A business plan is the first thing to prepare when we want to open a business. It is a document that describes your business. You have to get familiar with a mission statement, company and product description, market analysis and strategy, SWOT and revenue projection. The process can be stressing. How can we possibly foresee things before we started it? What the point of planning things that may have different implementation?
However, business plans are needed in almost every successful business case. There will be no goal achievement without achievement and goal setting. Whether it is in a precise construction or attractive presentation, the business has to always start with a plan.
Knowing your purpose and audience is essential. Your purpose will help you to picture how your business grows. That include, the source of funding, profit, shared ownership, upper management, etc. Meanwhile knowing your audience helps you to innovate a product.
Read more: Find the Right Influencer for Your Successful Business
After you know your purpose and audience, you have to asses these three aspects.
The human element
The people, the team, you are working with play a significant role in your business. Data shows 60% of ventures fail because of problems with the team. The quality and suitability of teams are significant for the business.
In evaluating the team, you can consider their business experience. Besides, you also have to know their soft skills, industry skills, and product knowledge. Without people with those skills, the business will fail. In addressing human quality, you may involve a third party.
The Opportunity
The opportunity analysis requires your knowledge of products and clients. Knowing that two help you to expect the prospect growth. Other than that, you need to also learn your possible competitor. That help you to innovate better than your competitor.
The Risk and Rewards
During the business, things may go right or wrong. Thus you need to prepare how the team can address those situations.
Now, after assessing that aspect you are ready. Go get paper and a pen.
