A business plan has several aspects to it. These are:

• A broad vision – this is a generally short but descriptive statement of where you wish to go with this venture of yours. Is the venture a side-business or an outlet for a hobby that you do, or do you see it as a serious main-stream business? The idea behind capturing your vision statement is that it drives and guides (i.e. sets the parameters) the rest of your thinking about your venture, and this thinking, in turn, highlights specific objectives that you will need to achieve to (strategies). In other words, the broard vision can be distilled into specific objectives for the business.
• An honest reflection of your self – another important step in create a realistic business plan, is to outline (a) your view of your personal strengths and weaknesses, and (b) to extract a view of your strengths and weaknesses from four or five of your good friends who are willing to be honest about you. This is not the time to be egotistical, but rather the time to be open and honest. Do they see you as:
  • Hard working or lazy
  • Patient or impatient
  • A people-person or a people-averter
  • Hot-headed – or calm when under pressure
  • A listener or someone who wants to command the conversation
  • Organised or disorganised
  • Creative or unimaginative
  • Boring or interesting
  • Staid or passionate
  • Indoorsy or outdoorsy
  • Nervous or confident
  • Brave or afraid
  • Quiet amongst people or chatty
  • Fast or slow on the uptake
  • Easy-going or a strong-willed, difficult person
  • Friendly or indifferent, even gruff
  • Funny or boring
  • Generous or self-centered
  • Honest or a chancer
  • Loud or quiet
  • Lucky or unlucky
  • Always positive or moody
  • Neat and tidy or messy
  • Popular or isolated
  • Polite or impolite
  • Serious or more jovial
  • Vain or humble
  • Personally well-presented or somewhat personally messy in appearance
  • Introverted/shy or extroverted/people person
  • Considered or spontaneous
  • Accurate or error prone
  • Gentle or rough
  • Composed or hot-headed
  • Cautious or spontaneous
  • Dedicated or indifferent
  • Healthy/fit or unhealthy/unfit
• The product – ultimately, besides selling yourself to your customer, the other important element in running any business, is the product that you are representing and selling. If you do not have a product, but sell a service instead, click here. At the end of the day, the product you select to sell or to promote, is perhaps the most important and oftentimes the most difficult decision that you will make. If you already have a product in mind or a hobby that you are pursuing, then it may be an easier decision. However, as you prepare your plan, you may learn that your product is one that others have already developed and are selling widely, and that little room appears to exist for more of the same product. Then you must either abandon your business or find a different a product.
• The customer –
• The market – getting in
• Reaching the customer
• Financial plan – budget and financing