Raising funds and creating a business plan are often seen as the hallmarks of founding a strong venture. But before you even do that, it’s essential to ask some questions about the business you’re creating.
Recently, I’ve learned that Tesla CEO Elon Musk may be one of the only business owners to shirk the idea of raising new capital (read: money). “I specifically don’t want to,” he mused when asked if he’d raise funds in 2018. Musk may be more focused on sending a rocket to some far away planet, but here on this one, most business owners continue to look for creative fund-raising methods to support their business aspirations.
Whether your business is salt therapy or a coffee shop, one of the best methods of sourcing funds is to present your potential venture through a strong business plan. Investors aside, writing a business plan is one of the most useful exercises for any business venture.
Why? Sitting down and jotting your ideas on paper brings structure and clarity to your thought process. It helps you group ideas and ask vital questions. It tackles important considerations from different business perspectives, from resourcing to financials. Plus, a solid business plan is shareable—a necessary aspect for any potential partners or investors who might see opportunities to join you in this venture.
So, time to start writing, right?
Not quite yet. Before you even put pen to paper, here’s a mental exercise: Consider YOUR unique business requirements, which will be essential to building a salt cave. Make sure to ask these important questions about the past, present and future of the business:
- Are you adding a component to an existing business or are you building an entirely new one?
- If you are a pre-existing spa, does it make more sense to add a salt cave to your space or search out a new space for the salt cave feature?
- What skills do you bring to the table? This will be key to setting your business apart.
- What does your business offer—service(s), product(s), both? Will this change?
- Who are/will be your clients? What’s in it for them?
- What value proposition do you bring to this business model?
- Is there anything unique about what you are hoping to bring to the community?
- How will your business be comparatively different from your competitors’?
- How will you fare against others in the holistic and wellness industry?
- How are you going to deliver your value proposition?
- Do you require financing? If so, how much and what will it be used for?
- Have you given any thought to how you will market your business?
- What do your 1, 5 & 10 year plans look like?
Grappling with these questions will make the next necessary step—creating a Salt Cave Business Plan—all the easier.