How To Write Your First Small Business Plan
For those of you who want to turn pro but haven’t got a clue where to start.
You have an idea, you want to start a business, you know it’ll be great.
You could go minimal and follow these steps.
· Imagine what your business will look like and how you will run it
· Sum up your business in ten words
· Decide what you’re selling and who to
· Identify who you’re competing with
· Set some goals and prices
· Do it
‘Our goals can only be reached through a vehicle of a plan, in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.’
Pablo Picasso
TL:DR
How To Write Your First Small Business Plan…
My basic business planning book will take you from a blank page to a basic plan. It’s not rocket science.
For those of you who want to turn pro but haven’t got a clue where to start.
Why waste time creating a business plan?
Well, having an idea is great, and so is having the confidence to succeed, but as someone once said...
Failing to plan is planning to fail.
I think Benjamin Franklin actually said, ‘By failing to prepare, you are preparing to fail.’ Whoever said it first, probably a Roman or Greek, maybe it was in Latin, whatever.
The idea has been around a long time.
OK, I admit it, I just looked this up, and yes, the ancient philosophers said quite a bit about planning.
Anyway, back to the task at hand, people.
Why do you need a plan?
Finance
If you want to apply for any sort of finance for your business, a business plan is essential. Banks, investors, financial institutions will not take you seriously if you don’t have a plan. Why should they?
Would you trust them if they didn’t have one?
Focus
Avoid distraction.
If, like me, you’re a squirrel or love shiny new things, your plan will keep you on track. It will bring your focus back to your end goal.
Decision Making
Your business plan ensures you make the right decisions about where to invest resources like money, staff or your precious time.
Goals
A plan means you have goals. An end goal. It will help you work out if things are working or not.
Interim goals will help you stay motivated.
Direction
The plan will enable you to pivot effectively, or even cease trading and change to another business model.
You get the idea. I’m convinced a plan will help.
As you’re still here, I’m guessing you’re convinced too, and ready to take action.
The KISS philosophy, ‘Keep It Simple Stupid’
This isn’t an ancient motto, but a military one, and it applies here. I like things simple.
You can read lots of books and academic papers on the value of planning, in my book I kept to the basics.
I also like acronyms. Sorry after years in offices, playing ‘boring meeting bingo’ I might throw some more of them at you as we go.
You have been warned!
Blue sky thinking anyone?
No me neither.
I do work though the five Ws and the one lonely H. These make up the simple framework on which you build your plan.
The Five Ws:
Why
Who
What
When
Where
And of course, the ever important misfit, you know I love a rebel, the outsider, H…
How
My book is there to hold your hand through the whole process.
OK, I know books can’t hold hands but they can sit there quite comfortably, whether paperback or on your Kindle or phone.