So I Have an Idea.....Now What Do I Do?
Article by: Nikisha Thompson
Many large businesses are started with thousands of dollars in capital and an elaborate business plan. If you are low on funds and were never much of a business writer, don't let this discourage you. Successful businesses have been started with a few dollars, careful planning, and a lot of determination. The key element that cannot be overlooked is planning. Businesses cannot move forward without clear direction and preparation.
So how do I plan you ask? Well it certainly is not necessary to spend hours writing a 40 page business plan, complete with charts statistics and budgets. You must however, know exactly what you will be offering and how you plan on going about it. Exactly means how much, what quality, what's included, how often, and at what price. Even customizable services must be defined. For example, if you are designing customized web pages, you must determine what type of sites you will create, what add-ons you're offering, the maximum number of pages you will design, whether or not hosting is included....you get the picture.
Start by creating a list of every question you think a potential customer might ask. Know your product/service inside out and know your steps of delivery inside out. That is, make sure you are prepared for each step you will have to take in your sales process. Do you know where you will find your materials? How customers will pay? Answer every question before you begin marketing; and those that you cannot answer, create a solution for. When you begin selling, you will want to focus on service and quality, not small details that can cause you to look unprofessional.
Once you have created your list of questions and answers, you will need to create an outline that will give you a snapshot of how the business will be run. Outline topics will vary depending on the type of business but typical headings include:
Your mission/goals
Description of your products and/or services
Where your business will be located
Who will run the business
How you will find customers
How much you will charge
How much profit you plan to make (Income - Expenses)
How you will keep records
The last bullet is especially important in the planning phase. You need to have a method of keeping track of everything you spend and everything you make. You will be glad you were organized when tax season rolls around or when you're looking for investors to help you expand. Use Excel and Database files to keep track of all cutomer and sale information.
Starting a business can seem overwhelming, but with the right amount of planning, you can save yourself a lot of trouble in the future. How to Write a Great Business Plan for Your Small Business in 60 Minutes or Less - With Companion CD-ROM is an excellent resource if you have no idea where to start.