A step ahead: Why you need a business plan … yesterday
So you’ve started a business…congrats to you gorgeous MUA! We’re very proud of you for taking the leap of faith.
But now what?
Well, MMM business guru Abbey Dalgleish will tell you the first thing you should do, if you haven’t already is to get yourself a business plan.
Why? So you can start off on the right foot and make sure your business grows and prospers with every lick of lipstick you apply.
Essentially it will help you stay on track.
A business plan is a document spelling out the purpose of your enterprise, what you envision your business achieving and how you will set out to achieve your goals.
You need a business plan for these five reasons:
- Investors have to see your objectives, your resources and your strategy before they even consider buying into your company. A well-written plan gives them confidence that they are not wasting their money on a rudderless ship.
- A business plan keeps you on track in the short-term and in the long-term. It will act not just as your business blueprint, but as an aspirational benchmark that you can check your progress against over the months and years.
- Potential partners and employees will be able to read the plan and see if your vision is compatible with theirs. They need to know what they are getting into and you want to entice their time and talent by showing them you have thought through every possibility.
- Starting a business is often accompanied by impassioned feelings on the part of the entrepreneur. A plan anchors the fantasy and enables you to set your ideas in concrete and see if they stand up to the reality of competitors, timetables and revenue.
- If composed thoroughly and thoughtfully, a business plan will highlight contradictions, mistakes and oversights in your endeavor. You can use this map to prevent missteps before they occur so that your business hits the ground running and stays a step ahead as much as possible.