How Do You Set Out a Business Plan?
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If you are thinking of starting your own business, or have already started, here are a few things to consider when making a business plan.
I know a lot of people don’t like or don’t want to sit down and plan their business when they have so many things to do. Things like marketing and chasing customers or clients, or providing the goods or services that is your business, making and taking phone calls etcetera etcetera. But here’s the thing, when you are so busy working in your business, you won’t have the time to plan, or another way of putting it, to work ON your business and not just in it. Just imagine a builder starting to build your house without a plan? So, how do you set out a business plan?
1. Decide right now what it is you want from your business
What will it look like in five years?
How much money are you making from it? (I mean how much do you have after all the expenses and income tax you will have to pay?)
How many hours do you work a day or week?
How many employees do you have?
How many customers do you have?
What sort of people are they – young married couples, elderly retired couples or singles?
What sports or activities do they like?
Where will you find them – on social media, in newspapers, at exhibitions, by going through the phone book or yellow pages?
2. Write it Down
It has been proven so many times by so many studies, that successful people have or had written plans when they started out. Richard Branson (Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way ) started Virgin airlines by writing his plan on a scrap piece of paper as the thoughts came to mind. He knew what he wanted and started making notes which could then be used in a more formal plan for investors and other interested parties to look at.
3. Be Specific
Write down actual figures, for example, the dollars you want. This is critical. Don’t write down things like ” a lot of money” or “enough money to live comfortably” or “enough to be financially free when I’m older”. Decide what actual amount will allow you to achieve those situations. Be specific, for example if you think around $2000.000 is what you are after, I’d recommend you put down an exact figure like $215,375 per year starting from 2016. For more examples on goal setting, read Workbook for Rapid Planning Method by Tony Robbins.
4. Write Down Your Personal Goals
This is an aspect that is often neglected in writing a business plan. Decide what it is that you want your business to provide you in your personal life. The house or houses, the cars, the jewellery, the holidays, – everything and anything you can think of. This is an important part of running your business. The reason why you are doing what you are doing.
5. Study Success
Take time out from running your business, to developing yourself. As you grow with the knowledge, so too will your business. Read books on successful people, search for successful people on the internet and follow what they do. Choose role models that inspire you and constantly fill your mind with successful stories. This process will make you a better business owner. Studying your trade or your product knowledge is part of working IN the business. It may make you a better technician at what you do, but it won’t make you a better business owner.
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