How many times have you heard someone say ‘if you fail to plan then you plan to fail’? Many times? Well, it may sound cliche because that phrase is quite overused but it is true. When you have a plan, you have direction, you have a path you are walking through and you know where paths lead to. To destinations pre-known.

A business plan doesn’t need to have gazillion segments especially if you are just starting or you intend to run a small-scale business. It could just be a few important tidbits pin-pointing what your business is all about.

If you intend to start a business, your first move should be to write out a plan. Your business plan should include these pointers;

1. Business Summary: For this, detail a brief overview of what your business is about, its objectives (what it looks to achieve), its mission (what need/want it would be catering to) and why it would be a success. You should be able to sell your idea in 3-5 minutes here.
2. Description: Describe describe describe. Talk about the fundamentals of how your business will be operated, describe your brand, your logo, the type and nature of goods, how you would procure or produce your goods, and your location (if you have a physical store). Describe your business like you are trying to explain it to a 5-year-old.
3. Plans and Goals: You have to know first-hand the goals you are working towards, and the achievements you want to have accomplished in a set amount of time. You can fracture your goals into 3 months, 6 months, 1 year, 3 years, 5 years, a decade and as long as you wish. Remember to start with the small goals as they lead to the bigger ones. Don’t dwell so much on what 10 years down the line would look like and forget to make necessary steps to make the next 3 months superb. Then make actionable plans to achieve your goals, a goal without a plan is a wish.
4. Market Analysis and Strategy: Analyse your peculiar market, what consumers like, what excites them, and where they like to buy from currently. Market analysis is important so that you can analyse your ideal customer’s behaviour and also research your competitors; what are they doing right that you can copy or enhance on, and what are they doing wrong that you should avoid. All these would come to light during your analysis and make sure to include them in your plan.
5. Marketing and Sales: You should be able to have a plan on how you would market your goods or services. Effective marketing leads to a sale. Ask yourself questions about advertisements, influencers, discounts and other schemes that you can use to make your potential customers know about your business. Don’t be lazy with your marketing as it is the key to a successful business. Put your business out there in every way you can. People won’t patronize you if they don’t know what you do or that you exist.
6. Management and Operations: Your plan should include how you are going to manage your business, and what type of records would you keep. Would they be automated or penned down, are you hiring someone to oversee the operations of your business or you are going to be at the forefront of the show? Spare no details, take your time and write it all out in your plan.
7. Finance: Figure out how much capital is needed and how you are going to sustain and grow it. Money is the gear and key in business and without it, the business is dead. If you are soliciting financial backing, donations or loans, know the exact amount you will need to be up and running to include in your business proposal. Watch the money coming in and out of your business with keen eyes. For starters, keep a clean record of your inventory, stocks, sales, profits, expenditures and everything in between, even the miscellaneous. I learnt this the hard way, and I will share my mistakes and lessons in a different blog post but for now business buddies, I bid you to keep close markings on the finance of your business.

However, note that particular risks come with each business sector as there are rewards. Make sure you learn and understand them to gauge the risk-to-reward ratio of what you are committing to 🙂 If you have any questions on how to go curating your business plan, ask them in the comment box below or you can email me (thezaiyway@gmail.com). I will be sure to give my insight into your plight.

Happy Planning!