Once your initial idea has taken hold and you’re feeling determined to embark on a new business venture there’s some steps you need to consider before your new dream can become a reality.
Having a unique idea that you want to translate to a new business, unfortunately, isn’t enough to guarantee success. Careful and intelligent planning are key to a healthy and profitable company that has longevity and growth. You don’t want to be one of the statistics that fails to make it past their second year. If you’re thinking about creating your own small enterprise then continue reading to find out how to write a business plan that guarantees success and takes the hassle out of kick starting your new adventure.
Do Your Research First
Before you begin to create your business plan there’s a lot of research that needs to take place before you can turn your idea into a realistic avenue to follow. The biggest question you’ll need to answer at this stage is, does my business idea have the potential to succeed? If the answer is yes then the next part of your research is key. This can take form in many ways, with focus group meetings, surveys and market research being just a small section of useful tools. Whatever method or selection of methods you choose you’ll need to establish if there’s a need for your business in your proposed area and if there are other companies offering the same product that you do. If this is the case you’ll be facing some stiff competition before you’ve even begun.
Create Your Master Plan
If the information you’ve gathered from robust research points towards a gap in the market for your small business then you’ll need to capitalise on that opportunity and get planning. Your overall plan will include financial, legal and operational aspects, to name a few. This master plan will give you a timeline to follow and act as a guide to what steps you should be taking and in what order; the blueprint for your new vocation. This plan will include information about the initial phase and start up process as well as what will happen when your company is established and what steps to take to incorporate growth and progress a little further down the line. This plan is an essential item for any new small or medium enterprise.
It’s not necessary for all new, small businesses to have a huge amount of money for upfront costs, especially if you’re an online company or you’re working from a space at home. It’s important, however, to create a financial plan and record all related costs so that you can easily keep track of your spend; it’s so easy to overlook small costs but they add up. Creating a spreadsheet that documents all your outgoings such as legal fees, equipment, market research and branding is key to managing your finances and staying afloat. Creating another spreadsheet that contains information about perspective costs such as utilities, travel expenses and your own salary will prevent any nasty surprises popping up.
The last thing you want to do is trip over any unnecessary and devastating hurdles while on your new business journey. Factoring in legal requirements such as permits and licensing will help you avoid them and increase your chance of success. Different businesses will need different permits so it’s important to research this. If you’re finding it difficult to digest the complex information that’s out there then ditch the jargon and hire a lawyer. This will increase your upfront costs but can save you thousands of dollars in the long run.
Starting a new business should be exciting and fill you with anticipation and adventure. Take away the fear of the unknown and the anxiety that comes with chance by carefully creating the perfect business plan that helps you on your way to wealth.