I suggest you take some time prior to immersing yourself in market research to write your vision for your business idea.
Allow yourself at least one uninterrupted hour. Find a comfortable spot where you can be creative, think and write. Stick to this process and within an hour you should have a draft vision to use as a benchmark for creating your business plan.
Before you launch, here are a few tips to propel you into “business visioning nirvana”:
- Write your vision for some point in the future–pick a date, perhaps your opening day, and write how you wish it to be.
- Don’t worry about perfection… keep it simple.
- “Holes lead to goals”; it’s helpful to keep a piece of paper handy to write yourself a list of “things to research” for information that doesn’t easily find its way into this writing.
Examples
1. Identity Statement
Your identity statement should be simple and factual, and it must communicate the answers to the following questions:
- What is the name of your company?
- What is the legal form or structure of your business?
- Where is the business headquartered, licensed, and registered?
- When did or when will your business start?
- What is the nature of your business (home-based, retail, services, or products)?
- What is the scope of your business (local, regional, national, international, or global)?
- What Industry is your business in?
View the Example: Identity Statement
Action
- Using the questions and examples above as a guide, write your identity statement (70 words or less) and enter it into the working copy of your business plan.
2. Mission Statement
Your mission statement should be clear and factual and it must communicate the answers to these questions:
- What business are you in?
- What product(s) or service(s) do you provide?
- Who are your customers?
- What is your competitive advantage?
View the Example: Mission Statement
Action
- Using the questions and examples as a guide, write your mission statement (20 words or less) and enter it into the working copy of your business plan.
Action
Start a new document. We recommend saving the file as your_business_name_business_vision_year_month_date
If you set up the folders recommended in Step 4, your business vision would be best saved in the “Admin” folder.
For more details on what to include in each of the 11 actions below visit Write Your Business Vision
- Identify your business. (1 paragraph)
- Develop your mission statement. (1 sentence)
- Write your vision statement. (1 sentence)
- Describe your product(s) and service(s). (1 paragraph or table)
- Describe your Industry trends and the niche your business will serve. (1 paragraph)
- List your overall business objectives. (3 to 5 points)
- Describe your customers. (1 paragraph)
- Describe your major competitors. (1 paragraph or table)
- Explain why you are qualified to operate your business. (1 paragraph)
- Outline your financial requirements. (1 sentence)
- Describe what security you will provide to finance your venture. (1 paragraph)