Preparation is the best way to handle the fear of venturing into the entrepreneurial space so, plan to succeed – draft a business template to kickstart your big idea and finally take on the responsibility of being your own boss. It is not a train anyone can ride but if you are chasing the freedom of having a remote working space, having a small team to guide, developing core skills to write up a business template will come naturally.
In this era of business, people across the world have been forced to reshape and rethink their current business strategies.
How would you create a business plan to suit the conditions of the coronavirus pandemic? Or adjust an existing one to stay ahead?
Drafting a business template is no easy task and can be an adventure of its own.
Before you begin…
What is the purpose of a business plan template?
Having a business template would give you direction and allows you to outline detailed steps around where your business could be in a few years from now. It also allows you to develop growth and recovery plans for best/worst case scenarios you might encounter. You could only benefit by taking the first step to create one, thereafter your approach in business would be proactive with this document in hand.
Getting Started – Research is important
Most newbies, head straight to Google to find a well-structured template to edit, you’ll certainly fine one, there are many articles covering free business plan templates. You can spend hours searching for one, truth is, if you don’t know have a sound understanding of how you would like to structure, market your business or attract investors editing the template is going to take some time. Get started by developing a habit of researching, researching and researching – If you’re running the show, it becomes your responsibility to know all the ins and outs of the market you’re going to operate in.
3 basic aspects to cover while researching for your business template:
1. How would you like to establish your companies identity in the marketplace?
Brainstorm around a unique business name, identify the best location to maximize brand visibility and know who your competitors to understand how you can differentiate your offering.
2. What is unique about your product offering? What problem is your business going to solve?
Conducting a SWOT analysis against competitors will help you to identify how you can tweak your product or service offering. It’s important to have a product or service that solves a problem too – Scenario: People across Cape Town have mentioned they have to drive 20kms to find a laundromat. Solution: Open a laundromat in an area where people will only have to travel a 5-10km from their homes.
3. Who is your target market?
Keep in mind you don’t have to make it your business’s goal to be all things to all people. If you are a startup wanting to focus on niche-over-reach, go for it, this focus caters for individuals with a limited budget and would allow for more meaningful connections to be created with customers via various digital platforms.
How do I draft a business plan template?
The process needed to write your business template will be worthwhile, it gives you a 360 view allowing you to meet challenges as they arise, ensure you always have a solid understanding of your business’s activities. Here’s one to guide you:
Create a checklist of all the content you need to research and cover in your business plan:
Business template checklist:
Include a cover page
Industry, customer and competitor analysis
A marketing plan
Microsoft Word has a few free tamplates that come highly recommended, this one stood out:
Need some inspiration to kickstart your business idea?
In a recent interview with 1-grid, Sihaam Fakier shares a bit about herself and how she found her ‘mojo’ to kick-start her career as an entrepreneur.
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