So, the fact that you have clicked on this post gives us the opportunity to guarantee that you are someone who has secret wishes for being an entrepreneur. There might be some topic or issue on which you have immense knowledge and on which you’re extremely passionate about or you may be successful in finding a way of bridging the gap in the marketplace. No matter where your interests lie, it can be guaranteed that you can easily turn that into a business.
No, if you have been fooling yourself that it is going to be an easy task, you’re wrong as it requires lot of effort, time and hard work. Given the fact that there are so many failing entrepreneurs, you need to take a quick look at the step-by-step guide of planning a business.
#1: Begin with formulating a pitch
In order to outline your business strategy and the main concept behind your business, begin with a pitch. Keep it simple and make sure you do this quickly. Although this won’t be seen as your investor pitch but it will be more like a 1-page business plan. The pitch should comprise of your business proposition, the problem that you’re solving, the solution, a short description of your ideal customers and an insight into the competition.
#2: Make a chart of necessary tasks
The most necessary and vital milestones and tasks should be charted down. Now it’s time that you move out of the phase of planning and begin building it. Always remember that you can learn more when you start sooner. Schedule the tasks and allot responsibilities to people so that you can manage and track.
#3: Regularly review the schedule
Once you have the schedule of your plan, keep an eye for discovering new details about the problem and how you’re going to solve them for your customers. Accordingly keep updating the pitch. Also keep in mind the type of business that you want to formulate. Would you want to form an LLC or would you want to form an S-Corp? This should also be decided at the same time.
#4: Create an executive summary
Towards the last stage of your creating a business plan, you should create an executive summary. The investors will usually ask for your executive summary and in case they love what they find, they will also ask for the detailed plan. So, write down the summary in the best possible way.
#5: Refine the pitch for a presentation that is ready for investor
The first step that is mentioned here, that is formulating a pitch will be ready to present to investors, assuming the fact that you have been checking it and updating it with time. Add few more slides to track progress.
Remember that business planning is an entire process rather than being a single event. Proper business planning assists you in achieving success and rightly track all that is happening in your business. You can accordingly adjust your course as and when required.
