Starting a business can be very hectic. There is so much to do and it can be very easy to overlook creating a business plan, but that document can be vitally important.
85% of small businesses fail in the first 18 months, and 85% of small businesses do not have an effective business plan. That is no coincidence.
And there are certain things that should be included in your business plan:
Why are you doing what you are doing? What is the base reason for your business? You probably have an idea, but writing it down solidifies it.
What do you do? Don’t think about your product or service, think about the benefits they will provide your customers.
Who is your target market? Anyone and everyone should be foreign words here. Who exactly is your target market? What age are they? What is their income? Where do they live? You will save money on advertising when you know exactly who you are marketing to.
What is your vision? Where do you want to be in five years? Be as specific as you can, and make the description like a picture.
How will you get there? What is your strategy for getting from where you are now to where you want to be?
Answering each of these questions will put you ahead of most other small businesses.