Joshua Manocherian on Writing a Strong Business Plan
You may have had a random idea about a business venture during your lunch hour, and not wanting to forget it, you wrote it down on a napkin. Or you may have had several discussions with your friends about starting a business and you're all quite excited about it. If you're serious about starting a business, however, you've got to put your ideas on paper—on an official, carefully written and well-researched document.
A detailed and well-written business plan can get you funding, get you the right suppliers, and pretty much provide you with a concrete compass as you navigate the world of entrepreneurship. The first three details will guide you towards the direction that you wish to take; these are identity, problem or need, and solution.
Your identity is who you are; how you wish your target audience to perceive you. For our restaurant, my wife and I decided to create an intimate space where good food and service are available. We also wanted our customers to see our restaurant as their friendly neighborhood diner where everyone is treated like a beloved member of our family.
A lot of ideas started flowing from there. Now that we know who we wanted to be, we were able to identify a need that we knew we could expertly address; my wife, after all, is an experienced chef!
Problem or need
Whatever type of business you'd like to get into, you must have something to offer to your consumers—a sound solution to a problem or need that's easily accessible. My wife and I saw that with a lot more consumers now being more conscious about what they eat, which means that there's a higher demand for organic food. There is also an increasing awareness about humane animal treatment. Both these premises gave us the inspiration for our restaurant.
Seeing that the market for farm-to-table specialty restaurants still had plenty of room for new players, this was the direction that we took. Add to this the fact that my wife isn't really a huge fan of processed and pre-packaged food, and what we had was someone with the experience and expertise in creating unique recipes using the freshest ingredients from local farmers and artisanal food producers.
In other words, to address the increasing demand for organic food, and the consumers' support for humane animal treatment, we went in the direction of an intimate farm-to-table restaurant that offers unique dishes and fresh takes on a few favorites at affordable prices.
So there you have it; the three key components of a business plan that will help you work on other details of your proposed business.
For questions regarding this post, please feel free to leave Joshua Manocherian a comment below. Rest assured he will get back to you promptly.