A business plan is fundamental for business success.
Just like you need goals and direction to succeed in life, you need a game plan to succeed in business, and it’s not as simple as it might initially sound.
It’s not just about setting goals of what you want to achieve, you actually have to back up all your claims with real data and statistics, strategize for the future and predict eventual crisis as accurately as possible.
Usually, a business plan is presented to banks and investors to convince them to invest. For example, let’s imagine that you want to launch a start-up. You plan to create an app that Fashion Designers can use to organize their orders, receive payments, and manage customers.
There are many ways to go about this:
- You could, get a bank loan
- Give equity in exchange for money
- Join a start-up incubator or accelerator and so on.
Whichever you choose, you need to sell people your vision. First of all, no one is going to give you money for free. If you’re looking for investors, they are probably going to ask you for equity. If you’re going to talk with a bank, they are going to give you an interest rate, and so on. And, obviously, they definitely aren’t going to give you their money if you don’t have a good idea and a strategy. So, you need a business plan for your Fashion App in order to sell it to potential investors, banks, and so on.
We are going to go through developing a strategic business plan, helps you achieve your business goals and also aid to show people that you know what you’re doing, because at the end of the day, a plan that is backed up by research and facts is very compelling.
Step One: Define your vision with precision
Your vision is what generates all the goals and strategies. To develop a game plan, you need to know exactly what you want. So, let's look at the App for restaurants example. Your vision is pretty simple. You want to create an app that will be ...
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