The Startup Business Success Plan 3 – Your Plan

       Start and Grow your own Business

        CHECKPOINT 3   ( 3  of 7 )  – CREATE A PLAN TO SUCCEED..

YOUR BUSINESS PLAN

Not having a written Plan is one of the main reasons for start-up businesses being unsuccessful or not even getting started.   So whether you are starting a small part-time activity to make some extra cash with a view to developing a business, or you are starting a serious business with premises, investment and staff, you need a plan: and it must be written down .

Whatever the state of your business (for example,  planning a start-up, organising to  launch, or growing a current business that’s trading,   you should write down the basic elements of a plan. It should be only 1 or 2 pages in the first instance.

Dozens of people thinking of starting business, or planning to start business come to start-up meetings, workshops,  and other relevant events…. But when asked “do you have a written plan”, the majority say “no”. So most of the advice and information given at the event is wasted, because it does not relate to a specific part of a plan.

Your PLAN  must be written down to Include the following:

The product(s) or services

The target markets ( customers )

The sales price(s)

The actual cost of the product or service ( excluding your time )

The nett profit per sale

A profit target with a time scale

Confirming what has to be done to achieve the sales

This drives the need  for the following sub plans, with timescales

Sales numbers

Sales outlets ,

Live web site

Marketing  ( with costs )

Order taking

Production

Staff

The above usually refers to the start-up or early stages of a business, but if you are looking for loans or investment, a more detailed plan wll be required.   An investor or a loan  company will want to understand the current state of the business, the experience to date, the business potential, the cash flow, the profit forecasts…

TIMING

And timing is critical:   Here’s an example to prove a point.  A woman approached us in November 2018. She had set up a beauty business, had rented a premises but was not doing enough business: talking about competition from two nearby beauty salons which were charging very low fees. Using social media facilities,  we identified that there were several thousand of her ideal clients within a couple of miles of the premises. With a low cost Facebook campaign she could make contact with these prospects, and coming up to Christmas , this was the ideal time for the beauty business. .  The neighbouring salons were not the problem. We made contact again after Christmas, to discover that the business had gone bust, leaving her with a £!4,000  loan to a family member to repay, utility bills to pay , and a premises lease commitment…

Had she done this little bit of market research and got a business plan checked , and had started the marketing at the launch of the business…  she would probably have a good business today…  The message: seek advice early, and keep seeking advice every step of the way

RECOMMEDED ACTIONS

  1. To really understand more fully why and how you should create a business plan at whatever stage of your business … Google “ the importance of a Business Plan “
  2. So create a Plan, take your plan and show it to 3 experienced business people. Getting their advice and ideas. Then applying the result will double your chance of creating a successful business.
  3. Need help creating a plan, use the email contact below.

TO HELP YOU WITH IDEAS, CONTACTS, INFORMATION, 1-2-1 PLANNING…Use this FREE  information line …lots of business experience there to help you achieve your goals or targets

Email :  info@croydonbusinesshub.co.uk

www.croydonbusinesshub.co.uk

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top