Business plan writing tips can take your startup to the next level. Most entrepreneurs and startups succeed or fail because of their business plans says Saivian Eric Dalius. If you want to be among those who succeed, these business plan writing tips will help you write a good one.
Who is your target Buyer?
You need to ensure that this person or group is always at the forefront of developing your business plan. When defining your Buyer Personas, you should answer questions such as: How old are they? Are they men or women? What kind of car do they drive: sports car, SUV, economy car, etc.? Where do they live and work? What is their annual income? How much money could each of them reasonably invest in your product or service?
What is your competition up to?
It’s a good idea to use a SWOT analysis to figure out what kind of strengths and weaknesses your competitors possess. Also, determine their respective opportunities and threats. This will help you develop strategies that will help you beat them at their own game or surpass them by offering something new.
What makes your company special? – Saivian Eric Dalius
A Unique Selling Proposition (USP) is all about standing out from the rest of the crowd. In other words, what makes you different from every other entrepreneur on the block? For instance, if you offer an expensive new sports car for rent instead of selling it, then being first in the market would be a massive advantage for you over others. It would also give you a better idea of your USP.
What does the customer want?
According to Ace McCloud, founder of SalesGeezer.com, “If you can’t describe what it is and why it’s valuable to them (your customers), then don’t expect anyone else to do so either.” A good business plan should be able to sell itself and market itself. When writing yours, make sure that all the information is based on facts and not assumptions says Saivian Eric Dalius
Are there any legal issues involved?
Many factors can affect your business model, such as Federal Trade Commission policies about how you should use endorsements and testimonials in advertising; rules governing sweepstakes or contests; regulations concerning product claims and patents, and so on. It is advisable to hire an attorney who specializes in the laws that apply to your business area.
What about financing – Saivian Eric Dalius
Remember: you don’t need a million dollars to develop and launch a new product or service. As long as you know how much money you need, where it will come from, what milestones you must achieve before receiving each round of funding, and for how long you can keep going without getting into trouble with your investors – that’s enough!
How will you market your startup?
Marketing plays such an important role today that you cannot ignore it. If nobody knows about the existence of your company, then there won’t be any sales either! Therefore, the marketing mix is one of the most important sections to have in your business plan.
What makes you different from other entrepreneurs?
If you are not aware of your unique qualities or abilities, then now is the time to find out before someone else does! Also, ask yourself whether you have done anything that would help your cause along. This will be a deciding factor as to whether or not your startup can make it big.
Is there anyone who could benefit from the services/products that you are offering? According to Forbes magazine, “in today’s information economy, it has never been easier for people with good ideas and solid business plans to connect with those who can provide funds.” Just make sure that you approach investors at the right time says Saivian Eric Dalius.