3 Overlooked Questions To Answer in Your Business Plan
If you have a business idea and you’re ready to find funding to make it happen, you need to make a business plan. Before you show your plan to potential investors or banks, don’t forget to answer these three questions.
- How Will You Get Your Products to Customers?
Many first-time entrepreneurs forget to account for the cost of transportation in their business plan drafts. However, getting your products to your customers is a major part of your budget. For both your LTL and heavy hauling needs, find a reliable company with high ratings that has room to add you to its rotation.
- Where Will You Get Your Materials?
You’ve made a list of the materials you need for your products, but you probably haven’t listed potential sources for each item. Talk to vendors in your area or ones with good shipping prices to find the best deal for your company. Depending on your brand identity, it may be a good idea to invest in more expensive materials that are produced locally or in an eco-friendly manner.
- What Are Your Hours of Operation?
In addition to listing your potential opening day, you need to detail your proposed schedule. What days of the week are you open, and how many hours are your services available? Do you have the same hours for manufacturing products and handling transactions? Do certain employees work different hours than others? How will you handle holidays, weekends, and time-off requests? Answering these questions helps you paint a clearer picture of your company’s practical operation. It also gives you a better idea of your budget.
As you write your first business plan, don’t forget about these often-overlooked questions. Answering them lets you impress your investors in your first meeting, and it also clarifies how your business will run.