My Start-Up Plan is suitable for anyone who wants to get their ideas down on paper and then turn them into reality. It is also useful for those who have already started a business but never embarked on writing a business plan when they first set up their business.
2. Vision
Take a moment to think about your future and the future of your business. What do you imagine this to be – over, say, the next three to five years?
It does not matter how far into the future you look. It is entirely up to you; be as ambitious as you want. Do not be afraid to think big! Your initial vision may seem far-fetched at the moment, but it will help you to identify key stepping stones to aim for throughout the process of setting up and running your own business.
Whatever your vision is, try to make it as detailed as possible. The clearer the picture you have, the easier it will be to work out what you need to do to realise that vision.
Once you are happy with your vision, do not let go of it. Keep this image in your mind’s eye. It will motivate you to persevere and progress with your business; it will remind you of what you want to achieve.
Your vision is personal and depends entirely on what you want to get out of your business. If there are two or more of you who are starting up a business together, it is important for both of you to discuss your individual visions. You need to understand each other’s reasons for going into business, as well as the goals you each hope to achieve.
Imagine your business in the future. What does it look like?
In the future, I imagine . . .
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When thinking about your vision, it is useful to consider why you want to go into business in the first place. Your reasons for starting your own business can help motivate you once you are up and running. They can also serve as a checklist later on, to make sure your business is taking you where you wanted it to.
So, are you starting your own business because you want to be your own boss? Or because you want to put your skills and passion to good use? Are you motivated by the money you could make? Or do you want to make a difference to a particular community or cause?
Whatever your reasons, record them now. You may have lots of different reasons for starting your own business. Do not be afraid to write them all down.
Why do you want to run your own business?
I would like to run my own business because . . .
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Whilst you are developing a picture of your future, it is likely that you will think about the success you hope to achieve as well as the reputation you hope to build for your business.
How do you want your customers to regard you? In order to gain a good reputation you will need to meet your customers’ needs successfully. At this stage it is also useful to consider more broadly what values and characteristics you want your business to reflect in the eyes of your future customers.
Once you have worked out how you want to be thought of by your customers, you will have taken your first steps towards creating a brand for your business. After you have started trading, remember to refer back to these values and characteristics from time to time. That way you can make sure that everything you do generates the image you originally intended.
Which values and characteristics would you like your business to reflect?
I would like my business to . . .
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By now you should have a clear picture in your head of what your business will look like in the future. You will have also thought about how you would like your business to be regarded by your customers. Now you have a long-term vision for your business, it is worth thinking about what you intend to do as a business in the short- to medium-term.
You can refer to this proposition as your mission. The simplest way to work out your mission is to write a brief overview of your business. Who are you and what do you intend to deliver?
Trying to work this out can prove to be more challenging than it sounds. However, once you have invested some time in developing a description which you are happy with it is then easier for you to work out what you have to do next to deliver your offering. It is also a handy statement to use when you are talking to other people about your business.
Describe your business in one sentence
My business is . . .
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So that you can actually fulfil your business vision, you need to set specific aims for your business. Think of these aims as milestones. They will help guide you along the journey of setting up and running your own business.
To start off with, it is worth writing down your aims for your first three years of trading. When you work out these aims, try to make them measurable; you’ll need to know when you have reached them. For example, if one of your aims is to grow your customer base, then specify the number of customers you would like to achieve within a certain time period – e.g. “My aim is to have 50 new customers within the next six months”.
After you have developed a set of aims which you feel are realistic, keep them to hand. Once you are trading, you can use them as a reference point to check the progress of your business.
What realistic aims can you set for your business to fulfil your mission?
My aims are . . .
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After working out a set of realistic aims for the first three years of trading, the next step is to think about all the different tasks you will need to carry out to achieve those aims. These various tasks are your objectives.
On a practical level, consider these objectives as your ‘to do’ list. Once you have identified all the objectives which relate to each of your aims, you should have a clear idea of what you need to do in order to meet your aims and mission.
Whilst your aims and objectives may change over time depending on how your business develops, it is essential that you have an understanding of what you need to do at this stage to move your business forward. Once you are up and running, it is important that you dedicate some time on a regular basis to review your business aims and objectives. Make sure to change them as and when appropriate.
What specific objectives can you set to achieve your aims?
Things I will need to do to achieve my aims are . . .
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