Welcome to The Bruce Show… we discuss everything business, marketing, and advertising.
Today we tackle the easy way to create a business plan including a business plan template
Last time we talked about the 5 steps to starting your own business. Step 3 includes answering a bunch of questions to define your business. Take a moment to watch the episode if you haven’t yet.
We’re taking that 3rd step and going over all the questions a in a bit more detail. We want to help construct a great business plan. I’ve created a custom business plan template you can download below. Answer the following questions first… then place your responses in the appropriate section in the template.
So let’s get started creating our first business plan.
Take your time through each question and spend as much time as you need answering them. Provide as much detail as possible. Feel free to use charts, graphs, tables of data… anything to help provide the best answer possible.
- What are the details about your business?
- How will your business be structured?
- What is your core product or service?
- How will you provide your product or service to your customers?
- What is your target audience? Who are your target customers?
- How/where will your customers purchase your product or service?
- Who are your competitors? If none, is your product/service a compliment or substitute for another?
- Will you need retail space? Perhaps renting office space? What about ecommerce?
- What is necessary to get the business off the ground? Furniture? Partnerships? Completing product specifications? Consider anything.
- Need staff? Describe the positions needed and their accompanying backgrounds.
- Need money? How much to start? How much do you need for running operations?
- When will you turn a profit? Compare projected revenue against costs. Forecast 1 – 5 years out. Don’t be shy with both projected revenue and expenses, and be sure to backup any numbers with logical explanations.
- How will you bring your product or service to your customers? Describe the marketing activities for launch.
- How will you market your product or service throughout its lifespan?
- How will you retain your customers?
Take your time answering the questions. Then take those answers and put them into my business plan template.
If you have any comments and suggestions, don’t hesitate to reach out…
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The Perfect Pitch – Jon Steele (on amazon)