So you have a business idea and want to look into whether it will be feasible to start a business of your own! Where to start? You may not have the time or inclination to write a full business plan and that’s okay. There are things you can do to dig deeper and determine whether or not your idea is worth pursuing.
Some things to consider:
Your market - be sure of who you will be selling your product or services to. Be sure that the product or service will genuinely appeal to that market. How will you reach them?
Your competitors - take a look at the businesses that already exist to service your target market. What are the points of difference that will help customers distinguish your business from others?
Look at your required income - the income you need to cover your debts and living expenses - and calculate how much you would need to earn each week or each month in order to meet your obligations. What does this translate into in real terms? Are you physically and realistically able to make that much with your new business? If not, how will you supplement your income?
Talk to people about your idea and gauge their response. Describe your idea for a product to someone you think might be in your target market and see what they say. Do this with as many people as you can and continue to develop your product and ideas further based on the feedback that you receive.
When you are ready to write a full business plan - perhaps you want to secure some funding or a line of credit from the bank - then there are templates available online to help you. During this process you will look more closely at business structure, liability and risk, and your legal obligations. You’ll take steps during this process to build a team of professionals around you, including perhaps an accountant, a lawyer, your suppliers and someone to build your website.
ANZ bank has some useful templates to download, and NAB has a small business hub online. I’m sure if you took a look at your bank’s website they would have something similar. Law Depot is an excellent online resource and also provides a business plan template.
A really great template that I found online comes from the Victorian government. It’s a template for a marketing plan and I suggest that you take a look - it will really help you to focus your thoughts around how you will be bringing your product or service to market.
If you would like some assistance with writing a business plan let me know. This is something that I would be happy to help you with.
Comentarios