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CREATING A PLAN FOR YOUR START-UP

By Matthew King | Business Planning

May 04

Any business that wants to be in existence for long must always look beyond the first couple of months. Having a short period of existence at the back of your mind unconsciously limits your efforts towards driving the business to great heights.

Writing down your long-term objectives and vision, as well as how you intend going about your business might be tricky when you start experiencing the irregularities of the day-to-day running of the business. But having such plan and vision there in the first place will, in the long run, ensure the success of your business.

How do you create a plan?

Your plan ought to be concise and realistic. If not, you would be embarking on a wild goose chase, which is detrimental to you and your performance as the business owner. This is because, you won’t be able to meet those unrealistic goals, which in turn affect you psychologically.

With the following in mind, you will be properly guided in making plans:

  • Answer the questions of, what do you do and who are you? – As a business owner, you ought to have an identity, which is how brands are built. Answering the above question in a simple manner should provide the reason behind you being in business in the first place. It also passes across, why you are unique and what you can offer.

 

It equally serves as a medium to put into writing some less pronounced facets of your business, as well as principles and work culture guiding your establishment.

  • State your business objectives (long and short term) – As highlighted earlier, this should be at the center of your plan, and should be what you run with. With a clear message of what you do and why you do it, the next is “how.”

 

Once you’ve figured out your vision and mission, it’s time to lay down how you’re going to execute and bring them to reality? You set your realistic goals and objectives at this point.

Your short term goals are what you intend to achieve in the first couple of months of your business to one year. While long-term goals are for upwards of a year.

  • Detail the expertise you need – There are facets of your business you won’t be able to handle, probably because you are not skilled. It could be marketing, in technology about software or hardware. This is where you acknowledge that you need the right mix of talent and experience to make your business attain the goals you have set.

Another thing you can also do here is, highlight key members from your management team as well as their salaries (though this might just be temporary) as well as listing your advisors or board members, in addition to any external professional service providers who may be consulting with like lawyers or accountants. The positions you will be looking to hire for the future as well as for now should also be listed.

About the Author

Matthew King is the owner of the Startup Forums, Alkries LLC, and co-owner at TR King Insurance Marketing. Partner at Independent Life Insurance Agent Association, Medicare Training 101, and Final Expense 101. When he's not creating content about running successful businesses here. He's most likely developing processes, diving into SEO, or gaming with his friends and wife.

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