Business Planning for Beginners

By: ActionCOACH Team

There’s a reason most businesses go belly-up within the first five years: starting a business is hard. In fact, if the foundation isn’t solid, everything that you do can be negatively impacted. That’s why it’s so important to begin with a business plan. But what does a modern business plan really look like? Well, the following is a basic outline of things that should be included just to get you started.

1. Conduct market research. What are your competitors doing? What are their price points? What makes you different/better?

2. Connect with your target audience. Get comfortable with the idea of creating several versions of your business plan—one for investors, one for venture capitalists, one for business partnerships.

3. Be sure that you can provide proof to back up each claim you make. If the goal is to be a thought leader within the next year, you have to be able to state why you believe that is possible. What are you offering that sets you apart? If you say your product will take the market by storm, you have to support this statement with facts.

4. Under promise and Over Deliver. Be conservative in all financial estimates and projections. If you feel certain you’ll capture 40 percent of the market in the first year, you can say why you think so and hint at what those numbers may be. But make your financial projections more conservative—for example, a 10 percent market share is much more credible.

5. Provide proof as to why your idea will work. Have others done something similar that was successful? Have you already created a prototype? Include all the variables that can have an impact on the result or outcome of your idea. Outline why some of the variables don’t apply to your situation or explain how you intend to overcome them or make them better.

6. Discuss bonuses for investors. Some investors will insist upon a hands-on role; some would prefer to be involved as little as possible. All investors want to know when they can get their money back and the ROI. Create a brief description of options for investors, or at least mention that you’re ready to discuss options with any serious prospect.

Reason #1: Different styles and methods of business coaching don't work for everyone

It's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Every individual brings their own experiences and values to the coaching dynamic, so results will vary. Additionally, some individuals might need more than just a coach. They might also need specialised knowledge or communication strategies specific to their industry or target audience. Below are a few key factors to consider:

Reason #2: There is no clear focus or vision (talk about time dedication here too)

cIt's important to be honest with yourself and conduct a realistic assessment when it comes to business coaching. Though business coaching can have many benefits, it might not work for everyone.

Business coaching is an effective tool for developing a clearer focus and vision for growing your business. A good coach will help you to take a comprehensive look at your strengths, weaknesses, and available resources that can be used to reach those goals. They will also help you draw up action plans with step-by-step instructions to get there.

By providing honest feedback and being patient throughout the process, a business coach can make sure that you’re on the right track. This will enable you to set realistic milestones and tasks.

These tasks may need dedicated time outside of coaching sessions. For example, a coach might help a client develop a marketing strategy or implement new systems for managing employees. However, if the client does not have enough time to devote to these tasks outside of coaching sessions, progress will likely stall.

Both the coach and the client must have enough time available to reflect on past experiences, brainstorm new solutions, and test out different strategies. If either party is rushed or distracted during coaching sessions due to other commitments or obligations, they may struggle to fully engage in this process.

Effective business coaching also requires a commitment to regular meetings and ongoing communication. If either the coach or the client does not have enough time to dedicate to these meetings, progress may be slow or nonexistent.

It's important to recognise that business coaching is an ongoing process that takes time to yield results. While some clients may see improvements after just a few sessions with their coach. Others may need months or even years of consistent effort before they begin seeing real changes in their businesses.

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