Alex Turnbull wrote this on Jun 19, Add Comment 2, Shares Until about six weeks ago, our startup has been in a constant scramble to keep up and get better. But finally, a few weeks ago, we had that discussion.
Initial Start-up Timeline The key to the success of a business is planning, setting goals and tracking progress. An essential part of your business plan is developing a timeline or even several timelines or milestone charts for each section. Your start-up timeline lists all the tasks needed to get your business operating and to continue business for the first two years.
In part, it includes your research of the direction your business is going to go into and projections for sales, but it also includes an accurate picture of where your business is right now.
The temptation when developing your timeline is to offer the most optimistic picture possible, not necessarily the most realistic. Your timeline needs to reflect your capacity to accomplish the timeline. Any thing else is likely to raise red flags with potential investors or creditors.
Your timeline should include: Legal procedures — filing papers of incorporation, partnership, etc. Finding office or manufacturing space Expectations for research and development Product development Getting all necessary licenses and permits Purchase or lease of equipment Hiring of personnel Start date for marketing activities Opening date for business Another important element in the closing part of the business plan is a contingency plan.
Earlier in the business plan you listed your assumptions about the business — expected sales, assumptions about the business climate, competition, costs of supplies and materials, etc. As we said earlier, of course you begin the business with an optimistic outlook. Some of the contingency examples you should plan for are: What if interest rates increase?
What will you do if some major event fire, earthquake, etc. What will you do if an important employee quits? This gives you an opportunity to take the pulse of your assumptions — for instance, what if rising gas prices lead you to think that your production might be more expensive?
Situations like this can best be addressed twice a year, and then you can begin to consider what changes you may need to make to your plan.Program Timeline and Deadlines The UNM Business Plan Competition is a 7 month program culminating in a competition. The program also has bootcamps leading up to the competition that will help you develop a successful business plan for your venture.
A startup’s marketing plan should include a MAT. As startups need to keep their marketing plans simple, Guy Kawasaki suggests, in The Art of the Start, that startups .
A business plan is a written document describing your business and outlining its future. Business plans serve several purposes for those starting a new venture. They're often a first line of communication between your company and potential investors.
Here’s a step-by-step timeline of how to take your small business idea from a hazy concept to a thriving business in any industry.
Products. (k) Business Financing Your Small Business Timeline: How to Start a Successful Business Write a Great Business Plan. While business plans for existing companies may have a special focus, such as setting overall goals, reviewing specific operations, evaluating new products, assessing new technology in the industry, or some other specific purpose, the business plan for a startup company is the blueprint for its formation, its operation, and its success.
implementation plan & timeline Page tools: Print If your business plan is complicated, requiring many steps or construction of a facility, a project plan with a timeline will be required at this step of the business plan.