If you havenΓÇÖt started writing the first draft of your business plan, here are some key points to focus on to make sure you will be able to have it finished as soon as possible. Why hurry? Well, your plan is not a novel that can bring you success and fame even at your retiring age. But its execution will. The business world keeps changing, and so do market trends, whatever idea you may have you need to plan and act fast, faster than your potential competitors. Your business plan is the tool that will help you make a vision real and the sooner the tool is designed, the higher chances you have to use it properly.
Consider these key points as you start writing:
Why Do You Want To Start Your Own Business?
It is also a question investors may ask. Some people may wish to have their own business for a whole host of non-constructive reasons. If what motivates you is the thought that you will not have a boss, that you will be able to give orders to your team, that you will make a lot of money and have more free time to spend it and travel and do all the things you have not done yet, then you may be on the wrong running track. A business requires a lot of passion, time and energy, it is an unpredictable process and you will face various challenges, you will have to make difficult choices and you will solve all sorts of problems. It is not a smooth way to leading a better life. You need to be risk-oriented, ambitious and confident, you need people-skills and adaptability.
Make a list of all the constructive reasons you have for sticking to your business initiative, you will return to it every time you will be facing drawbacks.
What Can You And Your Team Do?
Your business mechanism needs brilliant brains and agile limbs to keep it working. You and your management team will have to prove that you are uniquely qualified to design, develop, control and adjust this mechanism. You need to choose knowledgeable people who have experience or expertise in a similar industry. List their previous accomplishments, both academic and business-related and connect them to their future roles and tasks in your company. Demonstrate you have the right people in the right place. Think about what is going to motivate them as well.
Have a transparent relationship with your team members, based on mutual trust, without them you will not be able to succeed.
When Do You Plan to Start?
Definitely-not until you will have your business plan finished and revised. When will that be? The biggest mistake is to waste your time forever collecting data of the ΓÇ¥how to…ΓÇ¥ type, hoping you will have a perfect and eye-appealing business plan. You will end up with a pile of drafts, not knowing which one to choose. Instead, collect real data from your surveys and case studies for chapters in your plan such as market analysis or financial projections. For the ΓÇ¥how to…ΓÇ¥ side of the problem you will benefit from an unfair advantage, that is, a business plan template, tailored to your own business, intended to help you finish your plan in 8 hours or less, provided you have collected all the above-mentioned information.
Watch this free presentation to discover how you will finish your business plan today!
I agree with Mr. Seymour. It is important to have experience and to learn from your own mistakes but this doesn’t explain the success of those very young Facebook and Google guys, maybe they had great advisers, as you say, but they also had genious ideas.┬á
I like this website.
I think you are uniquely qualified to succeed in a business if you know exactly what you want, you have some experience or at leas some experienced advisers and you love risks and are not afraid of solving problems.
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B,Regs
Mohammed Abdelrahman
mohd652002@yahoo.com
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Good article. I think it is very difficult to be prepared with all the answers when you meet investors but you are right, you have to know why you want to do business and maybe they also ask you why you want them to be your business partners.