Your business plan is one of the most important things to focus on when you’re launching a new business, as it provides you with focus and direction. That’s all fine and dandy, but what needs to go into your business plan? What are the basic areas that need to be covered? When you’re starting out, it may not be all that clear to you.
That’s what we look at here, as we examine the fundamentals that need to appear in any effective, well-crafted business plan. We’ll be showing you how to develop your knowledge of important matters like these with online business courses shortly, but let’s first waste no time in giving you those business plan basics.
A Description Of Your Business
The first thing your business plan needs is a simple description of your company and what it does. It doesn’t need to be too detailed, as the people reading it will typically have minimal knowledge of what you do and have limited time. You should also include information relating to your products and what your target demographic looks like.
What Competition You’re Up Against
Business courses also show us that any good business plan needs to talk about the competitors that exist in the market you’re getting into. Are they local to you, or are they global? Is your target audience in a specific segment of the industry, and are your competitors online or in the real world? Knowing what you’re up against is a key element in any business venture.
How Your Business Will Be Marketed
Knowing how to market your business isn’t a given, as it’s much more complex than it used to be. Options like PPC, social media, email marketing and more need to be leveraged to ensure you get sufficient customers to be successful. Putting this in your business plan demonstrates that you understand this important element, increasing your likelihood of getting business loans and more.
Which People Are Going to Work In Your Business
The next element is how the people will work within the structure of your business. Is your company customer-facing and will they have the experience and skills already, or will you need to provide online training to help them get to the required level? Your employees are essentially your biggest asset, and by including a mock-up organisational chart, you’ll show you’re set up for success.
Your Financial Position & Forecast
Your financial numbers represent another major element of your business plan, which is why there are so many online business courses dedicated to bookkeeping and accounting. Here you’ll include your balance sheet, startup costs, a current profit & loss sheet (if you have one), as well as forecasts about what your income sources and cash flow will look like over a 3-5 year period. Getting this part right is perhaps the most important of all.
Gain the Business Knowledge You Need With OCA
A great business plan will help you not only get your enterprise off to a great start but also ensure that when you’re looking for funding, you’re taken seriously. The great news is that for any wanting to boost their knowledge of factors like business plans, flexible business courses from OCA can give you.
At OCA, our training is video-based, making learning much more stimulating than traditional learning, and each hour completed counts towards your CPD points. What's more, it’s modular, meaning that you can easily fit it around your current life and work obligations - something you can find out more about by visiting us online at www.onlinecoursesaustralia.edu.au.
Alternatively, if you’d like to speak to us about enrolling in any of the industry-leading training we provide covering 20+ sectors, simply call us today to discuss your career change 1300 611 404.