A Business Plan will take you from Idea to Launch
You have a business idea that excites you and makes you want to charge forward unveiling it to the world! Your vision is clear and you cannot wait to jump in and have all the preparation complete so you can be up and running. That’s the best part after all seeing your dream, your baby, and your passion live in action making money doing what you love. What happens next after solidifying your idea is either you begin randomly with the biggest steps required to move your product or service forward or procrastination sets in because you have no idea where to begin.
What if you began with a plan that would take you from idea to launch and it was so well laid out it gave you easy to follow action steps to take you from start to finish?
Market Research
If you are starting with a business idea, the very first place you want to start before investing lots of time and money is in market research. For most of us free spirited, big ideas, visionary entrepreneurs who would rather forge full speed ahead, the idea of having to do research makes us want to run for cover. Yes, I am asking you before forging full speed ahead to put on your research glasses and inspect your market so you do not plunge head first in to the dark waters of your big, unknown and unexplored market.
This may have some of you cringing or digging your heels in in protest, but here is why this could be the best first step you ever take in building your business. If you were presenting your idea to the Shark’s Tank or Dragon’s Den investors, you would need to be able to answer the following with hard facts not just your opinion or experience:
- Is there a market for your product or service and what is the demand for it?
- What is the growth rate in your market or industry right now and what is driving it?
- Who are your competitors, what is their positioning and if they are having success, what makes you different or better?
That is only a small sample of questions every entrepreneur needs to be able to answer before they launch their business.
Customer Survey
Another incredible market research tool which is an absolute necessity is a customer survey. Doing a customer survey with your target market begins a conversation with them where they tell you exactly what they want, why they would buy from you, who they are, and how to find them. This is possibly the most valuable tool you will ever use to build a successful long term business. I have seen market research results tweak the direction a business owner decides to proceed in which then produced thousands of dollars more in sales for them. A customer survey should not only be done at the launch of a business, but continually at intervals to help steer business growth.
Products & Services
Once your market research is complete all other aspects of your business plan can be formulated. The next steps will be in clearly defining your product or service offerings. This may seem simple, but many factors come in to play when outlining the descriptions of your services. You will need to know where the market demand is, if there is a hole in the market that has not been filled yet, and the positioning you will take amongst your competitors. Once you have clarified these segments of your business plan, you will then be able to move on to packaging and pricing.
Branding
By this stage of development in your business planning process, you have a lot more clarity and focus in the direction you want to build your business and therefore can begin to build a strong brand. Your brand needs to be well thought out at the start of your business as it is a key factor in your success. Branding is not just your logo, website and business cards; it is how you want your customers to perceive you and how you want to make your customers feel. Your brand is an experience and it is an identity that can almost be said to stand alone strong on its own outside of your product or service. It is a combination of your personal core values, the values on which you wish to operate your business with, and your mission delivered in a duplicable, memorable, and unique way that leaves your customer with a lasting impression.
Marketing Promotions Plan
After your branding is complete, you will be able to move in to your marketing promotions strategy plan. Here you will identify and price out all the marketing you will need in order to both launch and grow your business. This will include you outlining the prices for each marketing strategy and also giving each promotional tool a timeline. You will need these prices and estimates before you can proceed with your full financial cash flow statements.
Sales Projections
The next step you need to take prior to the cash flow statements for your business is in creating sales projections. These will be estimates based on launching, marketing campaigns, and operation or delivery capabilities. The sales projections are exactly that estimated sales figures based on many factors that you will be able to put dollar amounts on after discussing their realistic viability. The one mistake I often see here with new entrepreneurs who have not launched yet is actually in not creating challenging enough sales target goals. Discussing your sales projections with an experienced business coach will help you decide upon sales goals that are both attainable and exciting.
Financial Cash Flow Statements
You now have all the information you need to begin the one part of the business plan most entrepreneurs are afraid of and that is the much anticipated financial cash flow statements. Now that you have priced your product or service, created packages, predicted sales, and know your marketing promotions budget, you are ready to begin your business cash flow statements. The best advice here is to take your time and although you may not be detail oriented, make sure you are diligent with every expense you will have. It can sometimes be hard to predict expenses, but completing your cash flow statement with a business coach where you can discuss every item that needs to be included, will be a huge asset to your business success.
Operations
Last, but certainly not least will be to devise your operations plan. Designing an operations flow chart of the daily, weekly, and monthly activities in your business will reduce a tremendous amount of stress by increasing efficiency with systems. Even if operations and organization is not your nature as an entrepreneur, I can guarantee, you will absolutely love seeing a visual flow chart for every aspect of your business and knowing exactly what the processes are to deliver the goods to your customer.
The First Step of the Entrepreneur Journey
A business plan is the framework from which to build a solid, successful business. It breaks down all the important necessary steps every entrepreneur needs to take prior to launching their business. As entrepreneurs proceed through the development of their business planning, they gain clarity, confidence, and focus. If entrepreneurship is a journey, your business plan is the first step for success!
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