A Roadmap to Your Business – Mastering Your Business Plan
The key to any successful business is proper planning! In this case, as a start-up business, the importance of having a business plan will determine the amount of difficulties you will encounter. Many aspiring entrepreneurs will say, “…it’s all in my head…the mission, vision, and goals of my business…they’re all in my head….” Establishing a business ‘in your head’ is a very commendable accomplishment. However, having a business plan is like having a roadmap; it takes you through each section of your journey and it helps make your dream a reality.
Your business plan will provides you the opportunity to untangle many aspects of the entrepreneur journey – from understanding your competitive advantages and disadvantages to marketing essentials; and of course, includes your financial plan.
With your business plan, you can begin to ask yourself a few key questions:
• What is the need that my business will fulfill?
• How will my business satisfy the needs of my clients?
• How does my company differentiate itself from the competition?
• Who are the key players in the industry for my company?
Your business plan Executive Summary will give you the opportunity to shine; and inform your investors and clients “Why!” collaboration with you is a good investment.
Business Plans are essential in any start-up when seeking investment from private or non-profit funders. It lays out your clear vision along with projected timetable and a budget analysis. It will show that you have thought hard about this dream and now you’re ready to turn it into a reality.