub or on Facebook at facebook.com/marchesgrowthhub