How to Prepare an Effective Business Plan


Do you have a cool business idea? Are you convinced that you have a unique product or service to offer that you believe would be a great success? Well then, you probably do! And, you have already accomplished the first step in the right direction for making it a success. You have everything in common with the millions of other successful business entrepreneurs on the planet. All businesses start with an idea or a vision. It’s just that simple!

The next step towards business success is to carefully think about the 6 major aspects of your idea or vision. Again, it’s simple… Focus on the who, what, why, where, when and how – otherwise known as your business plan.

One of the keys to starting a successful business is developing a robust business plan.

A business plan is your outline, your strategy, your guide and ultimately YOUR BUSINESS!

A robust business plan consists of 9 DO’s. Follow these simple steps and you will be well on your way to establishing a successful business venture.

1. Do your research. Prove that there is a market or demand for your product or service. Use current market data and case studies to justify it.

2. Be specific and concise. Create a roadmap that clearly depicts each critical step and action required for successful execution based on a timeline. The roadmap should start with your vision and end with your financial statements.

3. Define your goals and objectives. Determine what exactly it is you want to accomplish. Establishing goals will help you keep track of your progress.

4. Understand your competition. Figure out how to do what they do better and don’t do what they don’t do well. Make sense?

5. Have faith. Starting a business can be overwhelming, especially if you have never done it before. Take a deep breath… and then focus on your goals and the bigger picture.

6. Have patience. Rome wasn’t built in a day, and most likely your business won’t be either. Take the necessary time to think through the details and focus on your progress.

7. Be cautious and conservative. Always error on the side of caution when it comes to your assumptions. It is often hard to predict your actual business performance or position in the beginning. So, be reasonable and sensible and never too aggressive.

8. Be realistic. If you find yourself at a cross roads, critical road block, or it becomes apparent that the plan is not feasible, reassess your objectives. Never force a result and don’t continue with something that doesn’t make sense.

9. Seek professional assistance. Sometimes you may need an expert’s advice on how to make your idea work, write your plan, or just to ensure you haven’t missed any key concepts or information that could result in costly mistakes or even worse, failure. In the end, it will be worth it because you will gain additional assurance and confidence that you have made good decisions, based on realistic assumptions and that you are on the right path to making your business venture a great SUCCESS!

Source by Tiffany Coddon

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