Business Plans Aren't Scary

Business Plans Aren't Scary

I’ve been working through a business plan for a new project that my wife and I are starting. This is the first business plan that I’ve written, and I must say that I’m having a lot of fun thinking through all of the aspects of a potential business.

Writing a business plan has always intimidated me. I felt like I needed to have a certain format and that it needed to be very detailed and complex. I took a course at Lynda.com on how to write a business plan, and it took a lot of the fear out of it for me. I learned that a business plan doesn’t need to be too complex because I’m not trying to start a large company that’s going to need thousands of dollars of outside investment. I just need to think through a series of questions so that I have a something to guide my business decisions.

This realization opened my mind and allowed me to calm down and have some fun with it. It doesn’t have to be perfect, and it’s meant to be edited over time. You won’t have all of the information that you’re going to need in the beginning, and that’s okay. Just answer the key questions and start strategizing how you’re going to make it happen.

The important questions that need to be answered by any business plan are:

What problem are you trying to solve?

Who has this problem?

How many people have this problem?

How are you going to solve the problem?

How is this going to make you money?

How will your target audience find your product/service?

How much is it going to cost to make your product or provide your service?

If you can answer these questions you’ll have thought through 80% of your business. This is going to help you determine what kind of product or service you’re going to sell, who your target audience is, how much profit you could potentially make, how much it will cost you and how you’re going to get your product or service out in front of people. Writing a business plan is such an important process to go through if you are planning on starting a business. It doesn’t have to be scary, and in fact it is quite fun. You get to think about how exactly you are going to get your unique ideas out of your head and into the real world.

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