OFI 656: The Essence Of A Great Business Plan And Why You May Need To Write One | Solo Business Concept Episode

Solo Business Concept Episode

Well, I haven’t been that kind to business plans over the years.  So today we are going to talk about their benefits and how to write a great one.

Why Write A Business Plan:

It is true, that 80-90% of the guests that I have had on the show never wrote a business plan and were able to build a profitable enterprise.  So, why ever write one?  Well, there are reasons.  It is great to think that deeply about your venture.  It is a great exercise in communicating about your business.  It makes you be realistic about projections for the future.  It might be required for you to get the business going.  And, it can never hurt!

The Components Of A Successful Business Plan That We Discuss In Today’s Episode:

• Cover Page
• Table Of Contents
• Executive Summary
• Market Analysis
• Business Description
• Management Plan
• Sales And Marketing Plan
• Financial Plan
• Execution Strategy

The Do’s And Don’ts:

• Do Focus On The Problem You Will Solve
• Don’t Ramble On About The Cool Stuff You Have To Sell
• Do Discuss Your Personal Experience
• Don’t Just Repeat What You Read On The Internet
• Do Define Your Market Carefully
• Don’t Think You Will Get Rich Off Of 1% Of The Market Place
• Do Cite The Strengths Of Your Competitors
• Don’t Ever Claim That There Is No Competition
• Do Show You Have Chosen Strong Channels For Distribution
• Don’t Be Vague About How You Will Get Your Product Or Service To Market
• Do Identify How Your Target Customers Gather Information
• Don’t Rely Solely On Social Media
• Do Support Your Assumptions
• Don’t Make Wild Claims Without Justification

There is a lot of good that can come from a business plan.  So, if you think you might need one, don’t be intimidated.  Just write it.  It cannot hurt!

Thank you all for tuning in and enjoy the episode!

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