- Long term vision
- Mission (How you will achieve that vision)
- Type of business registration – as you need to build while planning to know more ins & out’s
- Team – how many people do you need for this
- Marketing plan and strategies – How will you market your business
- Short Finances – How much money do you need for the next six months to get settled down
- Fund Raise – How much funds do you need for your business in the long run
- Conclusion
Long-term vision – During this initial stage, you need to write down the prominent problem people are facing now without your product and what solution you have for their problems. How you can continue this, years after, will you add any new services like – Burger with cold drinks. Or will you provide this particular product by developing multiple variants of this product? It will help you greatly in the difficult stages of why you started.
Mission – Here, you need to write down the roadmap you will follow to achieve your long-term goal, how you will create the product or what services you will mainly provide to solve your client’s problems. During this stage, start building a prototype and show it to some of your Friends, Family, and Relatives. And check to see whether anyone is interested in your solution to the problem & will it be fruitful soon.
Type of business registration – During this stage, you need to research business registration types suitable for your business.
There are mainly four types of registrations –
- Sole Proprietorship
- Partnership
- Pvt Ltd Company
- LLP/LLC
Team – Here, you will define what skill you need around in your startup. A pro tip – Always hire for skills you think you get bored working with quickly. You may be good in accounting, so you can handle that for now and hire for other skills.
Marketing Plan and Strategies – Now is the time to look around yourself for what strategies businesses follow in this current era. Remember the Social Media Marketing Part. In the beginning, you need to run your Facebook and Google ads continuously. Facebook ads are mainly for Marketing, and Google ads are mainly for Sales. For now, you can run Facebook ads as they are cheap and give your business a good impression. After some time, you can focus on Google ads mainly.
Short Finances – Before starting, gather Finances for at least the next six months. According to research, 70% of businesses shut down in the first six months due to cash burnout. So it’s most important to plan for how much money you need to run your business for the next six months. Even if you don’t get sales for the first 2 to 3 months, you still will be good to go for the next six months. This type of expense mainly comes under working capital.
- Things to include while planning finances
- Salary for team
- Marketing expenses
- Other expenses like rent, electricity and other office supplies
Fund Raise – This part comes when you successfully run your business for at least six months. Then you can decide what actual expenses will occur while establishing your business now. Then if you choose to expand your team, you will be good to go.
Conclusion – Planning for your business is a very crucial thing. This Plan will serve as a road map for your long journey. After six months, you can mould your business according to your experience of the last six months. You can also use some other points along with these to help your business Idea.