Business Planning Tips For First-Time Founders

Business Planning Tips For First-Time Founders

You’re ready to launch your new business. But first, you need a business plan. If you’ve never started a business before this can be overwhelming. The website Noobreneur asked members of the Young Entrepreneur Council to give advice to new would-be business owners. Here are the ones we think will help you the most.

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Determine the Goal of Your Plan

Ask yourself why you’re writing a business plan in the first place. Are you doing it to give yourself additional clarity and determine whether the business is viable? Or are you doing it to raise capital? Having a clear understanding of this will help you figure out what parts of the business plan to really focus on. Not all of it has to be perfect — focus on the end goal.

Make Sure You Know Your Audience

Your business revolves around its customers, so it’s important to make sure you know your audience well before diving into your business plan. You need to write your business plan so your audience understands your vision and where you plan to take your company.

Begin by Writing a Pitch

Begin by writing a pitch. Formulate a one-page overview of your business that is a high-level overview of all the small details the plan will entail. This starts the process of understanding your business better while creating something you can easily share with interested investors or potential business partners.

Have Someone Else Read It

Have someone else read it after it’s done so they can identify gaps or confusing portions to rewrite. Then, have a professional editor or proofreader go through it to catch any typos, grammar errors and missing punctuation, which can distract from your plan. They can even help you with the structure and organization, especially if this is your first time writing one.

Don’t Focus on Having the Perfect Plan

If you’re a first-time founder, the last thing you want to do is get stuck in the perfection cycle and have the “perfect” business plan. It’s unrealistic with your first business. Focus on revenue-generating activities. Get cash flow. Don’t depend on an investment. Focus on product market fit and go out and get your sales to fund a basic business plan.

Account for Future Revisions

One thing you have to prepare for when building your first business plan is revisions. We all know that things rarely work out exactly as we planned. Leaving some wiggle room for revisions will help you build a plan that you can stick to, instead of boxing yourself in and getting stressed out.

We hope these tips from entrepreneurs will help get your business off the ground. And once you do, we will be here to help. VersaTel Solutions offer a suite of services to help your business grow. We will take the daily tasks like bookkeeping, administration duties, and hiring off your plate. so you can scale your business. We will help you become successful.

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