You want to start a business, so you need a business plan.
Most people go online and begin thinking about the financial part without working out the business itself. The best way to tailor your business plan to you is to think about the following questions.
1. What value do we have to offer over our competitors?
Here you need to think about what you will have to offer. This will bring out your strong and weak spots, and let you identify what makes you different from your competitors. Of course, being innovative will give you an edge that they haven't got. The most important part is to think like your customers, develop a strategy that gets them to engage with your business.
2. Why customers will prefer to buy from us than our competitors?
The product you provide will have a targeted audience. They are most likely to buy depending on the price and extra value you offer. Building a good promotion around your product will help persuade potential customers to buy from you, and strong marketing plans will help you to sell your product more easily.
3. How we will approach new audiences?
Think about the industry you wish to engage with. Every market is different and evolves every day. Understanding the market and culture is key, so think like your customers and think how they could be best contacted.
The people you contact need to be relevant to the product you are trying to sell, as there is no point in wasting money trying to bring in customers who are not interested in your product. Take a look at one of our blog post 5 Essential Business Marketing Ideas for our best ideas on marketing.
4. How we manage and spend our time?
Good planning is vital. You need to deliver your product efficiently and effectively; your customers are satisfied and you will be able to reach your business goals. Software will help you use your time effectively, TutorCruncher will help you minimise the time spent on admin so that you can get back to generating new business.
Making sure you don't waste your resources is key - there are a lot of businesses that go bankrupt not because they have a weak business plan, but because they have a lot of customers how don't want to pay, or end up spending time and money on customers who take up a lot of your time while giving very little back in return, or waste time dealing with antiquated software systems that take more time than if you were using paper!
Read part 2 here.