Starting a new business is exciting. After all, this may be a life-long dream of yours. There are so many possibilities, hopes, and ideas that the sky’s the limit. Yet before you begin, it’s a good idea to have a solid business plan in place first. A business plan is essentially your roadmap for success. It lays out your ideas, vision, mission, and goals and concrete ways to get there. It’s also essential if you plan to get financing for your small business.
Journey Business Solutions offers small business loans to help you meet your working capital needs. Advances range from $2,500 to $250,000. We require no credit score, and we are open to all industries. Our mission is to help you succeed and bring your dreams to life. Below, we’ll offer up five tips to help you write a great business plan. Contact us to get started today!
5 TIPS FOR WRITING A GREAT BUSINESS PLAN
Have a Purpose
Saying you want to open a coffee shop is fabulous. After all, everyone loves coffee. At least that’s what the numbers say. In the United States alone, 64% of American adults drink coffee every day, which is over three cups a day. So, there’s definitely a market for a coffee shop. That being said, why do you want to open a coffee shop? If your answer is “to make money,” you will have a hard time conveying that to future employees and consumers. A good purpose would be to provide people with a wonderful cup of coffee that will get their day started on the right foot, or to provide a warm, inviting place for people to meet, make connections, and catch up with friends. Let your purpose fuel your business; then the money will come.
Know Your Market
In our coffee shop example, having an audience of “everyone” is too broad and will be too difficult to tailor your products for. If you are near a college campus, your audience would predominantly be college students. If you are located downtown in a business district, your audience will most likely be business professionals. As you can see, location plays a big part in the market as well. This holds true for whether you are an ecommerce store as well. You have a much broader market to tailor your products to.
Know Your Investors
Writing for the person whom you want to invest in your business is super important. You’ll want to speak to them using terms they will understand and readily grasp. Many people have several different business plans that they use, depending on the investor. Some plans are written to bankers, some for venture capitalists, some for traditional banks, and some are written for your next door neighbor. Use words and language that they will understand in order to have a better chance for success.
Conduct Market Research (aka, Test Your Business Idea)
You could have the best idea in the world, but if you are targeting the wrong audience or not listening to the needs of your audience, you will have a hard time being successful. Market research is all about understanding your customers’, or target market’s, needs. You ask them questions to try to discover the key factors that influence their buying habits, needs, and decisions. This will give you a good idea of how to position your product and/or service right out of the gate.
Maintain a Level of Realism
Many business plans are tainted because people make too wild of claims that then turns off potential investors. Making outrageous claims about how your business’ product and/or service is the next iPhone, Amazon, or Google will put doubt in your investors’ minds from the get-go. Instead, be realistic about your assumptions, claims, and financial projections. Always err on the conservative side by paring down your claims, adding to your timeframes, and cutting your financial projections.
CHOOSE JOURNEY BUSINESS SOLUTIONS’ SMALL BUSINESS LOANS TODAY
Unless you are starting with a nest egg, the fact of the matter is that if you are starting a business in the United States, you will need some kind of support, whether that’s a loan from your relatives, venture capitalists, or angel investors. That being said, there are hundreds and thousands of small businesses trying to get up off the ground, so competition is fierce for these loans.
Journey Business Solutions offers flexible small business loans for businesses all across the nation. We have a simple, online application that takes about 10 minutes to complete. You can get quick cash to your bank account in as little as 48 hours, and we offer easy-to-understand and transparent terms. With no origination fees, you can’t afford to pass up our offer.
Our mission is simple: to help your small to medium-sized business succeed by offering you the working capital solutions you need. Call to get started today!