Your business plan is like a road map to long-term success. Have you ever been in a situation where you didn’t have a map to find your destination and got lost wasting precious time and money? Well, the same can happen to your business if you don’t plan out your business strategies.
Why you need a business plan.
It gives you a clear direction where your business is heading. Many business owners just jump into creating a business
without researching and making a concrete plan. Inevitably, they soon find that they are out of money and
have no time or clear strategies how to market their business.
Here are 8 simple steps to creating your own business plan (this is by no means a comprehensive plan but a primer to get you started):
1. Name of your business – create a name or reevaluate the name of your business. Does it integrate well with what you are selling? Is it easy to spell and remember? Is it a name that can be well branded over time?
2. Vision – what will your business look like 5 years from now? Think of how you may want to expand it to include other branches or extra employees.
3. Mission statement – this defines what your business really does, what activities it performs and what is unique about it that stands out from your competitors.
4. Goals and objectives – clearly define what you want to achieve with your business. Make sure they are quantifiable and set to specific time lines. Set specific goals for each of your products or services.
5. Strengths, weaknesses, opportunities, threats (SWOT) – by analyzing these characteristics in your business, you will get a clearer idea of what it will take for you to not only to survive but also prosper.