Top 10 Tips For Writing A Business Plan 2018 | Entrepreneur News

hi everyone I hope you doing well if you
don’t already know who it is the one and only the true Alex Jay please make sure
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I’m gonna be giving the top 10 tips to writing a business plan in 2018 tip
number one don’t underestimate your competitors make sure that you analyze
your competitors even if you think oh you know my ideas brand new there’s no
one else doing it there’s gonna be someone similar you need to have a look
around so for example let’s say that you decided that you were going to create a
company that was going to sell top well you need to look at other stock
companies in your local area or if you’re going to be selling it online you
need to be looking at other online retailers that are selling stocks have a
look at what they’re doing what are their strategies and how can you use
that to improve your business and what can you use to stop them from destroying
your business obviously you don’t want the competition crushing your business
tip number two remember that your business is unique why what is your
unique selling point that’s your USP what is it this unique about your
business why do people want to buy from you what is it that’s going to bring
them to you what is it that you offer them in exchange now most businesses
they solve a problem so you need to think what is the problem that I’m
solving how is this unique why do people need to come to me rather than go to my
competitor tip number three create a vision you need to think this thought
all the way through to the end well you know what is your idea of your business
where do you want it to go in the future because it’s all good and well starting
it nice and small and thinking you know I’ll make a million dollars or a billion
dollars that’s fantastic but you need to think through the process how are you
going to get all the way from a all the way to B how are you going to do each
and every step so what I prefer to do is I write my end goal where I’d like to be
in one year then I break it to six months then I break it down to three
months in one month and then by day so I know what to do every single day what’s
needed to be done so that I know where I’m gonna be in one year’s time tip
number four don’t skip the plan I’ve seen so many people where they just
start a business and they don’t even bother planning they just run ahead and
then they start hitting obstacles later on that
didn’t foresee but it could have been avoided if all they had to do was a
little bit of planning my personal opinion would just be sitting right down
you know these are potential problems these are things that could come up
later on down the road this is going to be the oval the way that I’m going to
overcome these problems but you really do need to make sure that you write down
a plan don’t just start running in a direction tip number five make sure that
you prepare for the unexpected and this is kind of what I was saying before
think about all the problems that could arise now don’t go too far down the
rabbit hole because you know you could go really crazy with it there is a thing
called a SWOT analysis that I would recommend using in your business plan
and a SWOT analysis is SW o T and that stands for external origin and those are
problems that are external and that’s to do with the environment things that are
going on around you that you have no control over then there is internal
origin which is things that are happening inside of your business
problems that you could control and there’s helpful which are things they’re
going to help you achieve your goal and there are things that are harmful and
those are the opposite of help all those are things that are going to be working
against you and you want to fill out this graph and I put a picture on the
screen right there so you can see what’s what analysis looks like and then just
fill those in because it’s going to help you plan and it’s going to help you move
forward in the future to avoid problems and it’ll also help with the
problem-solving as well tip number six your budget isn’t the same thing as a
plan you can have a great plan but maybe you’re thinking I don’t have enough
money to do all of this don’t worry about that yet you can think about how
am I going to get the money later on but first create the plan and think okay
write down the planning and say right I’m going to need to do X Y Z I’m gonna
need X amount of money now how do I get that money and that’s all part of the
plan and that’s really important don’t just write a plan based on your budget
right now because it could be really small and you could end up hindering
yourself and stopping yourself from expanding and achieving success because
you are so worried about your budget tip number seven get other people’s opinions
and advice now I’d say don’t go too far with this because it could go either way
sometimes you’ll have family members that say you know it’s a really rubbish
idea even that’s a great idea or worse they’ll say is a great idea when it is a
terrible idea so speak to a few people I prefer to speak to people that I don’t
know that have no connection with me and that’s great because they’ll just be
honest with you you have to think is this something that you would actually
personally purchase it is something a service that you would
actually use could you foresee people actually using this or is it a little
bit too far out there it is something that people are going to be able to
adapt to immediately or is this something that you’re gonna have to do a
lot of marketing to convince people that it’s a good idea that can stop some
horrendous accidents happening later on and you don’t want to run out of money
you don’t wanna get yourself into debt so it is really important that you seek
other people’s advice as well because what could end up happening is they can
end up giving you another idea on top of it and it just improves the idea that
you had originally number eight and this is again very important remember that
you need to take some risks it’s all good and while trying to play it safe
but in the real world it doesn’t really work like that and I know in college and
university when they’re teaching you about business they always let you know
try and be safe and don’t do this and do that sometimes you just got to take a
risk sometimes you really have to just say you know what I’m just gonna give it
a shot and see what happens so my personal recommendation to you would be
prepared to take some risks even if they’re just small risks sometimes
stepping out of your comfort zone really could improve your business number nine
sometimes people are so focused on profits that they really forget about
the customer you can’t forget about the customer without your customers you
don’t have a business so you need to be thinking what is it that my customers
want how can I service them how can I help them how can I keep them happy how
can I make them come back and purchase from me again how can I get them to get
referrals and bring their friends and their family to me so you need to be
thinking from the customers perspective so don’t forget your customers when
writing your business plan number 10 be clear about your rewards don’t lie to
yourself sometimes people will say you know well if I do this this this and
then I’m gonna be really super rich but you need to be really honest with
yourself all those numbers realistic do you really think that you could achieve
those goals now I understand about you know thinking
positive and don’t hinder yourself and so on so forth but at the same time you
have to be realistic you know if you’ve got a one handy glove and you say well
there’s a trillion people in the world and if 1% of them bought my one handy
glove you know I’ll be a billionaire but the problem is no one wants a one handed
glove people want two gloves so again you really need to think about your
business your customers but then start thinking about the real rewards where
could this business go is it more likely to be successful is it more likely to be
a failure and if it’s a fait that’s fine at least you didn’t waste
time pursuing it you just knew immediately was a failure and then you
move on to a different idea don’t rush into an idea just because you really
want to start a business don’t force it you want to sit down and think about
what you’re about to do because this business could last for the rest of your
life so you want to make sure that it is the right business it’s something you’re
actually interested in it has high profitability so I hope this has been
helpful again please make sure to hit that subscribe button if you haven’t
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to see their eye speed you guys again soon but in the meantime peace

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One thought on “Top 10 Tips For Writing A Business Plan 2018 | Entrepreneur News

  1. I hope you all enjoyed this list and find it helpful. If you are currently writing a business plan and need any help feel free to fill out the link in the bio for a free consultation 🙂

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