Business and Marketing Plan Basics for New Hawaii Businesses
Two of the most important things an aspiring entrepreneur can do to make their business a reality is to create a business plan and a marketing plan. A business plan is helpful because it makes the entrepreneur put in writing what the business is all about. It can expose weaknesses in a business idea or confirm that the business is a great opportunity and it’s also needed to secure business financing. The main purpose of a marketing plan is to establish current marketing goal(s) and to create a path to achieve those goals. In a startup, the goals may include strategies to corner a piece of the market and grow sales.
Business plan basics
Creating a business plan can be a big job but it has some very important benefits:
- A great business plan is usually needed to convince investors to invest in your business
- It helps business owners identify their strengths, weaknesses, opportunities and threats (SWOT)
- Provides a framework for how the business will operate
- Identifies business goals which can be measured against later
- Establishes an exit strategy
A traditional business plan includes the following business plan outline:
- Executive summary
- Company description
- Market analysis
- Organization and management breakdown
- Service, product or product line
- Marketing and sales
- Funding request (if relevant)
- Financial projections
- Appendix for supporting documents, pictures of products, licenses, certifications, etc.
Marketing plan basics
A business may have the best product or service in the world, but if no one knows about it then there will be no sales. Businesses use advertising and promotion to tell people about their product or service and convince people to spend money on it.
Benefits of a marketing plan:
- Identify target market(s)
- Creates measurable goals
- Gets the team on the same page with the entrepreneur’s vision and goals
- Identifies competitors marketing efforts
- Solidifies your brand
- Prepare for potential growth
A comprehensive marketing plan will include the following marketing plan outline:
- Business summary
- Business goals
- Target market(s)
- Who will be buying your products?
- What are their buying behaviors?
- Market strategy which includes the marketing mix:
- What product or service will you sell (product)?
- How much will your products or services cost (price)?
- Where will you sell your products or services/how will you get them to market (place)?
- What types of advertising/promotions will you use to advertise your business (promote)?
- Marketing budget
- Marketing channels (where you will advertise)
Need help with HR? we’ve got you covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from 401(k) plans to payroll, taxes, health insurance/benefits, and worker’s compensation. You also gain peace of mind that you are in compliance with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.
With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.
What are you waiting for? Companies who partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!