Writing a business plan is like inventing your own personal time machine. It allows you to see your creation unfold before it even exists…trippy. As cool as it sounds, it’s actually incredibly hard to write a business plan that you will stick to. And to a lot of people, it feels mundane. It goes without saying that a lot of research goes into a business plan, but approaching it with the right mentality isn’t so obvious.
First and foremost, go into writing the plan with the same passion and driving forces behind your ideas. Doubt should be converted into strategy, and you need to approach the possibilities ahead with an open mind.
First, write out a summary of your plan which includes a description of your product / service. Think about what made you think about it in the first place! What gave you this idea? What problem needed solving?
From here, you can begin to think of your target market. What characteristics do people that have a need for your good/service have in common? Think about age, background, ethnicity. You can do this by creating a web. Start with your target audience and branch out from there. For example, if your product appeals to people who are age 65+, perhaps Instagram isn’t the way to approach them. Creating a web will allow you to visually see what traits stem from one another.
Don’t forget about the competition. Asses both the strengths and weakness of your competitors. This will allow you to be ahead of the game and aware of potential next steps a competitor may take. It also forces you to find the strengths and weaknesses of your own ideas…thus creating a better overall sense of your direction.
Now that you’ve established your product and its market / necessary marketing strategies, you need to write out how your business will function. Think about the people on your team. What are they good at? What departments can they lead or join? If you know the people on the team well, genuinely think about what you need from their skill set.
Finally, think financially. This comes down to investigating your budget for individual aspects such as marketing, staffing, space, etc…
If you go into writing the business plan with this familiar mentality, breaking down things in a fashion that you understand and know, the business plan will write itself. You will be completely woven through it, and it will feel right. Sticking to it will be very natural and eventually seamless.
This article was written by a content writer after interviewing an expert in the field*