Business plan: Your Dreams on a Paper
Hey there! In the last post, we have discussed the importance of going digital and how consumer behavior changes. And now, we are going to discuss a business plan.
Are you looking forward to starting a new business and make your fortune, but you are confused where to start?
No prior experience in business, and you are stuck now and don’t know where you want to go.
Starting a business can be challenging. TOUGH if you have no planning and a clear vision of at least 5 to 10 years down the line.
Being an entrepreneur sounds cool, but you are not going anywhere without any business plan and a clear vision.
The first question you need to ask yourself is, where you want yourself and your business to see 5 to 10 years down the line?
This question’s answer must be realistic and achievable (you may answer in monetary terms or profit terms).
You might be looking for a luxurious lifestyle, super cars, a better life for your family, more time for your family and friends, stage recognition, fame, and, most importantly, to create and impact a community.
You might also have answered that you want to earn a million dollars a year, which is completely fine. Every business looks for money and profit, and you should look for it.
Now that you know what exactly you want from your business, the next step is a very significant factor for every business, and that is.
To create a MAP, an actual BUSINESS PLAN will bring in the life you want for yourself and your family.
So what a Business Plan is?
A business plan includes a few very essential elements:
Know what type of business you are doing
It is the first step in jumping into the business world. You should know what kind of product or service you are delivering and your expertise.
Analyzing the need for your product or services
The next step is to analyze the need for your product or services in the market. Look what your competitors are not doing and how you can fill the gap and make a place in the market.
Know your target audience
You will be able to bring in more sales or clients if you know your target audience. Know your audience requirement. Because if you cannot bring what they want on the table, they will leave.
Add value to your potential customer.
In this digital age, people are getting smarter. You cannot speak about your product and people will buy it from you. You need to help the genuinely and build trust.
Value addition can be done in many ways-
For a digital product, you can give them 14 days free trial, a free E-book, a live webinar, a free demo service, or anything that adds value to your customer.
Research says that a person interacts at least 8 to 10 times with the brand or agency to build trust before buying anything.
Start scaling with business plan
Once you have started interacting with your audience and adding value in their lives, they now trust you. Now it’s a “Green signal” for you and is the time you can pitch your services and start scaling your business.
Make your FREE STUFF so valuable that makes their jaw drop and push them into thinking, “If they can give and help us so much for FREE, how much they will help us in their paid services.”
- Retaining customers/clients
Once they have purchased from you, this doesn’t mean they will come back to you. You keep giving potential customers so much value that they do not have to go anywhere else. In short, they have all the answers to their questions.
They will have to come back to you for your products or services again.
The majority of people try to focus on sale in the first interaction, and they fail, which pushes them into thinking, “Business is not for me.” Don’t be such a person.
Why is it essential to have a business plan?
One on my closest friend, Harry, didn’t have a plan in his business. He is a brilliant entrepreneur I had ever met. But he lost $134,000 just because he didn’t plan and was not ready to face the challenges he encountered.
Having a plan, especially in business, is essential because it gives you clarity, sense of direction, and keeps you motivated throughout the day to achieve the goal.
Building a successful business without a plan is the same as targeting the board with a dart with eyes closed. You have 99.99% chances that you won’t hit the target.
Building a plan is not only is for you, but also for the people working with you because they are the one who is helping you.
Why do you need to keep updating your business plan?
Businesses are dynamic. They keep on changing for the good. The way you were doing business yesterday may not work today.
If you were doing traditional marketing to promote your product or services, it might not be helpful for you today in digital marketing.
If you continue the same way, you may not get the same result. A business always needs to change according to the situation and adapt it.
Darwin once said that “The continued existence of organisms that are best adapted to their environment, with the extinction of others” and the same business works.
You adapt, you win.
Having a Business plan helps keep you and your team motivated by having a clear path and direction to make a business a SUCCESSFUL BUSINESS.
Now we would like to hear it from. You if this post added any value to your life and how you will add value in other’s life.