Any new venture should have a small business plan in place before starting operating.
This plan can help any business prioritize what it needs to accomplish in order to have success. Here are a few things to keep in mind while creating a business plan.
Create an elevator pitch
Can you describe your idea for a business in less than 15 seconds? If not then you might want to simplify what your business hopes to accomplish. You should be able to explain what your business hopes to accomplish in the time it takes to ride an elevator.
Create phases for your project
You might feel that you have a product can solve all the world problem of supplying clean water. No matter how promising you think your innovation is it is important to break down changing the world into steps. Focus on bringing water to one village, then one county and then an entire country. Creating realistic steps/goals will give you a feeling of accomplishment on the way to doing something much larger. More importantly, it will get you focused on what you need to do to get started.
Determine your value proposition
Your new business needs to know what it doing/offering that your competition does not. If you cannot provide a product/service better or cheaper than your competition then you might want to consider a new product.
Develop a marketing strategy
Clichés are clichés for a reason: “if a tree falls in the forest and nobody hears it, did it really fall?” The same principle applies to doing business. You can offer a great product or service but if nobody hears about you will go out of business. Many different ventures have failed not because they have didn’t have a good concept but because they didn’t have a good marketing strategy. All business plans should include a strategy explaining how the business plans to attract new customers. Your strategy shouldn’t be, “it will go viral.”
Research your market thoroughly
Before you decide if you should enter a particular industry it is important to an in depth understanding of the strengths and weaknesses of your competition. If upon researching your industry you realize that your competition already offers the same product or service you want to provide reconsider you should reconsider if this is the right industry for you.
Hopefully these tips will make it easier for you to get started with your small business plan. For more information please feel free to contact us for a free 30 minute consultation.