Unfortunately, it's not the idea. Many people have one, but they don't all succeed. Funding is essential and knowing the numbers in your business is very important. If you don't know your figures, you will never be able to grow or succeed because you won't be able to make informed financial decisions. The timing of bringing the idea to the market appears to be an essential factor in growing as well as planning and being organised.
If you have a brilliant idea and your timing is right, write a business plan to ensure success!
To put it simply, a business plan is a description of how your business will achieve its goals. You could imagine it being a roadmap that will take you through all objectives. It's a written document describing your business' core activities, dreams and plans to achieve its goals.
Writing a Business Plan
Writing a Business Plan isn't as difficult as you may think. There are six main points you need to write about:
1 - Branding
Decide on your business name, logo and colours.
Be yourself! You are unique, be different.
2 - Your business
This section provides information and explains the vision you have for your business.
What will your business do?
What services or products will it sell?
What makes you different from competitors?
3 - Who are your customers
Decide who is your ideal client and where is your market. Having a clear idea of your audience will help you market your products or services. Many other businesses are doing a similar thing as yourself, and your customers will not find yours just because you have a website, because everyone does nowadays.
Dig deep, and describe your ideal customer:
Who are they?
What do they do?
What problems will you solve for them?
Why will they look for your product/ services?
How much are they earning?
How do they spend their free time?
What social media platform do they hang out on?
When you understand who your potential clients are, you will be able to talk to THEM, not shout out into the emptiness. When you niche down and speak to your group of people, find out where they go and how they spend time, and you will be able to talk to them and build relationships with them.
4 - Competitors
It is paramount to understand your competitors. First, you will need to know who they are. What are their strengths and weaknesses? Is there a gap in the market? Where do you fit? Why are you different? What makes your business special? Knowing who your customers and competitors are will help you with your marketing.
5 - Marketing
How will you build awareness for your business and what you do? Do you have a website, or do you solely rely on social media platforms? Putting all eggs into one basket may backfire. For example, you might not want to rely on just one way for your clients to find you because only about 10% of your audience can see your posts, which you should also consider.
Be consistent and visible every day. Build a relationship with your audience, and be the amazing yourself you are! Everyone is unique, and you don't need everyone to love you. Find your tribe. There are plenty of people who will love you and your business just like you are.
6 - Financial
It is paramount for you to understand numbers in your business and know what you need to do before
starting your business.
You might have a fantastic idea for a business. You may work hard, but if you don't understand those figures in your business and don't make the right financial decisions at the right time, you will fail! You need to understand what your business is telling you, and you will love it when you do because it will feel like having a crystal ball and being able to predict what happens to your business in the future.
It doesn't have to be complicated;
cloud accounting
software can help you automate your system. If you want any help with your Business Plan Template, you can book yourself a "
Power Hour" or
become a client
to make the financial side of your business completely stress-free!