Creating the right business plan is imperative to the success of your business. You must be prepared to handle changes and adjust your plan to keep you moving forward and on the path to success.
We believe the traditional way of writing business plans is outdated and ineffective in helping you achieve your targets. They tend to be overly restrictive and ill-equipped for the changing nature of business.
Our approach to a successful business plan
We believe it’s essential to take immediate action and try new things as part of a more effective learning process that will provide you with helpful feedback. Doing this means constantly adjusting and pivoting your business plan to overcome difficulties. Note that planning is also a vital component of your business plan. There should be a balance between under and over-planning.
Our business plan, which is based on the model created by Sequoia Capital, will help you understand what you do, why you do it, your vision, and the problem you’re solving. After reading through our detailed steps, you can find the business plan template linked below.
1. Establish company purpose
Write a short and compact definition of your company’s purpose. This is a simple exercise to get you thinking about what you do and why.
2. Pain Points
What pain points does your company target, and how do you help solve them? This is the driver behind your services and one factor that justifies your purpose.
3. What Problem?
Provide a concise explanation of the problem that your company tackles. You must be specific in this step because if you don’t know the problem, you cannot answer the following question.
4. What is the solution?
What is the solution to the problem you’ve presented in the previous question? Keep both of these steps short, concise, and straight to the point.
5. Why Now?
Why is this the right time to solve the problems you’ve identified? Great ideas need the right timing to be successful.
6. What is the Market Potential?
You must be able to confidently determine your market size. Is it big enough to enable you to succeed? It’s easy to overestimate this step, which is why it’s vital to look at the data and market numbers to get correct estimates.
7. Who is the Competition?
Have you looked at and identified your competitors? Doing this will help you define how you will be different and how your solutions are superior.
8. What is your business model?
How are you going to generate income? At Thrive Courses, we’re a subscription-based business; however, we also have other income streams that supplement our primary income earner. You must break down how your business will make money.
9. Who is your Team?
Who are the key players in your business, and how do they help you succeed? Even if you don’t have a team to start with, you should write down who you’ll need to hire in the future to scale and grow your company.
10. Financials
You should always record finances, such as how much money you’ve invested, how much you are making, and your profit margins. Knowing numbers is essential to understanding your business metrics and staying profitable.
11. What is your vision?
This is where you need to define your vision for your business. Where do you want to end up? At Thrive Courses, we have clear steps outlined on what we’ll do in 2, 5, and 10 years down the line. Even if these steps don’t materialize, it’s essential to have a vision to work towards.
Learn more about running a successful business with Thrive Courses
Here is a template of the business plan to help guide you in your entrepreneurial journey. If you’re looking for further business education and guidance, you’ll find that at Thrive Courses, you have access to unlimited courses to start and scale your business. It’s like Netflix for your business growth!