As this year comes to a close, we usher in some positivity by sharing some brilliant tips for creating an epic business plan for entrepreneurs in 2021.
Know Your Customer
Knowing who your ideal customer demographic is should be at the heart of your 2021 business plan. If you know who your customer is and understand their likes and pet hates, you will be able to build a business on solid foundations. Do your research and create a customer profile to revert to when planning your marketing for 2021.
Supply & Demand In 2021
Sounds simple, but ensure that your business plan and model is based on a need to supply for an existing/growing demand. Setting up a business on the basis that you personally need this service or product is all very well. But does the same apply to the broader population? Niche is nice, but make sure there is a demand for what you are planning to offer.
Recognise Your Competition
Recognising your competition is crucial but be careful not to become too fixated. Obsessing over your competition is not healthy or a constructive use of your time. Copying your competition will dull your unique tone of voice. Research, profile the competition and keep an eye on them, but keep focused on your business.
Be Realistic On The Financials
Planning your finances is crucial to a successful business plan and future business model. Working out the maths and factoring in a safety net fund is essential to the survival of your business. Be realistic on income and outgoing projections. Most companies do not make a profit in the first year of trading, and some as late as three – five years.
Get Professional Business Advice
Your business plan is a great starting point, but getting business advice on it from an expert will go a long way to managing expectations and highlighting possible downfalls. Choose an independent business advisor as opposed to a friend for an honest critic of your 2021 business plan. Our Small Business Coaching Services help guide businesses in those early days with experienced, expert PR and marketing advice.
Goals & Deadlines
It’s essential to outline your goals and deadlines, both short term and long term. Use these as reference and review and update regularly. A good business plan in 2021 will ensure that you stay focused and on track. Be prepared to adapt your business in light of consumer trends and events outside of your control. For example, while no one could have foreseen the devastating blow that COVID has had on so many businesses and industries, there have been some winners. Many companies have transformed the way they operate by adapting their businesses to accommodate trading online. Creating a website and content that drives traffic and sales. Building a close network of business support around your fledgling business will enable you to navigate rough oceans so that you remain buoyant through the good and bad times.
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