I bet I’m not the only one who wants to have that ‘Million dollar idea’.
But as I have found out so far, ideas don’t make the world turn, you need to have a solid plan of action to get the cash flowing.
From my experience and help from some B&E lectures, I will now reveal the top secrets on how to set the perfect business plan.
My business plan was designed for my current company Vizzible.me, a website development company that specialises in affordable sites for small businesses and students.
Business Model Canvas
From the lectures, I found the best framework for any business plan uses a business model canvas. This, as explained in the video below, is used by many major companies and is a sure-fire way to help you build your million dollar company.
A fantastic website to use to help you build your first business model canvas is Leanstack- it is also used by major companies and top universities and it’s free!
Know Your Market Better than Mystic Meg Know’s her Palms
Once you have completed your canvas it now makes your business model write-up very simple.
A majority of the extra work I found came under market research.
Vizzible.me in North Wales alone would be the 13th best-known website developers, according to google. However, of those 13 known It would be the only one competing for students and only the 4th one competing for smaller businesses.
Simple finds like this can hep you discover your competition if any, and how your value proposition compares to their services.
This can answer key questions and raise vulnerabilities in your plan that you can resolve to make your idea stronger.
Finacial Proformas are Vital and not just for You
Cash-flow proformas may look scarily boring but they can be extremely useful to you after working out your costs. To help you set prices and financial goals for your business.
Although, proformas are also vital for other investors. Whether they are looking to buy or become your partner a solid cash-flow proforma can be the make or break sheet for other potential parties.
If you don’t have a good, well laid out, proforma your business idea will look too risky to potential investors
Unique Selling Points
Even though Vizzible is one of the few businesses targeting students, I still found it difficult to craft the unique selling points into words.
Passion, salesmanship and a good work ethic aren’t good enough.
I had to consider why customers should buy off my business when they can design it for free from free website designers like weebly and wix.
My USP I decided was the quality and addition of support for vastly lower costs than other paid website designers. And because I am an independent the extra customer service and high turnarounds gave me an edge over free designers.
This has allowed me to understand my own business more by exploring other peoples. Finding other business plans has also helped me decide on issues like formatting and writing style. As found here, asessing business plans helped me in understanding how finacial proformas work.
Furthermore, critically analysing your own idea, even if at first it is difficult,has helped me to further improve the design of my business by further analysing the prices people aren’t just willing to pay but what they want to pay for a site.
Overall business planning has given me great personal insight into my own business and has given me a stronger platform and plan of action to take forward in the future.
The potential of how a business plan can help you is limitless, so get planning as soon as possible.
If you want a reflection of my overall thoughts, insights and struggles of approaching the “outside world” click here.