The current world situation has brought us new circumstances to deal with but also many new opportunities. One being the opportunity to start a new business.
Whether you are thinking of starting a new business full-time or starting a small business to supplement your income then creating a business plan is an essential first step in starting your new business.
Unfortunately, only around 50% make it to the five-year mark and 30% of startups still fail in the first two years of opening. (SBA The Small Business Association) One of the main reasons given for the high failure rates is that people fail to plan and investigate the market.
When people start businesses they are often are overwhelmed by new ideas and opportunities and much time is spent going around in circles and being led away from the really important things. This is why planning is so important.
This is a great quote from Brian Tracey and so true
“Every minute you spend in planning saves 10 minutes in execution; this gives you a 1,000 per cent return on energy!” ― Brian Tracy, author and motivational speaker
It’s so disappointing that with all the investment in time and money people still fail just because they missed one of the most obvious, straight forward and time and energy-saving things to so. A business plan.
Creating a plan will not only help you succeed it will help you succeed quicker, more efficiently and better.
The great thing is it’s not difficult and you can easily follow a tried and tested formula by using a business planner template.
The business planner template we are offering for free is step by step a comprehensive plan and covers everything from your vision to planning all your projects and creating a yearly, monthly, weekly and daily goals and plans.
You can download your business plan template for free here.
It will take you through everything you need to do plan a successful business.
1. WHY?
‘When your why is big enough you will find your how.’ Les Brown
2. YOUR VISION
This covers everything including turnover, culture, core values and reputation.
3. YOUR MISSION STATEMENT
Your mission statement helps you to focus on how you will get to where you want to be. It answers the question, “What do we do? What makes us different?” It lists your larger goals for which the business is created and its main function is for you to define the primary measure of your success.
4. YOUR YEARLY GOALS
What are the main goals you want to achieve in your business for the year? You need to make sure they are SMART Specific, Measurable, Realistic and the Tim-based ( what is the time frame?)
5. GET CLEAR ON YOUR PRODUCT OR SERVICE
To be able to produce, brand and market your products you need to know the following. This section will take you through everything you need to think about, your product, brand and market your products.
6. A COMPETITION ANALYSIS
Who are the key players are in the market? Is there room for another player? What are their strengths and weaknesses? How are you going to compete? How are you going to be different?
7. PRICING
This section will take you through how to set your price and which factors to take into consideration when setting your prices.
8. A SWOT ANALYSIS
This section will help you to focus on your strengths, minimise threats, understand your limitations and take full advantage of any opportunities.
9. DEFINE YOUR TARGET AUDIENCE
“Amazing things will happen when you listen to the consumer.” –Jonathan Midenhall, CMO of Airbnb
This section will take you through defining your ideal customer their demographics, their interests, core values, beliefs.
Once you know this you can craft every message and piece of marketing material to them.
10. HOW WILL YOU SELL YOUR PRODUCTS & SERVICES
Wit the online work there are so many channels of distribution available and opportunities. This section will help you to get clear on which will be the best for your product or service.
11. THE FIGURES
If you are not clear on the numbers then you need to get assistance. This is the difference between make or break. You need a personal budget ( what do you need to survive on) as well as the following
Profit & loss also called income, the statement shows sales, cost of sales, operating expenses, interest and taxes. The statement shows performance over some specific time, like a month, a year or a quarter.
The balance sheet shows assets, liabilities and capital (assets less liabilities). This statement shows a company's financial position at a specific time.
The cash flow statement projects how much money is in the bank and will be in the bank.
12. PROJECT PLANNER
The project planner is where you list all the projects you need to undertake to reach your big goals. This is the action that needs to be taken
13. THE MONTHLY PLAN
This is where you plan when and who is going to do all the tasks. To help you get started you can download the Business planner template
It will take you step by step through all the above and you will have a workable yearly business plan
14.) THE WEEKLY & DAILY GOAL PLANNER
With your Free Business planner template comes weekly and daily goal setting.
I hope this business plan template will help you gain clarity and create an amazing plan for your business which will result in a successful and flourishing business.
Most of all have fun with it and enjoy the journey.