Should you be in the midst of starting a new business, then you will likely be aware of just how challenging that start-up is going to be. Business planning should be high up on the agenda. This means writing a full business plan to try and show off your full understanding of the challenges ahead, whilst showing that you know how to navigate a path to overcome such challenges.
If you can do this, you can make sure your business is a likely success. However, before you go ahead with writing a business plan, ask yourself the following two questions before continuing any further.
Business Plan Writing: Is Competition Bad?
One of the most common mistakes when it comes to business plan writing is people mistaking competition as a negative. Instead of listing every realistic competitor, they minimize the list and try to make it look like there’s not enough competition to stop them from becoming top dog in that particular industry.
However, there’s one thing that is very off-putting to any investor – trying to break into a new market without any viable competitor. Most of the time, it’s not that you’ve found a new industry to tap into; you’ve found a failed market that others abandoned for a reason!
So, don’t always write off the presence of competition, or try to minimize their existence, when writing a business plan. Try and find a market that has competition, showing success, but with a key trick in the industry being missed that you can fill in.
Perhaps you can make your business stand out with a new twist on the usual service?
Either when, when writing a business plan, you simply cannot get away with pretending competition is bad, so, therefore, does not exist. An analysis will prove you wrong.
Business Plans: What’s Your USP?
Your USP, or Unique Selling Point, is what makes you different from what’s there already. If you look into this, you can quickly show that your USP is that you simply do things at a different pace from your competition.
Any good business plan has to show the interested party the “but”. You have explained to them there is competition – a positive and a negative – now you need to show them how you will overcome that competition. What makes you different to the rest? Not necessarily the best, but what makes you a viable success?
If you can show this, you have a much better chance of succeeding in the world of business. While it can be hard to put all of this together normally, there really is no reason why you need to avoid so. Why waste resources on bringing in some “expert” when you could just go and do it all alone, right? Wrong!
The single worst mistake any business owner can make is to try and do it all alone. Nobody in life makes a success by working entirely alone: anyone who tells you this is simply being economical with the truth. Also, the ‘savings’ of writing the plan yourself comes at the price of expertise and delivery. The ‘cost’ of hiring a business plan company, though, comes with the bonus of making it suitable for peer consumption.
From working with a business plan writing service to make your business idea sound more palpable to working with partners, investors, suppliers and staff, no successful business is a one-man-band. The problem is that many of us have these great ideas but allow enthusiasm to evaporate when cold, hard reality kicks in. when you see that a business needs you to put together a comprehensive written business plan, we often lose the desire to keep going.
When we find out it might take more than a week to set it all up, we lose a lot of hope. After all, you aren’t a financial advisor or an economist. You aren’t a master of social demographics or a property expert. How can you possibly put together the scale of detail needed in a business plan?
One of the best options is to use a business plan company.
With the help of professional business plan writers, you can get the help that you need to start making a progressive change to that business plan. It soon becomes much easier to make a positive case to your potential partners and investors if you are happy to make sure your business plan answers (at least) the above.