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Why Your Business Needs a Plan and How to Build One

Fortune Magazine and Forbes both agree that nine out of ten startup companies fail. If that’s a scary statistic to you and you’d rather find yourself as that incredible one out of ten that succeeds, read on. The truth is that this one company doesn’t succeed because they are lucky or because they simply find themselves in the right place at the right time. 

This company works hard, plans ahead and sets goals. 

I don’t have a magic potion that will give the instant success that you crave. I can’t tell you the ten easy things you can do build a successful business without working. Starting a business is hard and success takes time. You will have to put in some hours but if making your own schedule and working for something you truly believe in speaks to you, then you’re in the right place. 

There are certain things you should absolutely have in place before you start a business. One of these things is confidence to keep yourself going when you feel like you’re at a loss. Another is a business plan. 

How can you know you’re successful if you have no way to measure your success? 

How can you know how much work you need to put in if you have no numerical goal? 

There are many different uses for a business plan and what you include in your plan will depend on your purpose. Some startups use their business plans to petition for funding. Some use their plans as a tool or guide to keep them on the right track. 

For the purposes of this article, business plan information will be based on the plan being used as a tool or guide. We’ll even provide you with a super easy to use, awesomely quick business plan to get you started.

Reasons you should have a business plan: 


You need to petition for funding. 
  • If this is the reason you need a business plan – our free business plan provided here is not for you. You’ll need something much more in depth than our starter guide here. Don’t worry, there are many business plan templates for funding sources all over the internet. 

You’re not sure where to start.
  • If this is where you’re at in your business, I’m so glad you found us! Our free business plan will provide you with the basics that you need to get started in your business. This includes those sometimes scary, have no idea how to calculate numbers. We’ve got you covered!

You want your business to grow.
  • Businesses don’t grow if you don’t water them! You need strategies and goals to keep those numbers pushing upward. You need to make a plan and stick to it. 

 

What you should include in your business plan: 


Your overall mission.
  • Keep your eye on the prize. Something other than money likely encouraged you to open shop. Keep this mission in the back of your mind as you build your business. Having it on your plan will help you to move toward this mission each day.
Numbers.
  • Feeling intimidated? Don’t be. Numbers are the only legitimate way to track your success. If you’re selling product, you may automatically feel successful but how much of what you’re selling is profit? Are you breaking even or are you falling short? We don’t want either of things, we want you to make money! That’s the point after all. Check out our free guide to get a quick snapshot of your business finances.

Strategies.
  • We don’t need a full book of strategies listed here but identify which marketing strategies you believe will be most effective for promoting your business. Research these if you can (we’ll have more posts about marketing strategies in the future). Find a few that work for you and stick with them! Like much else, marketing is absolutely not going to bring you instant success. Keep in mind that marketing is one of the most important things you can do for your business. You could have the most amazing product in the world but if no one knows about it, no one will buy.

 

If you missed it above, download your FREE Easy Business Plan and start guiding your business in the right direction today. Congratulations on taking steps toward a successful business, you incredible entrepreneur! Follow us on Instagram for more business tips and insight.


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2 thoughts on “Why Your Business Needs a Plan and How to Build One

  1. A great post which came at a point when I AM writing a business plan. Thanks for reminding me the important areas I shouldn’t be missing!

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