Turn Your Ideas into Actionable Business Plans

Editor's Note: Take a look at our featured best practice, Business Plan Fundamentals (34-slide PowerPoint presentation). Why is a Business Plan Important? - It forces management to think through the proposed business in detail and to consider tradeoffs - It enables management to plan company growth and to anticipate changes in a structured way - It allows goals to be set, against which the project's and [read more]

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Every successful business operating today started exactly the same way – as an idea. But an idea without action is just a dream. To become real, it has to be developed, funded, and marketed.

A professional business plan is the first step to turning an idea into a profitable company.

As an entrepreneur, you may be overwhelmed with product development, financial planning, legal requirements, marketing, but don’t quit now. There are plenty of resources available to guide you through each stage of business growth.

Enlisting the help of experts such as accountants, lawyers, and market researchers may be the fastest way to get your business on track. Professional business plan services will provide a clear road map from your revolutionary idea to your first sale.

Advance your business ideas! Read expert advice and get started today!

How Important is a Business Plan?

Successful entrepreneurs are not lucky. They are prepared.

They have often spent years testing ideas, learning, working, adjusting, never giving up, and convincing others not to give up on them either.

Creating a business plan takes effort: writing, researching, meetings, and revising. This initial effort is the best investment you can make to develop a profitable business, and it will pay off again and again.

What Exactly is Your Idea?

The first step to turning that dream into reality is creating a product development strategy. This method clarifies your ideas.

How is your product/service going to help people? What problem will it solve? How is your product going to be different from other similar ones already on the market? And who specifically will buy your product?

Product strategy implementation improves the likelihood of achieving product-market fit. What makes your product special, and why will people pay for it?

Now you’ve got a great business idea with an end goal in mind.

But most successful businesses are not built alone.

Convince Others to Join You

Maybe you already have your family on board with this new business venture, but odds are, you must also secure funding. How do you convince investors or bankers to believe in your product?

Professional business plan services will help outline the finer details of your business operation. For example, will you need office space? Equipment? How will you train staff? Do you need a permit, license, or specific insurance?

Instead of reinventing the wheel, save your precious time and effort by utilizing templates, guides, and pre-made business outlines to organize this information.

There are a variety of startup business models available. Pick the best resources to meet current industry standards and best practices within your product market.

These business plan services will allow you to present professional project proposals to financial institutions, investors, and potential business partners & employees.

Create a Timeline

Once you have identified these key elements:

• what will make your product unique/valuable,
• who is your target market
• how to get the professional support you need,

You can set large, long-term goals for your business. This will help you create your mission statement.

Your big picture goals are then broken into smaller benchmarks set along a realistic timeline. You now have a roadmap and a schedule to follow.

Business Plan Basics

There are many different types of business plans depending on the industry and size of your business. Here are the basics of a traditional business plan.

• Executive Summary: a comprehensive summary of your business, including product, operational structure, finances, and growth plan. Think about mission statements and the big picture.
• Business Description: a detailed outline of your product and how it will stand out from competitors. How will this company be successful? Think about your strengths.
• Market Analysis: a detailed description of the target market, who will buy this product/service, and why. What are the current industry trends? Think about the specific needs of your customers.
• Organization & Management: an organizational chart explaining who’s in charge of what. This includes the legal structure of your business.
• Financial Planning: an outline detailing initial start-up costs (equipment, materials), monthly expenses (such as leasing space, employee salaries/benefits, utilities, etc.), and financial projections. How will you cover costs for the next five years? How will you reduce costs? Think about hiring a financial advisor or CPA for this section. Often, this is the most important part of your business plan. Without adequate funding, the business will not succeed.
• Marketing Plan: a comprehensive plan explains what marketing strategies will be used to attract and retain clients as the company grows.

Each business plan will be as unique as the company itself. Whether your plan is twelve pages or one, keep a few things in mind.

A business plan is a starting point, not something written in stone. As problems arise, circumstances change, or new opportunities arise, your business plan will evolve accordingly.

Most first ideas are not best sellers. Typically your first business idea is just the catalyst to get you going. As you move through your product development strategy, your idea will probably change. Not only is that okay, but it’s also good. Your final product will be better than your original idea.

Research is your best friend. Time spent learning about your industry, new technologies, trends, etc is time well spent.

But you cannot research forever. At a certain point, you have to act. And creating an actionable business plan is a great way to get moving.

Overcoming Obstacles

Don’t get stuck! You may have more questions than answers right now, and that’s ok. A solid business plan is the best tool for advancing your business ideas.

Problem Solving

Need more market research? Not sure if you should incorporate? What type of website works best in your industry?

A well-outlined plan will quickly tell you what you know and what you don’t. This roadmap will point you in the exact direction you should go next.

Keep Going

No matter how well you plan, complications will arise and ruin your day. Maybe your partner backed out, the loan wasn’t approved, or you just woke up this morning full of self-doubt.

That business plan will keep you going. You may have temporarily lost sight of the end goal, but your roadmap will keep you on track and moving forward.

Focus

Sometimes we get lost in the weeds. Or unclear communication leads us astray.

Keeping your business plan in sight and available for all stakeholders will help everyone stay on the same page and move in the same direction.

Don’t Build Your Dream on a House of Cards

Create your business on a solid foundation to secure long-term success. Expertly created business plan services will show you where to start and what to do next.

Do You Want to Implement Business Best Practices?

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