Tips on Creating a Business Plan That Works For You | Executive Care

Coming up with a business plan isn’t a new idea, but how business owners are thinking about them in recent times has begun to change.

Some aspiring business owners have begun adapting to a new school of thought where business plans are no longer needed, but it is still more commonly suggested to have a plan to help get you organized and moving in the right direction.

Not sure what this newer style of business planning should resemble? Read on for some helpful and handy tips that will get you going toward the path to business success!

Don’t Fear a Business Plan

The traditional business plan can seem overwhelming when you are just starting out. Therefore, many have begun to adapt their business planning strategies.

Your business plan isn’t meant to be a binding agreement, rather it is a guide that takes you through each stage of starting and managing a business.

Be sure that your business plan will help organize your thoughts and keep the focus on the task at hand, as well as any that could come into play later on. Think about things such as:

  • Commercial potential
  • Goals for your business
  • Funding
  • How you will reach those goals
  • 12-month expense projections
  • Customer value

You don’t have to think of your business plan in terms of page length. It is more important to properly explain and discuss the ideas and goals you have, and ultimately, it doesn’t matter if this can be done in one page or three.

Creating Your Business Plan

When you are creating a business plan, you’ll want to keep the following tips in mind:

  • Know your competition and audience.
  • Back up the claims you make.
  • Make sure the plan is logical.
  • Be realistic with time and resources.
  • Be conservative with financial estimates and projections.
  • Keep a level head—it’s easy to become too optimistic.
  • Steer clear of gimmicks.
  • Outline what success looks like.

You may feel that creating a business plan is an overwhelming task, but it doesn’t have to be. If you are considering a franchise opportunity, we would love to discuss the ones Executive Care currently has available.