So, you’re considering launching your own startup in jewelry making, custom tee shirt design, importing ball bearings or accountancy. It doesn’t matter what sector you are looking to gain a foothold in, the chances are that when you mention to people about your venture, they ask about your business plan. All you might have done up until this point is draft out your vision on a piece of A4 paper. It’s a start! But, essentially you need to formalize your business vision into a bona fide plan. This isn’t for record keeping sake. There is a method to the business plan madness. It will help you to clarify your ideas, prioritize, and stay focused. Take a look at these key aspects of your business that should be addressed on your plan.
Most businesses require funding, however minimal or astronomical this might be. The first port of call will be your bank manager. Making your pitch, you will need to convince the person in charge of your bank, that you are worth a punt and should be invested in. Taking along your business plan like the examples shown at https://www.bplans.com/ will help show them your financial projections, market research and priorities in print. You can also detail the other routes that you might consider money wise, such as crowdfunding, seeking out a business angel or asking family members for financial support. Being transparent in your business plan about your cash flow, and showing your willingness to identify risks and mitigate them, shows acumen that any potential investor will appreciate.
No one person can fulfill every business function to a high enough quality. You cannot be expected to be a financial guru, an SEO bod, a marketing manager, a social media fiend and the owner of your company. Begin by listing the sorts of functions that you might choose to outsource. If you take a look at www.intelligis.com you will see the sorts of IT provision an outsourced company can provide like troubleshooting and cybersecurity. You might choose to outsource payroll and other admin functions that do nothing but take up your valuable time. Point these out in your business plan to help you clarify the direction of your startup.
You may be starting as a one person venture, but before long with any luck, you will need to take on more staff as your business entity expands. Consider the route you will take to recruit. You could pump your energies into a job advert and self seek the perfect candidate. Or you could choose to exploit a recruitment agency that already has exceptional job hunters on their books. This will cost more , but the chore of advertising and long listing is out of your hands. You will have to interview and select your candidate. By focusing on the timeline for your potential staffing needs you can work out how much of your stringent business budget can go towards it.
Being an entrepreneur is thrilling. But it also means having the organizational skills to plan your route into the startup world successfully. Prepare and plan well, and your business will thrive.