One of the first steps you'll find in most books and websites about starting a business is writing a business plan. A lot of people skip this because they think they don't need one if they aren't looking for investors.
But writing a business plan, even if you don't share it with anyone else, can give you a focus that will actually make you more efficient later on in your business life.
A business plan you write for yourself doesn't have to be as formal as one prepared for investors, but taking a few hours to write out your goals and projections for your business will help you see what's important, which will also key you in on what to focus on as your business grows.
Here are the basics to cover in your personal business plan.
Describe your business. What is the business name? What does it do? What products or services do you offer, and who is your ideal customer? Do you operate entirely online, entirely offline, or a mix? What is unique about what you're offering to your customers?
Statement of purpose. A mission statement is a great way to focus on the big picture of what it is your business offers. Start crafting a mission statement by trying to describe what your business does in one or two words (education, service, etc.) and then expanding those key words into a powerful statement of purpose.
Marketing. It's really important for any business to know how it is going to be marketed to the outside world. You don't need a super-detailed plan, but you should note for instance if you're planning a paper or electronic newsletter, a website, advertising online or in local or national publications, and so on. If you're already in business and engaging in marketing activities, list those as well.
Competitors. Another point that can help you focus is knowing who your competition is. Just a list of competitors here can help remind you to keep an eye on them and always strive to be different and better than them.
Five-year plan. The most important part of your business plan is the part where you look ahead. Where do you want your business to be in five or ten years? How much income do you expect, how many regular clients, how much website traffic, etc.? The more specific you can be the better.
Once you have all this written out, read over it once a week or so and try to build your business with these principles and this road map in mind. Before you take a job, think about whether it fits in with where you want your business to go.
This will also remind you to work marketing activities into your week, if you don't do so already, and to always have an eye on your competition and others in your industry so you can remain innovative. It's also a huge inspiration to think about where your business will be in a few years, so dream big and get to work! |
