Need a way to progress from concept to a fully-fledged business plan? This guide sheds light on which ideas to grow and how to shape them into a concrete plan for a successful start-up company.
Whether you are toying with the idea of a new business or have spent months doing market research—everyone hesitates when it comes to getting it down on paper. The fact is these papers matter for small business owners looking to build something successful.
Starting a business means deciding on a concept amidst a myriad of viable choices, then planning around it until something unique springs to life. With so much possibility and excitement, it’s easy to get caught up in brainstorming and never actually settling on that powerful business plan.
This guide is useful for entrepreneurs who want to select an idea they are passionate about and then to learn the practical steps required to convert these intangible concepts into tangible plans.
How to use this guide:
Click on the titles below to explore a topic in greater detail. They follow a sequence to take you from concept to a complete business plan with start-up costs outlined at the end.
- Small Business Trends That Matter Right Now
- How to Turn Your Passion into a Business
- How to Start a Business in 7 Simple Steps
- Key Points for Creating a Business Plan
- How to Plan Your New Business Startup Costs
Small Business Trends That Matter Right Now
It’s been an interesting year. Everything from the economy to the way business is conducted changed because of the coronavirus pandemic. Last year was entirely different from this one, but smart business owners still need to find a competitive edge.
The first article showcases the trends that will impact the small business niche this year.
Before settling on a new business idea, review which trends will help you thrive in a challenging economic environment. This will get those creative ideas flowing and maybe just what you need to lock a few key ideas in place. Trends act as guideposts to what will work best in the future.
Explore where artificial intelligence (AI) is going in the small business space, what micro-influencers stand to achieve for companies, and the role automation will play in your chosen model’s growth.
From data compliance and online shopping to the adoption of digital services—this is the orientation required to know what is coming, what you’re up against, and what you can use to win.
How To Turn Your Passion Into a Business
A wise person once said that if you’re not working on your own dream, then you’re working on someone else’s. Everyone has something that ignites their internal fire—something that gets them up in the morning and makes their mind burst with ideas and innovations.
This second article outlines how to turn what you love the most into a viable business.
Creating a dream job takes courage and entrepreneurial drive. It is about looking inward at where real passion lies. For some, this means expanding on a beloved hobby—for others, it could mean taking a micro-business and formalizing it into something that can be developed.
Whatever the focus, an entrepreneur searching for answers must determine if that thing they love can become a lucrative company. This article details how this can be achieved using a variety of modern business techniques. Choose which of them will produce the answers you seek.
From bootstrapping to product and market testing—to finding resourceful ways to secure customer feedback—these techniques get you a step closer to forming the company of your dreams.
How To Start a Business in 7 Simple Steps
Starting a business is a lot easier when you are fully aware of the steps that need to be taken to get from concept to launch day. First-time business owners are often quick to hasten through critical steps or skip important ones and regret them later on.
This third article in the series zooms in on a step-by-step approach to launching a new company.
Small business owners who have never opened a business before will benefit from this orientation and will see a path forward as each step is completed.
The article introduces the idea of building an original business plan, followed by the best type of business entity to use for companies that want protection and a robust legal infrastructure. It makes a case for prioritizing an online business presence and investing in helpful software.
The final steps include how to go about hiring an accountant (and why), where to get funding, and how to kickstart the company coffers with the right ideas about marketing.
Key Points for Creating a Business Plan
Many novice entrepreneurs have no idea how to achieve their business goals. It’s common to plunge head-first into setting up the company and completely bypass the essential business plan creation process. But this plan is the reason a new company will survive a year after opening.
The fourth article explores the key points that lead to a life-changing business plan.
Just because a business idea seems viable doesn’t mean it will work out well on paper. A business plan puts your idea through its paces. It rounds off the sharp edges and clarifies what must be achieved and how that will play out. This document gives you a blueprint for success.
One of the key points covered in this article includes why a business plan is such an essential tool for company growth. It highlights the primary function of the plan—which is to evolve with the business, and it details the core components that make up a solid plan.
The article finishes by outlining what entrepreneurs can do to make sure that their business plans remain relevant, up-to-date, and able to meet any challenge (like a pandemic).
How To Plan Your New Business Startup Costs
Once the business plan is complete, the next step is understanding the costs involved in putting it together. Planning for expected costs requires research, connections, and coming to terms with the infrastructure needed to establish, promote, and grow the business.
The fifth article shows an entrepreneur how to fund a business model like a pro.
Beginners don’t have the financial knowledge readily available to ensure that their vision is achievable. That’s why business expenses must be identified and listed—and matched with their market-related costs. The average cost of a new company is about $30,000.
It depends on the business model, the industry, and the types of costs involved. By researching, analyzing, and categorizing costs—small business owners can approach the setup process in a lean, cost-effective manner. This stands the company in good stead as it keeps affordability in mind.
Learn how to cover the costs of business, where to find adequate funding, and which industries offer the most opportunity. By planning ahead, you poise the new company for sustainable growth.
This essential series will act as a field guide to testing new business concepts, threshing them out, and forming them into a viable business that can be realized. Use what you learn in this guide to build the kind of company that can survive any economic climate.
Get started converting your small business idea into a ready-to-launch company!
