Advancement Strategy, Getting Clients, Running your business

Why A Killer Business Plan is Your First Step to Success

When starting a new business, a lot of people tend to focus heavily on the glitz and glam part of entrepreneurship as opposed to the back office part of entrepreneurship.

And while I love that more and more people are becoming entrepreneurs, there’s one big mistake a lot of them commit: not having a solid business plan.

You can be the best in your field, but if you don’t know how to run the show behind the scenes or what your business goals are, you’re going to end up wasting your time, money, and energy.

Drafting Up a Business Plan

Every new entrepreneur should make creating a business plan their #1 priority.

When starting out, it can be kind of difficult to figure out where to even begin with your plan, so here are some tips:

  • Make your intent clear: Be sure that you know exactly what your business is and what it hopes to accomplish. This includes financial goals, mission/vision statements, and projections.
  • Identify your market and competitors: Do you have a specific niche or audience you’d like to target? Detail how you will attract them to your business. Also make sure that you’re aware of who your competitors are, what they offer, and what works or doesn’t for them. This will take some research on your part!
  • Keep track of your money: How much money did you start with and where is it being spent? What are your assets? And most importantly… how much money do you have to set aside for taxes?

If you’re looking for some more in-depth help on how to make an amazing business plan, you can schedule a strategy call with Letters By Reesi.

Why Is This So Important?

Having a solid foundation for your business is the best way to make sure that you’ll succeed in the future.

If you’re not organized from the start, it can be so easy to lose track of things and for everything to become a huge, jumbled mess.

A good business plan is also crucial for the growth of your business. Do you want to take out a loan? You’re going to have to show the bank a solid plan.

This is equally important to your clients; if you want clients that pay well, you’re going to have to present your business, its intents, and its services professionally from day one.

Of course, writing up a business plan may not be easy for everyone. But as long as you have the basics set in stone, you can always outsource it to professionals. Our services can help you get that killer business plan written up and set you up for success!

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