There are three key areas that every business plan should address
Starting a business has never been easy, but starting a business in 2020 can feel like an impossible task. However, despite all the craziness that has occurred, the same essential rules apply when coming up with a business plan.
There are several key areas you’ll have to cover, and many of these can be placed into one of three vital categories: administration, marketing and future growth.
From initial concept to fine tuning, each of these categories is equally important for creating a business plan that helps your brand reach success in the long run. We’re going to break down these areas to give you a clearer idea of what’s expected. Let’s take a look.
This first section is all about creating a solid foundation for your business – hashing out the details, refining your plan and cementing your long-term goals.
This involves conducting research. Market research provides essential information on how well your niche is doing and what chances you have of introducing yourself as a unique brand that appeals to your target audience. This is your chance to discover what demand is out there for what you’re bringing to the table.
You’ll also need to come up with a business name. This will involve determining the type and structure of your business, and registering your name with the proper authorities. UK businesses will likely need to check with Companies House to ensure that an organisation name isn’t already taken. And after registering your business, it’s time to make a bank account in your company’s name.
Establishing your business is also the start of your plan. Now you need to start trying to make your brand visible to your audience – this is only way to make potential customers aware of your business, drawing them to your products and services.
Firstly, you’ll need to turn your business into a brand. This doesn’t just mean having a name and logo. It involves personality, tone, style, visual themes and characteristic that accurate reflect what your business offers and stands for. Create a look that’s easily identifiable.
You’ll also need to build a respectable web presence. No business in the modern age can get very far without a website – one of the most important front-facing components of any business – and a social media presence. Consumers look for brands they can actively engage with and see online.
A strong business strategy always involves a marketing strategy. Channels such as SEO, PPC, testimonials, loyalty schemes and more can all help you build your audience in both the short and long term.
Having completed the basics of small business planning, you now need to assert yourself as a growing company that’s in it for the long haul. This will involve plenty of organisation, particularly if your business now involves a team. Hiring the right people for the job, and giving them the tools and guidelines to do that job well, is absolutely paramount.
But relationships between team members is just the beginning. If your business relies on purchasing and manufacturing from outside sources, you’ll also need to build relationships with vendors in order to keep things running as smoothly as possible.
Ultimately, once your business is up and running you’ll need to keep an eye on your goals and mission without losing sight of your foundations. Include a five-year goal in your achievement plan to help you measure progress and aim high.