9 Areas to cover in your Business Plan
1) Executive Summary
Try and give a brief description of your business. Make this no longer than a few paragraphs. Describe your mission, your vision, your purpose even your place in the market. Also your USP (Unique Selling Point).
2) Target Market
Identify your products and services and who they are targeted at. Use buyer persona’s, surveys, demographics and analysis from your Google console. Sign up here.
3) Competitive Analysis
Research your competitors – their strengths and weaknesses. What is your competitive advantage, why are you different from them.
4) Design & Development Plan
What will be the visual aspects of your business. Logo, brand identity, website and other marketing material will need to be included. How will these elements be used to grow your business and reach your target market.
5) Marketing Plan
Using the designed aspects of your business what actions will you now take to promote and sell your products or services, including market research and advertising.
6) Operations & Management
How will your business be run? Will it involve more than yourself initially to begin? What are the processes and most efficient ways to get jobs done.
7) Human Resources
Will additional staff be needed to run the business? Will outsourcing be needed? Are they experienced? What skills are needed for particular jobs?
8) Vendors or Supplies
Will you require outside sources or projects to operate? What are the supplies that will be used on a regular basis?
9) Financial Factors
What money is needed to start the business and then run the business? What profit do you intend to make on a monthly basis?
Once you have these aspects down on paper you can then start to put each element into practice. You may find that your business plan will start to evolve and change as time goes by and your business grows. This is a good thing, make sure you keep on top of it so it gives you and your team clear direction in what is expected to happen which should then result in greater success.