7 December 2019
Essential to Entrepreneurial Success: A Written Business Plan
Primasia Corporate Services has worked with thousands of clients, both International as well as in Hong Kong and Asia. One thing we’ve seen amongst new and aspiring entrepreneurs is that most struggle with putting together a written business plan- and wondering if it’s really necessary to have anything written down. Having a written business plan will not only help you to improve your ability to focus on the correct issues (like financials, planning your marketing, operating costs and how-to’s, positioning against competitors etc) but will also aid you in finding the right partners, or investors. In short– a written business plan increases your chance of business success.
It’s no secret that 90% of new start-ups fail. Follow these actionable business plan tips to be in the other 10%.
- Design a short company overview document.
Starting a new business means you’ll need to sell everyone on the viability of your idea. Creating a single-page double-sided brochure will not only engage people, but may prompt them to offer support and aid in moving forward.
- Create a short video promoting your company and/or idea.
You’ll find that even traditional business people will be impressed with a introduction video these days, just be sure to keep it under 2 minutes. Showcase your business focus and idea, as well as your passion and commitment to the project. The first 30 seconds of the video are the most important, so put the key points first. Keep it concise, factual, and think about including a prototype or customer to make the video really special.
- Prepare your business plan by creating a 20-page document.
This is where you put in all the details and specifics about your concept. How your company will position itself against competitors, finances, etc. This document must cover all the information potential investors will need about your new start-up, in detail. If you are an entrepreneur who doesn’t feel comfortable writing, there are many advisors who are available to help, for a fee. Having someone review your business plan is highly advised- they can ensure you have all the proper legal disclosures and content.
Having the business idea is typically the easy part, the hard work- and deciding factor in your new companies success or failure- is in the execution. By completing these three business plan elements outlined above, you will stand out above the crowd and have a much better chance of success.
Get ready to expand your business successfully, with Primasia Corporate Services. Email us at email@example.com or call 2882 2088 today!
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Credit: Prosperity Research Digital Agency(PRDA): PRDA’s Founder Douglas White developer of proven 5 step, 4 KPIs process of Social Media Marketing.