5 Steps to Creating a Business Plan
You have a great idea for a new business and now it's time to secure some funding. The first thing potential investors are going to ask for is your business plan. A business plan serves as a directional roadmap for your company and outlines what you plan to accomplish and how you plan to do it. Having a strong business plan allows you to maintain organization as your company grows, letting you focus on the main goals instead of being distracted by hurdles that may get in your way. Without a solid business plan, the company will grow aimlessly and developing metrics for success will be almost impossible. Create a business plan today to help secure investors and secure a prominent future for your company.
- Do Your Research - The first step is to make sure you research your market thoroughly. You need to understand your potential competitors, barriers to entry, and any legal/financial issues you may face as your business develops.
- Create a Company Vision - Write down your company's vision. What do you want to accomplish? What problem are you trying to solve and how will you do it?
- Make Sure to Document - In the beginning of starting your business, you're going to make a lot of mistakes. Make sure to document everything you do and whether or not it works. This way you'll be sure not to repeat easy mistakes in the future.
- Start Testing - Always remember to test before you invest. Do users prefer the blue or white background to your site? Should you email them daily, weekly or monthly? How long should the free trial be? The only way to answer the hundreds of questions you will have is to test potential answers. Roll out some A/B tests and determine winners and losers.
- Analyze and Iterate Accordingly - Once you have rolled out some tests, the next step is to analyze the data. Look of your data, determine clear winners and losers, and iterate your product accordingly. Even if the answers are not what you expected, the users have spoken and the users are always right. Make sure to constantly be testing and iterating based on data. This will ensure continual growth.