Once you’ve come up with a big idea, it’s time to write it down in the form of
a business plan, which is a far easier task than you might imagine.
Think of your business plan as a routemap to guide you from start-up to
growth, that helps you achieve milestones along the way. It doesn’t need to
be lengthy (5-10 pages is ideal) but it should include some key headings and
content.
Executive Summary
Write a brief summary of what’s in the business plan. Something along these
lines:
“The vision for company x is to become the market leader for
selling product y to customer z. This plan sets out how the
vision will be achieved in the period from 2009 to 2012. It outlines
the product on offer, provides data on the customer market and shows how an
experienced founder will have the company operating profitably within the
first three months.”
Idea
Your pitch - describe your product/service and how will it benefit the
user/customer.
Market
Identify your customers/clientelle – who are they, how many of them are there,
their demographic profile, geographic location, etc. Essentially, any strong
data that shows you know your audience.
Also identify your competition - those selling a similar product/service - and
how your unique selling point makes you stand out in the market.
Operations
The CEO - It's your business idea and you have researched the market, so let
the reader know a bit about you - your background, skills, experience,
qualifications and any other credentials that will enable you to run this
business successfully.
Sourcing - Describe, if applicable, how you’ll source the product/service.
Sales & Marketing - What do you plan to do to promote your
service/product. Include a brief sales and marketing plan that shows the
ways in which you’ll reach out to customers (in print, online and maybe
through marketing partners).
Friends & Family
In starting and growing a home based business, who will you call on for
advice? Refer to this here: mention your board of advisors, any
experts-on-call, your support network.
Financials
The figures - Does it all add up? How will you keep from spending more than
you earn? Drawing up a simple financial forecast will highlight any need to
borrow money or look for funding.
With the business plan complete, you’ll be well-placed to get your business
moving in the right direction.
Emma Jones is the founder of online home business company Enterprise Nation
(www.enterprisenation.com)
and author of Spare Room Start Up – how to start a business from home.
