Each day through this series, we are moving one step closer to setting up your dream business online. And each day we are delving deeper and gathering more specifics that will establish a concrete foundation for your business. With your business goals in place, it is now time to move on to setting up your business plan.
What is a Business Plan?
A business plan is basically a road map for your business. It answers vital questions regarding the purpose of your business and is an organized collection of all the research you have done with respect to it. This document will serve as a guide in the coming days and is a crucial step in establishing your business.
Why create a Business Plan?
Benjamin Franklin was right when he said:
“If you fail to plan, you are planning to fail!”
A lot of online businesses sprout up every single day but the majority of them do not succeed. What most online businesses lack is a concrete plan that will serve them well in the long term.
Here are three reasons why you should create a business plan:
- It defines what you want from your business, providing a clearer picture.
- It structures your thoughts regarding the business, organizing them all in one place.
- A proper plan will provide direction when your business faces a roadblock.
How to craft a Business Plan – Free Template
I have created a free template that you can use to create your own business plan. This template will ask leading questions that will help you customize the plan according to the vision you have for your business.
Note: You might not be able to fill in some sections of this template right now. But we’ll be discussing it all in the days to come and you will be able to get it done then.
Click here to catch up on all the posts in this series.