We all have an idea of what starting a company will look like. You know the benefits, are aware of the pitfalls, and feel ready to tackle the challenges that come with being a business owner.
However, just like most new things you try, there are things you don’t know until you gain first-hand experience – and creating a startup business plan is one of them.
Today, As companies try harder and harder, and often fail, to connect with millennials, most are shooting themselves in the foot by ignoring what is the largest and fastest growing demographic in the u.s. Here’s what entrepreneurs wish they knew before they created their business foundation.
7 Keys to a successful startup business plan
Identify your purpose
In order to market anything, you need to first develop the “why”, or purpose of your brand. Your brand’s purpose is the foundation on which all other things are built. It’s the reason investors will consider your startup business plan, and how you will create life-long customers. Think about what you plan to achieve as a business and how you plan to help your customers, whether that is providing a special service or unique product.
Know your worth
First time business owners tend to undersell themselves in order to bring in whatever income they can to get their business started. This can cause you to have inconsistent and difficult customer relationships as you grow. Time is money, and your time is worth every penny. Determine the value of the service or product you are offering and the time you put in when developing your startup business plan. Don’t undersell yourself just to get your business started. Consider planning to hire help so you can free some time for strategic planning.
Pinpoint the risks
Before you develop a business plan, it’s important to identify potential risks.
Investors don’t just want to see a plan that highlight the positives, they want to a realistic outlook that captures the current market. When you prepare for what’s ahead, you are better able to maneuver any disturbances in the flow of your business. Start by analyzing the financial commitment and management required to run your business. Then, identify the pieces that may cause minor or major disruptions in the flow of your company. Minimize or eliminate the risks you can, and develop a risk management plan to avoid contingencies.
Create a strategic marketing plan
A startup business plan should always include a strategic marketing plan. Your marketing plan is what will drive in new customers and achieve unprecedented growth of your business. This is the part of your business plan that will identify the people most interested in your product or service, as well as how you will introduce them to your product. Marketing isn’t just sales and advertising material, it is the reputation you build with consumers they can come to rely on and expect. Focus on pinpointing a specific problem in the market and offering a solution to fix it. Analyze how your competitors, your consumers, and your business will fill a need your industry may be missing.
Plan for growth
A common mistake entrepreneurs make is creating a startup business plan based on what is happening now. While you don’t want to be overly optimistic in your projections, it’s always a good idea to plan what you will do in the face of exponential growth. Businesses that aren’t prepared for expansion experience growing pains that can affect the reputation and overall success of your brand.
Perfect a powerful pitch
Your pitch is the groundwork for your business. It is the means in which other people will believe in your brand as much as you do. Your pitch should be accurate, meaningful, and powerful in its delivery. It should make people stop and think about your brand and what you have to offer. Plan your professional down to the minute detail, but short enough not to bore investors with fluff. Your pitch should encompass why your brand does business, your unique business model, intended ROI, goals, partners, and resources.
Ask for Help
Building a startup business plan can be a tricky and overwhelming process. It’s okay to ask for help. There are professionals that specialize in helping businesses succeed and build a perfect startup business plan. Partner with an agency that can review your plan while helping you identify strong and weak points. Advisors and consultants can be a useful tool to perfect your draft and bounce ideas back and forth. They can be seen as an extension of your team to help you communicate to investors in a way that gets results.
Partner with a professional
When you partner with the professionals at Bargain Business Plan, you can rest assured that no stone is left unturned. We examine your business and industry down to every minute detail, so you get the most out of your startup business plan. We’ve assisted startups, early stage ventures, nonprofits, and existing companies launch and expand their operations, and we can help you too. Call Bargain Business Plan today to discuss your goals and needs in more detail!