There’s an age-old saying ‘Failing to plan, is planning to fail’. This applies in so many areas of our lives, but in particularly is extremely important when starting a business. Many small businesses fail because they simply don’t set the solid foundations from the beginning. Developing a business plan should be the first step in your planning journey. Planning is simply deciding in advance; what to do, how to do it, when to do it, who will do it and what resources will be involved. Your business plan should be a documented set of business goals, objectives, target market information and financial forecasts that you are aiming to achieve over a certain period of time.
When writing your business plan you should consider;
- Will you want to expand your business, be more competitive in your industry or achieve certain goals?
- Who will be your targeted audience?
- How will you market your product/service?
- How will you obtain finance?
- What business structure will best suit your business?
- Will you operate as an independent contractor?
Setting up your own business is an exciting prospect, but it takes more than just a good idea to start a business. Operating a business is not just about working for yourself, it’s also about having the necessary management skills, industry experience, technical skills, finance and of course long term vision to grow and succeed. Make sure you have the solid foundations in place to give your business the best start.
If you would like to learn more about starting your own business, register now for our FREE small business workshop, scheduled for Tuesday 5th September @5.30pm.
Register now, click on the link below –