There is no plan like a business plan. For any business to succeed, you need to know where you’re going and what you want to accomplish. You need to have a business plan outlining significant aspects of your business related to your industry.
This doesn’t mean it will be set in stone and that you may never do anything else. The business plan is intended to cast vision and guidance, helping you and all the employees or partners involved to have the same vision and stay focused on it. It helps to show you step by step what you need to focus on and you can develop the plan as the business grows.
When you start a business, a business plan will be the key when you’re looking at getting financing or opening a bank account for the business. Financial institutions will especially be interested in seeing such a plan in order to see if you have considered all the different aspects and requirements of managing a business in your industry.
So here are some tips on what you need to include on your business plan:
- Make a list of what your business’ services and or products will be.
- For each of these products and or services list the requirements i.e. materials or equipment needed, training that will be required, specialized personnel needed etc.
- For each of the requirements work out general costing to give a realistic idea of what it will cost you.
- Work out how many employees you will need to start off and what positions they will be employed in.
- For each of these, work out a list of duties they would be responsible for.
- Take note of what your target market is and who might need or want your products and or services. Your target market is who you will especially focus on servicing but there might be other institutions or members of the public who will make use of your company to answer a certain need. The latter is also very important to take in account.
- Think of possible ways to market your business and reach before mentioned people. If you will be making use of a marketing agency request a marketing strategy that can be included in your business plan.
- Look for suitable shop, office or factory spaces and the costing thereof.
- Make a list of general consumables the company will need. This can include paper, pens and files for the office and toiletries and coffee for the employees.
- Also remember to make a list of the equipment you will need. This can include machinery to manufacture products, computers etc.
- Get prices for insurance for business related claims and equipment.
- Make sure you have the information you need in terms of employment and consider getting a labor representative to assist in labor related matters, from employment to dispute cases.
- Make sure you take all these costs into consideration when working out your pricing. You will need to cover all your costs, but the price you charge will also need to be reasonable. Also take into account the quantity of items you will need to sell to reach your target income.
Don’t cut these figures too thin and leave some space for flocculation, because unforeseen changes could make a big difference in whether you make your quota or not. Remember this is a plan and not a rule, it is intended to guide and not limit. It should give inspiration and needs to grow with the business to stay relevant.