Do you need to write a business plan
An hour of planning can save 10 hours of doing.
Most people write business plans and most businesses actually fail.
Allbusiness.com recommends that a business plan include:
- An abridged description of the business, focusing on the main concept
- An overview of your market analysis
- A short summation of the key products or services offered
- An overview of the marketing plan
- A chart outlining financial projections over one, two, and three years
- A brief biography of each of the key members of the management team
So when it comes to writing a university some dissertations or something that maybe write a business plan. But when you actually doing business you don't actually need to as per se write a business plan, stats show most businesses fail.
So one of most people doing. they are probably doing the wrong part of business direction. How literally look at business, I'm not saying you don't need a plan at all, but sometimes it doesn't even
like a kind of relates to you when we talk about energy. And sometimes when you are too connected or
over trying to control the situation. you have less control.
So how you let go more and allow the business to flow like everything else in life.
When it actually comes to planning for business there are only a few parts that you honestly do need to know. So, here are why you don't need to write a business plan:
1. Product: What you need to determine with your product?
The first part is about your product. You need to determine that your product is a high demand product. Meaning that the market really wants this thing And if you know the market really
wants your product then you've got the first tick on the first box.
2. Pricing and profit: What are the profit margins?
Now the second part of it is all about pricing and profit, So what this is mean?
it means that if you know that you've got the product that the market wants, Now your second question is what are the profit margins? right, Are their profits you actually be made per unit, Depending on the product and service, Obviously sometimes you need 50 %, 75 %, 100% markup but it depends on what the product is. But, make sure there's plenty of profit margin.
This might sound obvious but so many people go into businesses they're selling something then
they're making like peanuts of profit and then go through 2 years of doing it, before realizing that profit margins don't make sense.
3. Traffic: Understanding where your traffic comes from.
So it's fair enough to say you're gonna make a lot of profit from each unit you sell of '' XYZ something '' and you haven't got a plan for the '' XYZ something '' or where the traffic is going to come in, Then it doesn't matter how much profit you get per unit because you haven't got the traffic, So the important thing of this part is understanding where your traffic source is gonna be from?
4. Sustainability and Scalability: Where S and S are from?
The final part is understanding where sustainability and scalability are from, Because you don't have a business until it's scalable, Otherwise you can't say I have a thousand people in my database that's my business, What's the next step? How you gonna scale it up? How you gonna keep their sustainability and keep that cash flow coming in?
So these are the four parts that you all need to know before you start a business, no need to write pages and pages of business plans, When it comes to so many details it just confuses you and will waste all of your time instead of get active, Find something about the market wants, Go out there, Get the traffic. Sell it, Bring the money in, And then go from there.