We all know what a business plan is, yet some people think it is only used to present the business to a potential investor. While a business plan can be used in this way, it is not the main objective and, in this article, we outline the main sections that make up a comprehensive business plan here.
This is an introduction to the organisation that would include a mission and vision statement and outlining the basic principles of the business and what goals it might have. Perhaps a single page would be sufficient to give the reader an overall idea of what the business is about, which might also contain an organisation flow chart that details the role of each employee. Fortunately, company registration in Australia can be processed online if you use the right legal firm that specialises in setting up businesses for their clients.
Your plan should include a full costing of everything you need to launch the venture, plus you need to include running costs and a break-even point. If you would like some help with your business plan, there are lots of free resources and downloadable templates to make the plan look professional. All the assets should be recorded in this document, along with details of working capital and any loans taken out. Marketing
This section outlines the various strategies you will use to reach your target audience, which would likely include the following:
- Search engine optimisation
- Social media marketing
- Live events
- Pay per click advertising
Most entrepreneurs engage the services of a leading digital marketing agency at the very outset and they would implement the plan, making adjustments when necessary. Here are the top digital marketing services in 2022.
An organisation flowchart to show the role of all employees, with a short bio for management and senior staff. If the business is small, you might be better of engaging 3rd party providers rather than directly employing people.
The business should be covered by a range of insurance policies; general liability, vehicle insurance and even errors and omissions cover, which pays for legal costs over a negligence lawsuit. It is a good idea to prepare a disaster recovery plan and this can be included in the business plan.
You should draw up profit forecasts for at least the first 3 years, while many business owners plan for 5 or 10 years in advance. This might seem very complex and you can always contact a business coach, who would be more than happy to assist you in putting together a good business plan go here.
When you finally think your business plan is perfect, ask a seasoned business guru to take a look; if there are any issues, they will be revealed and if the expert gives you the green light, you can go ahead and register the business with the Federal Government.
Your business plan is your guide to success and the more time you spend on the plan, the better.