There is a growing trend for people to start their own businesses. Thanks to new technology its easier, quicker and cheaper than ever before to go into business.
But where do you start? You know what your product or service is, and hopefully you have already identified a market need for it. you also know what legal requirements you need to comply with to deliver your product/service.
Whether or not you are looking for funding to start your business, you must do a business plan. This might strike fear into your heart and give a vision of lengthy pages full of graphs, figures and blurb, however your plan can be quite simple – who you are, what you provide, your target market and how you will engage them. Also, importantly, cover your business goals – i.e. where do you want to be in 3,6,12 months, level of sales to achieve, etc. What do you need to do to get there and what risks you envisage on the way.
You will need to do a budget forecast so you take into account all your personal and business outgoings and can see how much you need to making from the business to start making a profit, and when you expect to start making a profit.
Going through this process may seem a bit boring and laborious but it will get you thinking about all aspects of your business. Also a business plan is for life, and will help you keep on track in the future, via regular reviews.
If you have questions, or would like help completing a business plan, then contact us for a free consultation