Introduction
A business plan is the foundation of any company. It provides clarity and confidence in the mission of the business, acts as the 'true north' for providing direction and making key decisions intended to maximize customer value, optimize financials, and satisfy shareholders. A strong business plan is also useful when seeking a loan or venture capital or looking to sell and exit. A business plan evolves over time, as the business grows and matures. It can be difficult to know where to start - but with this step-by-step guide, you will be able to create your own in no time!
Step 1: The Big Idea
The first step is to come up with a business idea. This can be difficult, but there are a few things you can do to make it easier:
- Look for problems that need solving in your community or industry
- Find an unmet customer need
- See what others in your industry are doing and try to improve on it
Step 2: Your Mission & Vision - Who are you and why do you exist?
Once you have a business idea, you need to come up with a mission statement. This is your company's reason for being - what value do you provide to customers? Be sure to make it clear, concise, and easy to understand.
After that, you'll need to create a vision statement. This is your long-term goal for your company. It should be inspiring and motivating to you, while also being realistic.
Step 3: The Strategy - How are you going to mobilize?
Next up is developing a strategy - how will you get there? What are the small steps that lead to the vision statement? This section of your plan must include clear action items with an expected timeline. Be sure to set milestones along the way so you can track your progress.
Step 4: Financials - What's your financial outlook?
Now it's time to get into the financials. This includes your start-up costs, monthly expenses, and projected revenue. You'll also need to create a forecast for at least the next three years. This will help you understand if your business is sustainable in the long run.
Step 5: Marketing Plan - Who are your customers and how will you win their business over the competition?
Lastly, you'll need to create a marketing plan. This is how you will drive customers and sales for your company. It should include:
Your target market(s), competition, customer persona's , and product positioning
Your marketing mix (positioning, price, promotion, place)
Tactics and strategies you will use to execute your plan (content marketing? Social media?)
The channels you will use to reach them
Your marketing message
The budget for your marketing efforts
Pro-Tip Bonus - Templates to jumpstart your planning
Along with this step-by-step guide, below we highlight a few templates to help get you started. While you can readily find various renditions available online, we at IMG consulting can provide battle tested templates and also guide you through the process to building a rock-solid business plan!
Business Plan Template
Lean Startup Business Canvas
SWOT Analysis Template
Marketing Plan Template
Financial Plan Template.
Conclusion - Bringing it all together
This guide should have you well on your way to creating your own business plan in no time! If you get stuck and/or determine that you'd like help, small business consultants like us at IMG consulting are happy to guide you through the process.
Good luck! And let us know how it goes. :)
Payroll Pension Planning
Customer Retention Strategies
Planning Consultant
Capacity Planning
Business Consultant
Marketing Consultant
Event Management
Franchising
Business Start Up
Business Plans
Business Startup
Cash Flow
What Is A Business Plan
Start-ups
Small Business Planning
Small Business Audit
Business Plan Writing
Managed Outsourcing
Start Up Support
Business Plan Writers
Business Plan Consultants
Business Plan Writing Services
Business Plan Writer
Business Plan Writing Service UK
Start Up''s
Business Plans
Business Plan Review
Help With A Business Plan
Review My Business Plan
Business Plan Software
Business Start Ups
Company Planning
Online Business Planning
Starting Your Own Business
How To Start Business
Business Strategy
Business Plan
Business Plan Software
Sample Business Plans
Business Plan Template
Business Plan Writers
Business Solutions
Start Up Business
Marketing Plan
Administration Systems
Business Planning
Business Plan
Marketing
Customer Acquisition & Retention
Business Development
Management Consultancy
Merger Planning Guide
Management Strategies
Business Plan
Market Research
Business Plan Writers
Business Plans
Business Plan Services
Business Consultancy
Raising Finance
Business Plan Services
Corporate Training
Business Plan Creation
Bookkeeping
Copywriting
Small Businesses
Local
Business Plan
Raising Finance
Internal Planning
Growing A Business
Funding
Business Planning
Business Plans
Business Planners
Business Plan Writers
Business Plan Consultants
Business Plans
Business Start-ups
Business Plan India
Business Strategy Development And Implementation
Business Growth
Comments