If there is any very important element that every entrepreneur must take into account, it is the business plan. As we discussed in the previous article entitled 7 tips to grow your business, a good business plan is a fundamental part of the success of any enterprise, apart from the mentality of success that we must always have and the passion for what we do.
That is why it is important to pay attention to this first step we take if we are going to start a business. That is why we want to give you some tips so that you can make a good business plan, taking into account all the aspects that you should contemplate, without leaving anything out.
Knowing the competition
One of the fundamental parts that should be taken into account in the business plan is the competition. If we are going to open a restaurant, for example, we must pay close attention to the similar food places in the area where we are going to put the restaurant, so as not to offer the same as them and, as far as possible, improve the offer they make.
In the case of entrepreneurship via the Internet or social networks, it is a bit more complex to do, because competition is not local, it becomes a global sphere where our direct competition can be located on the other side of the world, therefore, work of research becomes a little more exhaustive and perhaps prolonged.
Know the audience or target
The public we want to run the business should always be the priority, all efforts should be focused on meeting the needs of that audience we have chosen. For this it is always important that we can develop a prototype or “model client” to which we can even give it a name.
We created a technical file for that client where we put all his data. The more information about him we have, the better. To obtain this information, the use of surveys is always important, as is the objective observation of groups of people that resemble the type of client we want to capture or to whom we want to direct our business.
When generating our products or our content, this information will be very helpful because we will know exactly how we should speak to that audience or how we should offer them the products we sell, directing efforts specifically to satisfy their needs or alleviate their fears and celebrate their achievements.
Be honest and realistic with the projections
You have to think that our business plan will see potential investors, so we should not make projections that are not supported by real calculations. That is, in the case of the restaurant, we can’t project that in 3 months we will be selling 5 thousand plates of food a day if we do not have productive capacity but for 40 dishes a day.
In this sense, they should not be pessimistic projections either, thinking that we will sell less than what is really necessary to have a self-sustaining business in that period. The ideal is that we are rather conservative in that section of the business plan, without going too far to the excessively positive but not without being very negative and pessimistic projections.
Sources or means of financing
If our business plan is aimed at potential investors, this is a point that should not be ruled out. The idea of any person who invests capital in something is to make a profit on it or, in any case, at least to ensure that he will recover his money. If our business will request a loan from a bank, it is also important to be very clear at this point, so that the bank knows how long it will receive profits or will begin to receive payments on the loan that it has made.
What do you think about this topic? Do you have any other advice to develop a good business plan?
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