17 Jun
Article content
Often people want to put the cart before the horse when it comes to business start-upsIt's a good idea to write a business plan, only to regret your premature decisions later. Writing a business plan will breathe life into your business and will be a roadmap for the future. If you are just opening your first boutique or clothing store and have been putting off the idea of writing a business plan, we have good news for you. You already have a business plan in your head, you've come up with the hard part, now you just need to get it down on paper.
Why is having a business plan for a boutique and store so important?
The business plan is in the development stage. It is not carved in stone and you will see that it must evolve with the your business. Determine how you plan to run your business, who you plan to serve, what you will sell and how your offering differs from that of your competitors. Identifying what problems you solve for your customers will breathe life into your business. Without solving a problem for someone, you won't have customers.
No business owner has ever started a business without making some adjustments or changes along the way, often costing the business owner thousands of dollars in the long run. Imagine if these changes could have been avoided and the business owner didn't have to correct mistakes or pay back debts invested in an unsustainable system?
What are some questions to start with?
- What market will you be serving?
- Who's your client?
- Examine other examples of companies doing something similar - what do they do well, and what could they do differently?
- What kind of investment is required to get started?
- What problem are you trying to solve?
- What is the revenue potential for your business?
- What are your revenue streams?
- What are your short and long term goals?
Once you have this information on paper in the form of a resume, take this document to your banker, investors, accountant, friends or family and ask them to give you honest feedback. This feedback will help you identify problems or issues that may arise in your business. Think of it as free advice or an unbiased look at your business. They may see something you don't because you've been living the idea of this business for a long time. A fresh set of eyes can save you thousands of dollars and open your mind to solving potential problems in the future.