A Written Business Plan
The most vital part of a business plan is to have a written record of said plan. While your strategy may be thoroughly developed in your head, a written business plan will enable you to act on your intentions and recruit others you may need, such as investors, employees, and business partners. Further, it will facilitate any updates or revisions as you move forward with your plan.
Think of your business plan as a roadmap for your business; It is essential for keeping yourself on track both during and after business formation. Additionally, you should strive to answer the following questions (among others):
How will the business operate?
Who will be involved?
How will I satisfy startup costs?
How will I draw attention to my business?
Your company may provide a product or service of excellent quality, but the failure to properly market could leave your business struggling. Consider how you will expose potential clients or customers to your business and design a course of action to include in your business plan.
Marketing is not limited to advertising. Taking part in community organizations, sponsoring events, and having a social media presence are all ways in which marketing could help your business begin (and continue) to grow. An intelligent marketing strategy takes into account the core demographic of your business, and the avenues by which they are likely to reach your message. Identify the problem, provide a solution, and offer a means for the potential client or customer to reach your business.
Plan for Funding
If you intend to operate a business, you must have a plan to fund marketing endeavors, pay new hires, and cover business startup costs. Without a financial plan, it can be increasingly difficult to budget for business operations (and any unforeseen expenses) as your business grows.
A small business owner may seek capital from loans, lenders, and grants. Additionally, crowdfunding and investments are ideal options for some business to meet funding needs. In any event, having a well-thought-out plan for funding will prove handy in relation to tax obligations and will set your business up for long-term financial health.