Looking at starting your business plan? Here’s 3 tips to follow as a new entrepreneur
At TyTek, we know how important it is to follow a good business plan to achieve success, however it’s not always as easy as it looks. There are many steps you can take as a new entrepreneur to make sure that when you’re starting out, you achieve the best results possible, however it’s always common to make mistakes. This isn’t a bad thing and is all part of the process, as you learn valuable lessons that you’re able to make change upon.
A good starting point is to know what your business goals are and your mission. For us, our philosophy is simple and direct:
“We do everything humanly and technologically possible to match your needs with the best, most consistent quality materials and components. As a result, you’ll receive high quality, finished products that enhance your opportunities to enjoy profitable growth and development.” - Chris Tyler, TyTek Group President.
Let’s take a look at 3 tips you should take when you’re thinking about a business plan as a new entrepreneur…
Don’t overthink it and don’t make your plan too long!
There are many times when an entrepreneur is starting out and thinks that they need a hefty business plan. In more cases than not, businesses that tend to do this, end up not following their plan due to swift changes which are understandable in a first year of trading. This results in having to rewrite your plan, wasting time and potentially overthinking it. Think about creating a one-two page plan, with key goals and strategy that you can revisit. Sometimes, less is more when it comes to overall business plans however it’s important to remember that what may work for one, may not work for another. Finally, stay open minded to your plan and be prepared that you may not be able to follow every last step and that’s okay.
Make sure you research your target market thoroughly, as this will be a key factor to the success you’re looking to achieve
You may have a rough idea of what type of customer will be looking to interact with your products or services, but you could be surprised. It’s vital that as a new entrepreneur you research into your target market thoroughly, this can include:
- Creating personas of your typical customers including demographics, personality traits etc.
- Identifying what their needs are, or particular pain points
- Seeing if your products are directly linked to their needs
By spending time focusing on this research, you are then able to create a good marketing strategy, knowing where to place your products and how to reach your audience. This then becomes a part of your business plan and these areas are where you should be spending most of your time with.
Become as open-minded and flexible as you can, especially as a startup business.
When creating your plan, you need to be as flexible as possible. The first year of a business is 100% going to be prone to the most changes as you’re not going off anything to compare to. Therefore, it’s a characteristic that most successful entrepreneurs will need to have, which will be valuable in a lot of aspects in your career. If your original plan states to target your audience in a specific way and it’s not proving to work, then modify and take action! Otherwise, this could lead to your business failing before it’s really set off. Make sure you keep all parties of your business involved and keep communications high, as we’ve mentioned before that workplace culture makes a whole lot of difference to success.
Think about new ways of working and try different approaches to see what works best, after all, you never know unless you try.
Your business plan is meant to be a guide, not specific instructions. So use it to your advantage and be sure to apply those lessons to further enable your business capabilities, as this will be the path to achieving those monumental moments.
Get in touch with us today if you’re looking to find out more about what we offer at TyTek and how we help entrepreneurs take new products to market through design, development and delivery. Also, be sure to follow us on our socials!