How to start a Business “A #Business Plan ensures you focus”

Why do you write a Business plan?
There are many reasons why you need to write one, including providing you with a structured approach to your Business journey, and should you need finance it will be required by the finance provider.
You can download a template from many sources including
Today we will focus on 1 element only. More tomorrow, so do not worry!
Strengths and Weaknesses,about you and your idea. Opportunities and Threats are about outside influences.
Why is this important? It is important because this MAKES you analyse your attributes fit the opportunity you believe exists. Struggle to complete this, is a give away that your idea is weak.
So what strengths do you posses? Knowledge of your product or service is the starting point. The more skill you posses, the more that people will appreciate you have something to offer. Finances available to you meet your needs. Obvious yes, but if you have finances in place to start up the business surely this is positive? You have a vehicle to complete work in. No van you cannot get to where your job is, carry goods or product.(there are alternatives, however, but it is preferable.)
You have premises, that are researched and meet your business requirements. You have time to do your job, sell your goods. Availability is a strength. Think of some more!
Weaknesses you posses? Always a tough one, as you have to be honest with yourself. No-one likes to admit to having weaknesses. Lack of funds, lack of knowledge, time restrictions? Have a good hard look at yourself, be honest, better now than later.
Opportunities could include size of market available to you? The demographics meet your needs. There is a new development taking place in your area, properties, businesses opening. Government initiatives. Business Rates freeze, grants, loans, banking initiatives for SME’s, low interest rates, low mortgage rates. Think of some more now.
Threats might include the opposite of opportunities plus it might include redundancies in your area, opening restrictions, legislation such as data protection act, HSE rules, Certification and licenses.
The above is not exhaustive, but should give you a steer. If you did one some time ago, do another one. The world does not stand still.
Now do one for at least 1 Competitor!
I hope this helps you?
As always, you can reach me on 01253477147 @fycreatives, or 01253406271 @orviagroup
More tomorrow.
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Kindest thoughts, Geoff Reeves


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