Over half of all new start-ups fail in their first year. This is a statement that gets thrown around a lot, but it says a lot about just how difficult it can be to successfully launch your own business.
When first starting out on this exciting journey, a lot of people tend to focus on the glamorous side of things, like choosing a name, choosing a logo, that sort of thing. But some of the other more crucial business elements tend to take a back seat and that can lead to gaps in the business plan. Here are our 5 neglected steps that every new business venture should have in their business plan.
1. You Need An Identity
Many people create an effective brand concept that ties into their business idea, but they fail to give the brand an identity and personality. Nowaday to stand out online and on social media platforms, your businesses personality has to shine through.
2. Unique Selling Point (USP)
A unique selling point or USP for short does exactly what it says on the tin. It is your brand’s way of standing out and fulfilling a need or want that the marketplace does not offer. USPs can be applied to products and services and it is important to think about how you are going to do things a little bit different.
3. People Make Businesses
Business owners usually neglect this area. If you are building a team and bringing people into the business, they have to understand the business’s goals and share the common purpose of the business.
4. Partners Are Important
When it comes to choosing business partners its good to shop around. The relationships you have with distributors and vendors can make or break a business, so choose wisely.
5. Push The Boundaries
Many new entrepreneurs make a business plan and try to stick to it religiously. The truth is, things happen all the time in business and you must learn to adapt and change plans without too much hesitation.