Plan, Plan, Plan!
A business plan is a written document that includes your concept, plans for making it work and projected revenue, typically for the next three to five years ahead. A business plan allows you to think more clearly about what you’re doing and where you’re going.
Writing a business plan is useful for several reasons. If you need to raise capital, a thorough business plan can convince potential investors to support your business idea. A business plan also helps you to define what you’re offering and set your goals. As the business grows and evolves, goals might change but having them on paper can help you to track, manage and measure against them as you go.
Logistically, the business plan includes details of the day-to-day operations of your business, including pricing, staffing, company policies, managing risks, marketing plans and customer communications. It will make you look closely at projected expenses and revenue forecasts and help you take a top-level view of whether your proposed business is financially viable – an important first step. Once the business opens, having this information clearly laid out will help you stick to your budget and might prepare you for any potential problems that may arise.
The research that goes into making a business plan also prepares you for success. A good business plan looks into the future, at least a few years, and anticipates different scenarios including competition and other external factors that could affect your business.
Where to Turn for Advice
The Bermuda Economic Development Corporation is a great resource for getting advice on how to start a small business. Their experienced professionals offer assistance from the most initial phases, including developing a business plan, through the launch of your business, including relevant Government regulations and help with accounting, bookkeeping, staffing and marketing strategies. To learn more about the Bermuda Economic Development Corporation, visit www.bedc.bm.
Other local resources include:
- Global Entrepreneurship Week (GEW) Bermuda established to encourage, inspire and connect entrepreneurs to help unleash ideas
- Firm Advisory Limited (http://firmadvisory.com), a company that helps business owners make better business value decisions
- Small Business Advisors (smallbusinessadvisors.ca/home.htm), a counselling service that provides advice to local companies