Writing a business plan doesn’t have to be a daunting task, but when you’re first getting started, it can be overwhelming to think about all the sections. Especially when you’re not really sure about the specifics. The key thing is to get your ideas on paper.
A good business plan changes with your business. You don’t put this document in your file cabinet once it’s finished, but you use it to grow and expand your business while staying true to your mission. You’re the only one who has the passion for your product or service, so it’s important to put your heart on paper.
Here are three elements of a good business plan.
You have to think about the industry for your product or service. Think about the market and how it’s changed over the years. Next, think about what trends are affecting the industry and how those trends will affect your success.
You should consider your current product offerings, but you should also think about what types of products and services you’ll want to offer in the future. Good entrepreneurs are forward-thinking. You may want to consider a SWOT analysis, your strengths, weaknesses, opportunities and threats.
You have to identify your competitors, both locally and globally. Most businesses have to consider how Amazon will affect their retail opportunities. What are your competitor’s strengths and weaknesses? How can you gain a competitive advantage over your competitors?
Your business plan answers the questions of where you want your business to go and how you’ll get there. Knowing where you want to go in the next 1, 5, 10 and 20 years will help you stay focused on your goals. GrowthCC wants to help you take your business to the next level. Contact our financial specialists today to get more information about our financing options.