If you’ve been struggling to get your business plan together and don’t quite know where to start, here are a few of my KEMPS KWIK go-to, make-it-happen tips that are sure to take your business plan from “hassle” to “DONE”.
Top 5 DO’s
1. Do concentrate on your market: who are you serving?
2. Do understand your value proposition: why should they choose you?
3. Do know your competition: who is already doing similar work?
4. Do figure out your point of differentiation: how are you different/better?
5. Do know your numbers: how much do you need to start/to grow?
Top 5 DON’Ts
1. Don’t believe you are the only one to think of this–you probably aren’t.
2. Don’t think a plan isn’t necessary–those who fail to plan, plan to fail.
3. Don’t skip it because it’s hard–it actually makes running your business easier.
4. Don’t worry about being a braggart–know what you’re good at and talk about it A LOT.
5. Don’t lie! It’s not a good way to start an enterprise.
Top 5 MUST HAVE’s
1. Company Summary (An overview of what you do, who you are)
2. Mission (What you plan to do) and Vision (How you see your company) Statements
3. Short History and Current Business Standing/Structure
4. Market Analysis (Demographics and Competition Survey)
5. Growth Analysis (How much you need and what steps you’ll take)
KEMPS’ Golden Business Plan Rule
Know Your Business!
It’s not enough to think you understand your business–Know Your Business.
If you can’t explain your business to your self, how can you ever expect to explain and sell someone else on your business. Your business plan is a tool to assist you in thinking about the different areas of business ownership and management, not just selling or making a product, but the entire process from idea to post customer relations. A business plan isn’t just about starting your business, it’s about keeping your business viable for years to come.
When in doubt, contact me! With custom solutions and personalized care, I’m here to help you.
Kate E. Stephenson is a freelance communications specialist whose business encompasses content writing, comprehensive editing and quality resume services. Lexicon is her brainchild, a blog all about Language—insight into today’s job market and hiring tips, book releases and reviews, and general folly concerning the many mysterious facets of the English language and human communication. Be sure to read more about Kate, check out a full listing of services and rates, and enjoy her weekly columns on Kate.Book.com!