So you want to start your own business? Before you do anything, a business plan needs to happen! Sitting down to write a business plan might sound like something you don't want to do, when you just want to crack on with starting the business. But believe us, it will be worth it in the long run.
Writing a Business Plan ensures you are on track, have a clear idea and a clear method to carrying out your idea. As part of the #IAmEnterprising competition, you'll need to complete a short Business Plan to be invited along to our Business Bootcamp where you'll hear from experts on how to better your Business Plan.
But, in the meantime, get your Business Plan started with our top tips! If you need assistance with it, then give us a shout, we're on hand to help out, you can email us on iamenterprising@thewo.org.uk or ring us on 0151 706 8111, or visit Melanie Williams in the Learning Exchange Centre who is on hand for helping you with your Business Plan!
So, here are #IAmEnterprising's Top Tips for your Business Plan!
Be Organised and Focused
Okay, we're sorry to break it to you, but having a great business idea does not mean you have
a great business. To get ahead, you'll need to write a business plan to encourage yourself to
evaluate your idea in detail.
You can use the #IAmEnterprising Business Plan Brief to keep
yourself in track and construct your business idea.
Understand
your customer
Researching the market that you are thinking of
entering is absolutely essential. Talk to your potential customers and get an
idea of how they would react to your product or service. How much they expect
to pay for your products and services?
Can you describe your
potential customers’ characteristics accurately in terms of their geographic
and demographic profile, their employment status, profession, special interests
and membership of clubs. Business customers may be located in a specific area
or in a particular sector etc.
Understand
your competition
Market research also enables you to get
to grips with your competition. What other
products and services like yours are out there already?
Not all businesses stem
from a revolutionary idea and many successful businesses are born out of an
improvement to an old concept.
Did you look at your
competitors? Do you know their strength and weakness? How your competitors
promote their business? How could you
compete with your competitors? What makes you different from them? Would you be
able to offer customers something noticeably better, cheaper, easier than what
they are used to if you are going to draw them away from the familiar.
Be
realistic
Once you know your customer
and competition you will be able to define your marketing plan where you lay
out the products and services you are going to offer, how much you are going to
charge, how you would promote your business, would the business operate from
online or a venue? How are you going to brand your business i.e. business name
and logo?
The final part of the
business plan will be focus on the start-up cost and projection of income. You will need to consider all the costs of setting up and be
realistic. Projected sale is used to set out realistic targets you
would like to achieve in the first 12 month.
And if you want to find out more, get in touch by emailing iamenterprising@thewo.org.uk or ringing us on 0151 706 8111
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