Thursday, June 23, Creating My Business Plan Previously, I blogged about a few different perspectives on business plans provided from successful businessmen. In developing my own business plan I have and will further incorporate their advice. First, Cuban says that the business plan must demonstrate that the product sells for more than it costs to produce
Providing an overview of your business can be tricky, especially when you're still in the planning stages. If you already own an existing business, summarizing your current operation should be relatively easy; it can be a lot harder to explain what you plan to become. So start by taking a step back.
Think about what products and services you will provide, how you will provide those items, what you need to have in order to provide those items, exactly who will provide those items Consider our bicycle rental business example. It's serves retail customers.
It has an online component, but the core of the business is based on face-to-face transactions for bike rentals and support. So you'll need a physical location, bikes, racks and tools and supporting equipment, and other brick-and-mortar related items.
You'll need employees with a very particular set of skills to serve those customers, and you'll need an operating plan to guide your everyday activities.
Sound like a lot? It boils down to: What you will provide What you need to run your business Who will service your customers, and Who your customers are In our example, defining the above is fairly simple.
You know what you will provide to meet your customer's needs. You will of course need a certain quantity of bikes to service demand, but you will not need a number of different types of bikes. You need a retail location, furnished to meet the demands of your business. You need semi-skilled employees capable of sizing, customizing, and repairing bikes.
And you know your customers: In other businesses and industries answering the above questions can be more difficult. If you open a restaurant, what you plan to serve will in some ways determine your labor needs, the location you choose, the equipment you need to purchase Changing any one element may change other elements; if you cannot afford to purchase expensive kitchen equipment, you may need to adapt your menu accordingly.
If you hope to attract an upscale clientele, you may need to invest more in purchasing a prime location and creating an appealing ambience.
So where do you start?
Focus on the basics first: Retail, wholesale, service, manufacturing, etc. Clearly define your type of business. You cannot market and sell to customers until you know who they are. Explain the problem you solve. Successful businesses create customer value by solving problems.
In our rental example, one problem is cycling enthusiasts who don't--or can't--travel with bikes. Another problem is casual cyclists who can't--or choose not to--spend significant sums on their own bikes. The rental shop will solve that problem by offering a lower-cost and convenient alternative.
Show how you will solve that problem.
Our rental shop will offer better prices and enhanced services like remote deliveries, off-hours equipment returns, and online reservations.
If you are still stuck, try answering these questions. Some may pertain to you; others may not. Who is my average customer? Who am I targeting? Unless you plan to open a grocery store, you should be unlikely to answer, "Everyone!
How will I solve that problem? Where will I fail to solve a customer problem In our rental example, one problem is a potential lack of convenience; we will overcome that issue by offering online reservations, on-resort deliveries, and drive-up equipment returns.
Where will I locate my business? What products, services, and equipment do I need to run my business? What skills do my employees need, and how many do I need? How will I beat my competition?EXECUTIVE SUMMARY The Company is a start-up that provides customers with Photography Services.
The Company will offer its customers a wide range of photography services and products. The owners have become aware through experience in the industry and services of competitors that there is a need for photography products and services by the Company.
The Company has identified 4 attractive . Nov 12, · Reader Approved How to Write a Business Plan. Four Parts: Doing Your Homework Structuring Your Business Writing the Business Plan Sample Business Plans Community Q&A Creating a business plan will help you achieve your entrepreneurial goals.
A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving .
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