Starting a new business requires a lot of groundwork. If you don’t create a stable foundation for your company, it’s difficult to keep track of all of the small details and tasks that need to be done to keep your business afloat. This is why it’s important to create a business plan. A good business plan gives you an outline to follow while building your business and helps you stay on track. To succeed, make sure you include these elements in your business plan.
Financial Considerations
You can’t accept payments from clients or customers unless you have a payment system and plan in place. It’s important to choose a global payment system, like BlueSnap, that integrates with your eCommerce platform and allows you to accept payments from around the world.
Additionally, you need to open a business bank account, find reliable accounting software, and develop a plan to determine how money flows through your company. You need to determine what percentage of money should go back into the business, what percentage you need to save, and what percentage goes into your personal bank account. It’s also really important to have a financial disaster plan in place so you know that your business won’t be impacted by unexpected events.
You need to keep a running tally of the money you need during the startup phase of your business, especially if you don’t plan to use loans or have investors. Include an estimated summary in your business plan, and adjust the amount of money dedicated to specific projects as your business grows.
Growth Goals
To scale your business, you need to plan for growth. This means you need to have outlined goals for each month, quarter, and year. When creating your goals, it’s important to be realistic. For example, you don’t want to set a goal to release an in-depth product within the next six months if you don’t have the time or funds to complete the project. Keeping your business goals simple and realistic allows you to stay focused on important tasks that help your business grow. However, it doesn’t mean that you should chuck all of your ideas out the window. Keep a list or file filled with ideas to implement in the future, and each time you set a new goal, review your ideas to see if any of them are feasible.
Digital Marketing Expectations
Digital marketing can jumpstart your business if it’s done correctly. So include a detailed digital marketing plan that details your overall goals and objectives within your business plan so you know exactly what needs to be done and you have a plan to accomplish your goals. Some things to consider include:
- What platforms to use when marketing your business — instead of jumping in head first, take the time to build each platform slowly so you really connect with your target market.
- What type of digital marketing you plan to use — do you want to use paid advertising, content marketing, or a combination of both?
- What type of team you need to put in place to accomplish your marketing and sales goals.
- Your marketing budget — if you have a tight budget, consider starting with low-cost options and working your way up to more expensive marketing tactics.
Building a business isn’t easy, but the process grows a lot smoother when you’re prepared. Create a detailed business plan that helps you establish working procedures and defines your business goals to keep yourself and your employees on track.
