Writing a business plan can help you determine if your idea is feasible and provide direction. Business plans should avoid fluff, be realistic. 5 Tips for getting the most out Of a business plan writing a great business plan is only the beginning of making your startup successful. Here are 5 practical tips to help you write a business plan that lets you stand apart from the herd.
1. Identify Your Unique Niche
While it is tough to come up with a truly unique idea for a business, you need to identify what sets you apart from the rest of the companies in your industry. Try to focus on a specific market and indicate anysecondary markets that you may want to tap into in the future.
You should not be concerned about the size of the market populationbut by your ability to lure them to you. A big market only means that alot of companies are already in it, which will give you a huge amount of competition to deal with. Identify what sets you apart and why youthink you have a chance of getting a share in the space.
2. Know your Business before you Set a Budget
You cannot set a realistic budget without knowing your businessindustry, market, and competitor profiles. Make sure you have a firmgrasp of them, while you mindfully hit the numbers on your excel sheet.There are so many times when I’ve heard people tell me that they have abudget of $1,000 and they want to start a company. They figured they’llfind some way to just fit everything in. WRONG! There are barrier costsfor many industries. Your primary job is to understand what they are.
3. Customers are Always Right
You are NOT your client. Don’t create a product or service justbecause you think it’s a great idea. And don’t get offended when people, outside of your family and friends, tell you it’s a bad idea. You needcustomers! Make sure that your target market really wants what you’reoffering.
4. Leave Room for Improvement
Though you may want to boast about how you have the perfectfool-proof plan, be careful to leave room for improvement. Mostinvestors that I know would laugh at the idea of a perfect plan. Behonest about your weaknesses, and be insightful about ways to improvethem. Especially, if you are a tech oriented business. As they say“technology today, gone tomorrow” No, I don’t know if they really saythat. But all the same, be relevant to your market!
5. Get Someone to Proofread
I can not emphasize this enough. Proofread! Proofread! Proofread!There’s nothing worse than asking someone for money when you have awhole bunch of spelling errors in your plan. Get someone you trust toread through your plan. Have them point out any weaknesses or areas that need more explanation.