This post is for you if you are thinking about starting a business and are getting serious about taking that first step.
One of the most magical and rewarding things that you can do for yourself, is become an entrepreneur
As an entrepreneur, you will learn more about how you lead, communicate, empathize, make decisions, time manage, and stay resilient. You will learn how to be your biggest advocate, your own cheerleader, and supporter.
One thing that sets great business leaders and entrepreneurs apart from the ones that are not financially successful is their business plan.
A business plan is a must for any entrepreneur because it details out your plan to start and operate your business.
It’s important to gain a clear understanding of what you want to do in business and how you will do it before you roll up your sleeves and call yourself an entrepreneur. Your business plan will help you get detailed and clear on how you will start and operate your business.
A business plan details out everything that you will need to know and do to get started.
It goes over your market research and market fit.
It details your strengths and weaknesses.
It details out the external risks of working in the market.
It covers your target market and what products and services you will be selling to your target market.
It dives deep into your operational model and how you will deliver your products and services to your customers.
A business model includes who’s on your team and what key resources you need to get the job done.
A business plan also includes your financial model, detail on how much you will need to start your business, and your financial plan over the next few years.
A business plan will help you get to profit quickly. It will help you stay focused. And it will help you succeed.
So if you are thinking about starting a business, and haven’t yet started your business plan, I’ve got you covered.
Here are five questions to get you started.
You can use these five questions to assess where you are with your business model or idea and how viable and suitable it is for the market.
- What problem you are solving?
- How are you solving the problem?
- Who you are solving the problem for? Do they believe that it is a problem?
- Who else is solving the problem (i.e. who is your competition)?
- What resources do you need to solve the problem and reach your target market?
Once you’ve completed this exercise, it will give you clarity on what value you are bringing to the market, who you will be serving, and the resources that you will need to get started and serve the market.
If you’re getting excited about making the jump into entrepreneurship too, make sure that you check out the Profit First guide which gives you tips and techniques to starting and running a profitable business.