Having a well-worked simple business plan and following it is one of the keys for your business or business to grow. To understand how to do it and what you should include in it, let’s start by defining what it is about and why it is important that you take the time to think about it.
A business plan is a document in which you will download your business idea to specific categories. These are the most important sections that you have to consider.
You can adapt it to your particular case and add all the information that seems relevant to carry out your endeavor:
The first thing that you need to establish is the objective of your company, its structure, what product or service you are going to offer, and what public you are targeting.
1. Definition of the business
The first thing you need to establish aims to define your endeavor. We talk about the objectives of your company and its structure, what product or service you are going to offer, what audience you are targeting and any information that you consider relevant in this regard.
This definition of your business or trade is a detailed description of the ideas of your business model and will guide the decisions you make in the future. What differentiates your idea from other ventures in the same field? Why would a person choose your product and not someone else available in the market? It is important that you take the time to answer these questions: your product, the shopping experience, and the brand concept that you are going to offer must be clear to move forward with your simple business plan.
Are you thinking about the identity of your brand? In this note, we give you four tips to find one that represents your business or trade!
2. Public and competition
Once that first stage is ready, it is time to add more data about the market, the environment in which your trade or business is going to develop: who are your competitors and what are the advantages that you have (or can generate) from them?
To begin, you have to ask yourself if there is a place in the market for the product or service that you are going to offer. This is related to what need you are going to satisfy and what differences your product has with other similar ones that point to the same objective.
These questions will help you at this stage:
- What data do you have about the market to which you point? Is growing? Which are the leading companies in the sector? What are the latest consumer trends?
- What frequency of consumption does your product or service have?
- How is the product of your competition? Through what channels do they sell? What are your sales strategies?
All this will help you to think about options. It is not a good idea to copy what others are doing but to take them as a reference to find another possible path, one that links those strategies that work with what makes your product or service unique.
When you have this part of your simple business plan ready you will see clearly the strengths and weaknesses of your venture, this is another important guide to guide the decisions you need to make.
3. Product or service
Once you have defined your objective and the market conditions, it is time for your effective business plan to focus on the product or service you are going to offer. Deepen everything you can in the need you found and the solution you will provide. This step is very important because you are going to use it in your sales strategy and may fail if this first description is not consistent and does not convey the differential value of your product. One of the most common mistakes when selling part of not solving this first step well, dedicate time and effort.
4. Structure of the enterprise
In this part of the business plan, you will develop the structure of your business or commerce. From how many people will form the team to a detailed description of the tasks and responsibilities of each? According to the stage of development in which the project is, you can add the names and résumés of the people or make a description of the functions of each of the positions.
5. Marketing and sales strategy for your simple business plan
One of the last steps to close your business plan is to think about marketing and sales strategies. You can start by describing the differentials of your product or service and from there look for ideas to highlight these characteristics. It is also important to consider the analysis of market conditions and the target audience. These three axes will guide you to define how to enter the market, how to reach your target audience, what channels to use and in what tone to address them.
Are you looking for ideas to increase your sales? Click here and find five tips that will help you.
6. Financial structure
This part can be the most complex and varies according to the structure of your venture. The most important data that you have to consider has to do with the capital necessary to start with the project and the forms of financing that you are going to look for. If it is in your plans to look for investors, this part of the business plan has to be well detailed. Another issue to consider in this regard is the importance of assigning a salary in your business or trade. In this note we tell you how to do it.
These are the different stages of a simple business plan. Once you have all this information, you can make a brief summary and write down your conclusions or any additional information that you consider important. Keep in mind that this is a document that must be rewritten all the time. If you adjust it according to the development of your trade or business and the changes that could occur in the market will be an important tool to evaluate all your decisions.