in How to Increase Your Employability Before Graduation!

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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.

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