To help you get to the stage where you can turn that business idea into reality, we’ve created this short guide which include the key things you will need to consider.
DEVELOPING YOUR BUSINESS STRATEGY
So you’re ready to take your business idea to the next level? That’s great! The next step is carrying out market research to make sure that your idea is valid and achievable.
DEFINE WHAT YOUR BUSINESS DOES
Known as the elevator pitch, this is a great tool to start with when developing your business strategy. It’s intended to be a short, snappy summary of how you would answer the question ‘What does your business do?’ It can be used for networking, but can also help you clarify the purpose and mission for your business.
Lasting no longer than 30 – 60 seconds, make sure to include:
- What problem or need does your business solve?
- How exactly your business can dothis.
- Make it interesting and attention grabbing. It can act as a pitch for sales.
WHAT IS A BUSINESS PLAN AND HOW CAN IT HELP YOU?
A Business Plan is a written document that describes your business goals and outlines a plan for how they can be achieved. It explains the business objectives and strategies, as well as including the sales, marketing and financial forecasts. A good business plan can help focus your mind and ideas and it’s an opportunity to have everything in one place.
Your business plan is a working document that will develop alongside your business and should include:
- The customer need you’re aiming to satisfy.
- How your business will meet that need while making a profit.
- Your business strategy should cover three important topics that we will cover in more depth in future posts: Market Research, Operations and Calculating Your Business Finances
In the first section provide a summary, which someone who has never met you, and knows nothing about your business, would be able to use to gain a basic understanding of your proposition. We recommend finalising this section after you have completed all the other sections, including your customer research.
Include a summary of:
- What your business will do.
- What products and/or services the business will sell.
- What the market opportunity is. Why is there a need for it? And how will you address this gap in the market?
- Your business’s philosophy and values, what your brand stands for and who it appeals to.
- Who your customers will be.
- How you will get them.
- What the business structure will be.
- Any other directors or shareholders what their input into the business will be and their shareholding if applicable.
There are many sections in a business plan so we will be exploring each sone in future posts.
There are plenty free samples of simple business plan formats online that you could download and check for yourself. It will also help you identify all the challenges and strengths of your business idea.
If you have any questions please do not hesitate to contact us through live chat or email.