Your great business idea needs an action plan! The first step is taking the time to actually write out a business plan to ensure future success. Your business plan will determine where you are, where you want to be, and what will happen on your way there.While there are various ways to approach your business plan and getting it established, there are also plenty of things to avoid. Falling victim to common mistakes when creating a business plan can result in inaccuracy, disorganization, and failure. Before you write your business plan, avoid these common mistakes.
1. Not writing a business plan at all. “Failing to plan is planning to fail”. This statement couldn’t be more true. It doesn’t matter who you are or what business you’re in, you need a plan.
2. No Revision. After your plan is complete, invest in an extra set of eyes and an extra opinion. Check for inaccuracies, grammar errors, and misspellings.
3. Not detailed. Writing a business plan can be tedious, but having a detailed plan is crucial. Leaving important facts and details out is not an option.
4. Lacks research. Research is a requirement when creating your business plan. Pricing, trends, target market, and your industry are key elements to research.
5. Unrealistic. Creating an unrealistic plan is the result of leaving out details and not performing research. Having an unrealistic business plan is a waste of time and can end in chaos.
6. Missing the Target. Identify your target market in your business plan. This is a very important factor. Study your market and cater excessively to your target market.
7. Disregarding Competition. There are plenty of others doing business in your industry. What separates you from the competition? Study industry competition to see what approaches they are taking in reaching the target market. Know the top businesses in your industry.