Almost every business owner knows that running a business with no plan is like riding a bike down a mountain in blindfolded. According to a variety of studies, over half of businesses don’t have a formal plan in place.
Writing a business strategy takes time and effort, and it’s important to consider the needs of your intended audience when you write it (for instance in the case of seeking investors then your plan will need more rigor than a plan that you’re only making a reference to for yourself). While no one plan can predict the future, a well-written plan helps you avoid common pitfalls and makes it easier to seize opportunities, and provides the framework for success–even if you do not follow it exactly.
A solid business plan begins by providing a brief overview of your business’s history and the reasons you’re beginning this venture and how it will fulfill an industry need. It should also outline any unique intellectual property you own that gives your company a competitive edge. This section should also include an objective statement as well as a list of key team members with their roles and responsibilities, as well as the business’s goals.
The next section explains the products and services you plan to offer, the method by which you intend to provide them, and your pricing strategy. It is recommended to include a comprehensive financial analysis that outlines the cost of starting as well as the way you intend to generate revenue, as well as your timeline for profitability.
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