Part 1: How to Create Your Business Plan
You’ve now researched your business idea thoroughly. You understand who your potential customer is, where they live, how much they spend on your industry and what their average disposable income is monthly. Now, to plan your business.
It’s Important To:
Write a plan,
Work your plan,
But be flexible with changes
A business is a living thing that changes, when circumstances change, when the economy changes and as you grow into your business-you may change. It’s important to be solid in your goals but flexible in your methods to get there. While planning your business here are some key areas to get your organized and systems set:
Pre-Questions to Ask Yourself:
Am I committed to change parts of my life and schedule to start, work on and grow a business?
What type of turnaround am I expecting to have in my business? (Most businesses take time, patience, flexibility and a strong commitment to start to produce. Many businesses also take a few up to several years to become profitable or successful).
How much time do you have to work on your business?
What will be the main objective of your business (i.e. make xxx dollars each year, solve xxx key problems, help women, expand your brand, get you on TV, make you famous, all of the above).
What is your business’s mission (Mission: an important goal or purpose that is accompanied by strong conviction; a calling or vocation).
Have you analyzed your industry AND your competition?
How do you want your business to stand out from your competition? What will be your unique value proposition? (What will you offer in your business that will make it unique?)
Who’s on your team or who will help you launch your business initiatives?
Resources to Help You Plan:
www.Bplans.com Plan your business, using this #1 business planning software for free.
www.Inc.com This magazine online portal is one of the best resources for general business information.
www.LivePlan.com This website offers hundreds of business planning templates to help you get started.
www.WomenCEOProject.com Learn about business marketing, how to put systems into place, develop a strategy and set specific and measurable goals.
Write your business executive summary. This summary will be no more than 2 pages. Think of it as a 2 page explanation of your business-if you needed to hand this to someone and they understand what your business stands for, what it will do, who it will serve, how you will make money and how you will market the business.
Next, we will break down the money and marketing parts of your business plan.