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Tips for developing a solid business plan.


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A business plan is a crucial step towards bringing your idea to life. It is your roadmap to guide you through the winding road of getting your business off the ground. Beyond establishing your business’ focus, a solid business plan can also help you secure funding and attract top talent.

Your business plan should answer questions like what is the purpose of your business? Who is your audience? What needs are you filling? How will you define success? Researching and writing out the answers to these big questions will help you set yourself up for success.

How did you tackle your business plan? What resources did you rely on, and what learnings did you gain along the way?  

Share your tips for developing a solid business plan in the comments below!

 

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Posted (edited)

I think this is a great question. I think one thing to consider is the cost of acquisition. 

Digital strategy should be part of your larger business strategy - it is important to consider how you will drive traffic, margins, and cost per conversion. 

In-person, for example, you may have a great location with lots of foot traffic. Online, however, you may be up against several competitors and rank poorly in search engines. 

You may want to do a SWOT of your digital properties. For example, perhaps you have poor SEO, but a great social following or email list - this gives you an idea of channels you can prioritize and where you need to allocate more energy to grow. 

Additionally, you want to clarify how much you are willing to pay per lead/conversion. For example, if your product sells for $20, your margin is 40%, and it costs $6 to acquire each customer through paid ads, you will need to sell a lot of your product or consider other methods of driving traffic. 

Having clear goals in mind and stating the tactics you plan to use to reach those goals can help keep you on track. 

Thanks 🙂

Edited by Tiny_Coast
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