How to Create Your First Business Plan
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Ready to start your own business? Congrats! The entrepreneurial path can be incredibly rewarding for those who are ready to roll their sleeves up and put in the work. Before you update social media with your new endeavours, let's make sure your business is off to a good start. First thing's first: you need a business plan.
Here are some things to think about as you get started...
Analyze your Market
I can't underscore enough just how important this step is. Identify your target market and understand the barriers to entry. Don't jump into the figurative startup pool blindly - find out who's already swimming and how they got there.
Determine how you're getting into the Market
Okay, so now you should know who's in the "pool". Next, figure out how you are going to get in. Identify your strengths and weaknesses. What strategies will put you in a good spot to make sales? What barriers will give you an advantage? This is where you figure out how exactly you're going to execute your plan.
Prepare your Financial Targets
This is the backbone of your business plan. Sorry, no more pool references. Anyway, this part pulls together the firs two points and shows the resources needed to achieve your goals. This is where you evaluate your market and how exactly you'll make money. Use bench marks in your industry to analyze your expected performance against your competition.
Remember, when you go to present your business plan to an accountant or business advisor, we're not looking for a super polished document. The main takeaway is to deliver something that is well-thought-out and credible. We want to see that you understand your business and what it will take to get you over the finish line. Use your initial business plan as a starting point for when you begin your relationship with an expert advisor.
Protecting your Bottom Line,
Jaimie
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