So you have decided to start a business. Where do you start? Is funding available for your industry? How do you get investors interested? What are they looking for? It is all easier than you think.
Saving your hard-earned money with a full-time job is only the start. Giving structure to your dream with a sustainable system and team will make it seamless. What responsibilities can you delegate and how do you find the staff?
Do you imagine yourself in the ‘Shark Tank’, pitching your idea for funds? Visualize how they will question you and cross you on points. And even if your idea is amazing, be prepared for the fact that they still might refuse.
Get the guidance you need to place your ducks in a row by asking for help from professionals. Writtensuccess, a business plan consulting agency suggests some preliminary steps:
Start From the Basics
What is your Mission? Always start from the customer perspective. For example, if your business is a vegan restaurant, your mission would be ‘to give high quality, nutritious vegan food from ethically sourced local family farms and served with care by Michelin chefs’. It should completely detail the objective, how it will benefit the market and be crystal clear.
Next, you should focus on the vision. Why did you start this business? Your vision is all about the future of your industry, how you can benefit the local or global economy with your concept, including forecasting and prudence. How will you see your business in 5 or 10 years in the future?
Market Survey
Knowing your competitors will drive investors interest. Always conduct a thorough market survey. Find out other players in the market and check their products. Differentiate the quality of your offering over theirs, and how yours enriches the customer experience. If your business is truly unique, explain why it is necessary. For example, if you are producing a new type box, you have to convince how they will be eco-friendly and sturdy.
After you complete your market survey, switch to preparing a marketing plan. Who is your product intended for? Where are they? And how are you going to reach your target audience?
Production
Once you know your target audience, you need to think about how your product is going to be ‘produced.’ At the very least, you will need space for production or to know the leanest production option. Ideally, your business must be located close to the sales area, but not too far away from its suppliers.
You’ll also need employees who will make sure that your business runs like a well-oiled machine. In the beginning it may be simply an assistant for administrative details, an accountant to track finances and a marketing manager to ensure customer awareness. Eventually, your staff planning would consist of a manager, accountant, purchase manager for raw material and sales manager for sales and delivery teams, or IT personnel, depending on the nature of your business.
Finances
Finances are the fuel of businesses. How are you going to fund your business? Have you considered the salary expenses? What are the costs of your infrastructure, machinery, space and cost of raw materials / production? Should they be in initial expenses or capital expenses? How will you show your income? Cash or accrual based?
Banks or financial institutions need a pixel-perfect financial plan which includes sales projections to show that your business will be profitable. To do this, you will need estimated figures of income and expenditure for the next three years at the very least, in various types of financial statements. This is the part that must be the strongest and clearest.
Make it Presentable
Last but not least, make your plan very presentable by using figures, charts, pie chart, and images. Templates provide readymade formats with all sections in place. You can easily modify these templates to your business purpose. Generally, these templates have a specific business model in place, so you may have to search for a template suitable for your specific business.
Business plans are complex, but you can easily compile your own if you think about how your startup is going to work. However, at least first seek the guidance of professionals to get the ball rolling on how to do and compile the research for the best presentation.
Now you are on your way to making your dreams come true!
