How to Create a Business Plan

Everyone in business needs a business plan. However sometimes we put it off because we dont have any idea where to start or we think it is boring. What we dont realize is that it can acutally be fun and very helpful. It can cover everything from finance to keeping your clients happy and everything in between.

Seven Steps to Creating your Business Plan:-
1) Defining what your business does: First step is defining what your business does and what you offer, progress to date and your plans for the future

2) Identify a problem:  Give your solution to it and how your product or service will benefit your clients.

3)Describe your niche market. This could be very involved right down to their age, gender, personality, profession and place they stay.

4) Analysis of your competitor or competitors. Do some research and find out as much as possible about your competitors. This will help you when determining how you could offer better products and services and it can also give you ideas as to how you could gain more clients or customers than your competitors.

5) Business Model: This is where you work out everything from sourcing your products to pricing your services right through to gaining clients.

•Revenue Model – How are you going to make money? What service or product are you going to be offering? If you have a product what will your project margin be on each item.
•Development Model – How are you creating your product? If it’s a product are you making it or are you purchasing it? If it is a service what kind of service is it and how will your client benefit?
•Distribution Model – How do you plan to sell your product? Will you be selling directly to your client or customer or will you sell to a wholesaler or a retailer?
•Marketing Model – How will you attract and retain customers?What forms of marketing will you use – adverts, television, radio or printed flyers and promotional material.
•Operations Model – What will your day-to-day look like? This is where you describe how your team will function on a daily basis, including the key positions and responsibilities.

6) Your team
Who will your team consist of and what will each one do? How experienced are they.

7) Financial Plan
This is where you need to perhaps ask an accountant or bookkeeper to assist you. Work out what your income and expenses are and then what your profit margins are. You can also project the amount of money for the coming year and even work out a budget.