Writing a Business plan can prove to be challenging when you think about writing one. You may imagine it to be a 100 paged document full of figures, charts, graphs.
But while it is possible to create a business plan of that magnitude, a typical one for the small business owner or self employed should be less than 10 pages.The main purpose for you, is to have a central channel for all the strategic thinking and logistics of your business in the coming year or two.
Here are tips to note when writing a plan, as simple as it can be:
- State your Business Idea in just three sentences.
- State your target audience.
- Explain the challenges your target audience faces.
- State the benefits of using your products and services to meet those challenges.
- Show your company brand and image.
- Analyze your projected revenue and expenses for a year.
- If your projected expenses is more than your revenue, define where you will get money to settle the expenses.
- List your major competitors and explain how different you are from them.
- State at list 5 marketing techniques you plan to employ over the coming year, when you plan to implement them and the results you will expect from them.
- State the list of people you will need to hire to implement your business plan or marketing plan, unless you have yourself, business skills and time to do all the work.
You should update and review your business plan now but i recommend you do this quarterly. Also be abreast of the latest information that can aid your business growth.
With this, you can take the first step and write your simple business plan today.
