If you are a budding entrepreneur or you might be thinking about starting a business but not clear how to, then this article may be your key to getting you on the right track.
One thing is for sure, whether you have the next great product or provide the best service for something, you need a plan to continue forward. The biggest mistake many new and potential entrepreneurs make is that they think they do not need a plan.
Many believe you only need a plan if you are applying for a loan or trying to get funding from Angel investors or Venture capitalists. That is the furthest thing from the truth. A plan gives you one, the detailed outline and direction you need and two, whether or not your business idea is viable.
Not all business plans have to come in the form of a professional looking, straight out of Harvard style template. Your plan is for you and those that will be helping you with your business.
Here are some helpful questions you need to ask yourself. Start off by answering some simple questions about your business. This will allow you to get your ideas on paper and a clearer picture of what you are trying to accomplish.
- What are your business ideas?
- Does your idea address a need?
- Why is your product or service different from one that already exists?
- Who is your market and how big is it? (this question will require some research)
What role are you going to play in the company?
- Do you need to hire employees? If so, what is their role?
- How will customers pay you and how much do you charge?
- How much money will you need to get the business off the ground?
- Where are you getting this money from?
- What are your milestones? In other words what items mark the fact that your business is heading in the right direction
If you can answer those 10 questions, honestly and thoroughly, then you are on your way to a solid plan. In fact if you detail those questions enough, you will have your plan already in place.