Kiyla Fennell a business expert, gives her best advice on How to write a Business Plan. So, You can start taking all of your ideas out of your head and put it on paper.
Steps to Write a Business Plan
Step #01 Business Mission and VisionTake this dream that you have and write it into one sentence mission statement, also described your vision.
Step #02 Business GoalsIt's very important that you set goals. You really want to think about what is success for you:
- You want to think about short term, what is my business gonna look like in twelve months.
- You want to think about a medium goal, which is in one to three years.
- And also long term, where you want your ideal company to be in three to five years.
Step #03 Business Unique Offer - Product or Service to sellYou need to write down and determine what is your unique offer. You're going to want to make sure it's definitely different, because that makes less competition for you out there.
- Make sure your message is very simple, if people don't get what you're trying to sell, possible customer will pass by and buy somewhere else.
- Make sure it's very narrow and tight, again you don't want to service everybody.
- Perception, the perception of your unique offer to your customers must be one of very high value, so they're going to dig into their pocket and pull money out and paid for the product or service.
Step #04 Business MarketingOnce you've defined your unique offer; how are you going to get the word out to people. How are you going to make the product or service attractive to potential buyers. The way you want to go about this is:
- Number one is price point, there's a certain price that people are willing to pay for whatever you have to offer.
- If the price is too high your business may suffer; if it is to low you may be devaluing your product or service. You really need to think about the price points, do some research on what other people are charging for something similar.
- The message, what do you want when people think about your product and service. What is the feeling you want them to get.
- And how you gonna get that word out: You know when you've finally defined what your messages is and what you are all about; think about all the multiple ways that you can get the message out to your community and to the world .
Step #05 Business Demand ResearchYou want to research the demand, this is so important:
- By studying the competition maybe you're not as unique as you thought you were.
- Also saturation, if you have one "cookie" that a hundred people are wanting, you can charge more for the "cookie" right. On the other hand, if you have a hundred "cookies" and one person to buy, then the market is saturated with "cookies"; - As a result the product or service loses its value, and it is a sign for you to avoid investing in this market in particular.
- Make sure that your market share is going to be strong when you enter into it, and that's not ever saturated.
Step #06 Business MarketYou can research whether the market that you're getting ready to enter into: is it booming or is it declining. It may be something that you don't want to even enter if you find that this is a dying industry and market.
Step #07 Business CustomersYou want to really define who is going to be buying your product or service. For example "Harley-Davidson" - they know that their customers are forty seven-year-old, You maybe thinking wow..! that is a really really specific.
- The more focused you can get with who your customers is; guess what, all the other pieces fall into place, - "You know who to market to".
You can really make this dream a reality when you can figure out who is going to be giving you the money, for what you're offering.
Business TipThe most important thing to remember when writing a business plan is, to make sure that it lines up with your passion; something that you absolutely love, that you will be excited to get out of bed every single morning to do it.
This is Kiyla Fennell from www.UltimateBizSystems.com and that is how you write a business plan. Best of luck.