Before even starting a business, an entrepreneur must create a business plan. A business plan lays the foundation for the organization you are starting. It allows you to develop and understand business strategies and allows investors to see the potential of your business.
When working on the timeline of your business plan, it is essential to consider every detail to stay on top of your schedule when starting and running the business.
You can’t just open a store and start selling without making sure everything is in the right order.
- Determine if you want to create a corporation, a partnership or a sole proprietorship;
- Acquire all licenses and permits;
- Find the right location for your office, retail space or manufacturing space;
- Design and develop your product;
- Purchase equipment such as a point of sale system, shelving or other necessary materials in your office, retail store or manufacturing space;
- Hire the right employees;
- Create strategies and launch your marketing campaign; and
- Officially open your business.
Along with this, you should also identify your goals in starting this business. This is the reason why a business presents its goals, mission and vision so that others know what type of business you have.
Likewise, all employees should be aware of this so that they can work and adhere to the values and vision of the company.
Creation of an emergency plan
Hitting a bump shouldn’t deter the entrepreneur, but should be a wake-up call to check out what’s wrong and to create new strategies.
An entrepreneur must be able to predict the effects of what he wrote in his timeline. Contingencies should also be taken into account if your assumptions fail. Your emergency plan should allow you to identify the following:
- What if you don’t reach your sales goal in one month?
- Who can help you if you need to increase your resources to boost your sales;
- What to do in case of fire, flood, earthquake, etc.
- How to deal with the sudden resignation of an employee who occupies a very important position;
- How to adjust the price of your products and / or services in the event of an increase in the cost of raw materials, labor, etc.
You need to understand that despite having a comprehensive emergency plan, something unexpected could happen. Careful planning does not guarantee that you can avoid certain incidents. Always be prepared and plan for different scenarios so you have a vision of what you would do when such cases did occur.
You can’t actually list all the scenarios. Therefore, it is always a good idea to review your business plan every six months to give yourself the opportunity to check if your assumptions are correct.
If you’re feeling overwhelmed with creating a business plan, seek advice from people who know the business well. Starting a business means putting your resources and yourself at risk.
But you can reduce these risks if you know what you are doing. Never be afraid to call in an expert who will help you understand what you are getting into. Educate yourself and empower yourself to be strong and resilient so that you can achieve your aspirations.
For more information, you can contact Armando “Butz” Bartolome
by email: [email protected]
FB page: Butz Bartolomé