How are you feeling about your business lately? Are you committed to making it work? Or, are you just getting by and your business feels more like a hobby? What is your business model, or quite bluntly, how are you going to make money? Do you have a business plan?
Why is a business plan important?
Your business plan is important. Taking the time to make a plan makes you stop and think about the key components of a successful business. Writing it as you are first starting out is important because it helps you determine that all of the areas of your business are aligned. The plan gives you a reason to focus on those key components and to think long and hard about each one.
Find clarity in a plan
During the planning process, you are clarifying:
- Your product offering
- What you do and why (which ties in to your values, purpose, and mission statement)
- Who your ideal client is and why they are ideal
- How you going to reach them and how often you intend to reach out
- Who your repeat clients are, and how you will keep them coming back
- Who you are competing with and why you consider them in your competitive set
- What you will charge for your service or product, and how that relates to your competition
- How you differ from your competitors and what differentiates you
- The overall business climate for your industry and how you fit in to it
- Your projected revenue and expenses
This is an overview of the things you should consider as you think about taking your business to the next level. Spend some time researching each of these items. Put together a simple plan to start. The amount of thought you put in will ensure your future success!