Despite having a good startup idea, most businesses are not successful. According to common statistics, within the first five years of operation, 90% of businesses fail. One of the main reasons is the lack of a business plan.

A business plan helps you to define the goals that you want to achieve. If you set aside time to set concrete but achievable goals and chart a plan for success, it can help you to realise your dreams. These are some of the areas that you need to consider when drafting your business plan:

Define Your Vision

When you start a business, you have a clear goal in mind. After some time, however, the clarity of your vision may become blurred and you will forget some of your brilliant ideas. Writing down your mission will help to define it and it will help your staff identify with the mission.

Set Your Goals and Objectives for the Business

Never assume that your goals need to be small to accommodate your limitations. Think big. Clearly define the short-term goals that you wish to achieve in 12 months, your mid-term goals that will take between 2 and 3 years, and your long-term goals. Consider the number of outlets you want, the number of customers you need in your database, the target population, the age groups as well as the amount of passive income that needs to be generated in future.

Define Your USP (Unique Selling Proposition)

What is it about you that makes you different from the crowd? Your USP will make you attractive to potential customers. As yourself: how is my product or service different from others in the market?

Know Your Market

Know who you are targeting and understand the challenges they face on an intimate level. Structure your product and services to your ideal customers.
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