Some experts says, when you want to start a business, write a business plan first. Why? You have to put your purpose, strategy, and goals in your business plan. A great business plan is like a reminder for you to achieve your goals within your strategies.
Before you write your business plan, follow these steps from Business News Daily to make a good one.
Always know your purpose
Entrepreneurs should identify and articulate their business’s core values and purpose. Those will serve as a compass for decision making at all levels. The purpose may contain two important questions: why and how. Why your business exists and how people representing the business will behave.
Build your vision
Have a clear vision of what you want to accomplish as a company. You have to write a mission statement in your business plan. The mission is why you’re doing what you do. After you fill the “why”, then followed with defining what you are going to do and how you’re going to do it.
Clarify your business model
A good financial model should include many of the details you put in your formal business plan. Like hiring, pricing, cost of acquisition, sales, growth, and expenses. Your model should be revisited and updated every time.
Identify your target market
Who are your target markets? To help narrow down your market, answer the question: why am I uniquely placed to solve the problem? Define your target market.
Test your business idea
You can talk to some real potential future clients and experts, and ask for some honest feedback. Their answer can determine your business’s viability.
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