Welcome to ICCA! We are dedicated to bringing you the biggest and best tips on building a small business. In our first article here, we’re going to talk about writing your own business plan. Should you need one or not? That is the question.
Well, for starters, you don’t always NEED a business plan to be a successful business owner. You can pretty much get there on your own. There are plenty of things you can do without one. However, for absolutely maximum clarity on what you want to do, why you want to do it and how you are going to get there, having a plan is always a good idea.
Business plans also help investors know that you are on the right track to do the things you said you would do. Sadly, this is not always obvious. I want people to all write a business plan, no matter how brief and how terrible you might think it is, and honestly they probably are half the time, it gives you clarity on how to focus and do the right things.
Let’s start with the basic structure of one. First of all, you need a market analysis. Find out why it is actually a good idea to start your brand new restaurant or brand new shop. For example, if you are a brand new Asian food restaurant owner, you might want to figure out who on earth would be interested in buying your food to begin with. This is not necessarily an easy question to answer, there are lots of times you have no idea, but there are some ways you can find out quite easily. For instance, the best way to figure it out is to poll customers and do surveys. That’s really it – they will tell you for themselves if they think what you have to offer is a good idea or not.
Another tip I can give you before sinking thousands of dollars into a brand new business, is to figure out if your food is any good, am I right? Hence, things like beta testing would be important. If you’re a restaurant, maybe set up a food stall and see if people like your free samples. If you’re a shop, maybe figure out what do people actually want to buy first?
This post is getting a little long winded, so I’ll continue giving you tips and hints next time. See you soon.