So, you’ve got the next big idea for your business. Congratulations! Whether you have conjured up a new idea for a completely innovative business or a new mechanism of organization and streamlined processes for your current business, creating a business plan is a crucial next step. Once you have your master plan down on paper, it is time to organize, plan, investigate, advertise and execute.
To briefly summarize, a business plan can be a 1-5 year projection (usually 3-5) to grow your business’s revenue, especially in the portable restroom rental industry. Experts believe a successful business plan is broken down into the following bullet points:
Your business plan might need two, three, four or all of these aspects, but we will dive into the entirety to guide you toward learning what it takes to create a solid, attractive and successful business plan.
As mentioned before, generating an executive summary of your business plan is where your initial idea comes to life. In this first step, the generation of an executive summary means you are highlighting the gorgeous bullet points of your business plan, dressing it up and taking it out to a nice steak dinner. You are presenting the best and most important parts of your business plan to potential investors here. Give a good description of the company, your mission statement and other pertinent information you believe is crucial to the business’s success.
Here, you are laying down the framework for the company. What is it you hope to provide to consumers with your new business or business plan? What services within the rental industry do you hope to provide? What makes the services you’ll provide through the portable restroom rental different from the rest? Now is the time to talk your business plan up as best you can. Include mission statements, basic goals, dreams and aspirations you have for the company.
This step seems obvious, but it’s an important aspect to highlight in your business plan. You’ve most likely already chosen a line of work, product or service, so now it is your job to explain what it is you want to accomplish through this mechanism or idea. If you have a new product or portable restroom accessory you wish to launch, talk about its shelf life, describe its purpose, function, design, what makes it different from the competition and how it will make your portable restroom rental business more yearly revenue. If you are interested in the portable restroom service and rental industry as a business startup, why have you chosen this route? What services will you provide for events, concerts, parties and fundraisers that make your business unique? Focus your energy on explaining the basic services as well as the finer details.
Even if you are planning to hire an expert in marketing and advertising, it is a crucial point in a business plan to discuss. How do you envision your product to be advertised? Do you have a specific strategy or plan you wish to share? Marketing and advertising directly correlate with product sales, so be specific, be bold and really think about what you want to do when choosing your avenue of marketing and advertising. Outline if your business plan is catering to large sports events or long-term portable restroom rentals for a construction company.
Use this section of your plan to go over the numbers, make projections and structure your financial goals as far as advertising and marketing. Do you plan on hiring a PR/advertising firm to promote your business, service or product? What are your financial goals for marketing and advertising? You can be broad or specific, as long as the strategy is approved by you and relevant to your business.
Organizing funding, estimating startup costs and outlining potential investors gives your business a sense of financial security. Knowing you have the money to back the idea is everything to potential investors. If you are looking to finance outside of an investor, do your homework and talk to a financial planner. Smart financial decisions often end in smart financial success!
Don’t be afraid to ask mentors, business partners, colleagues and/or teachers to go over your business plan with you before you make a presentation or begin to implement strategies. Consider your business plan carefully, cater the details to the audience and make your plan shine with your goals, financial projections, investment opportunities, line of work and optimism for the plan. If you are presenting to your business partner you will need to be as detail-oriented as possible, and especially if you will be presenting to a panel of potential investors. Most importantly, be prepared, passionate and ready to launch your business to the next level!