When most people set out to start up a business they forget about all of the details that go into play besides the financial aspect. The cost of starting a business is more than just dollars and cents. It also includes time, energy, stress, sleepless nights, strained personal relationships, etc, etc. The list goes on and on. While some of these things simply can not be avoided, a lot of them can with a detailed business plan and plan of action.
If you're read any of my other article or my book then you've heard me rant about how you need a plan of action and a business plan. While it’s important that you have both, the two are totally different. With the new year approaching, so many people have set resolutions to start their own business but in the usual fashion, they have neither a business plan nor a plan of action. I will give you a piece of advice, if you plan to start a business; you need to have both - a business plan and a plan of action in order to become successful.
For those of you that have forgotten what the difference is, I will refresh your memory.
A Business Plan: This includes setting goals and how they will be achieved. Defining obstacles and outlining strategies to overcome them. Stating the legal and organizational structure of the business. Quantifying your financial needs and making some financial projections.
A Plan Of Action: This includes a marketing budget, source of consistent leads or clients, training and skill development. Defining a time frame in which you will dedicate time and energy to your business. Determining how you will meet the objectives that are on your business plan. Most importantly, making sure that your desire is in line with your dedication so that you can see the project through to the end.
To build a strong, lasting business, you must build it on a solid foundation. These are just a few of the tools that will help you to help you get things off the ground!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
Showing posts with label Business Planning. Show all posts
Showing posts with label Business Planning. Show all posts
Friday, December 28, 2007
Thursday, November 2, 2006
Do You Have Back Up Plan?
I know it may seem as if I have been M.I.A. since my column has been missing for a few weeks but that’s not the case. I tore a muscle in my right shoulder and of course, I am right handed. Need I say more? It’s been a grueling 3 weeks but I am grateful that it is healing without the need for surgery and thankful to be able to use my arm again. I guess you never realize how much you need something until you can no longer use it. I think this experience has taught me a valuable lesson. Something that we always say but perhaps forget and that is to never take anything for granted.
The great thing about being self employed is that you don’t have a boss. The bad thing about being self employed is that you can’t take off when you are ill. I never realized how much I used my arm until I could not move it. It’s funny (o.k. not really) when you think about it, but for 3 weeks my life and business almost came to a stand still. Luckily for me I have a great business partner – my husband Chris. He literally worked from sun up to sun down and beyond to get “our” work done and to keep things moving. Due to all of the medications I was taking, I was oblivious to what was going on around me. This event has made think even more about my business plan and how I operate my businesses.
Years ago, my husband and I had a large office with a big staff, etc. A couple of years ago we made the decision to downsize and go back to operating as a mom and pop operation. We felt as if this would allow us to better enjoy life, spend more time with the children. . . you know, all of that stuff. Well problem is, we didn’t think about situations such as one or both of us getting ill, hurt or any other family emergency that would require one or both of us to be off and away from our businesses.
This has been a rude awakening for us because we have realized that we do not have a sufficient back up plan. We always assumed that the other one will take up the slack if one of us ever got sick. We did not account for the duration of a long term illness. The other thing we never thought of was how that illness would affect the other partner. Obviously it was hard for my husband to operate knowing that I was in pain. It was also difficult for me to drive myself to all of the different doctor appointments because he was unable to take off for 4 hours every few days.
I now know that we need another back up plan because if something else like this should happen, then what? I know several of you are independent business owners like Chris and I and unless you have a business that creates residual income you too need a back up plan.
What’s a back up plan? Well for us, we realized the importance of hiring an assistant. One that would work with us on a daily basis. That way in the event we needed to leave we’d have someone who was familiar with our office, work and what we do on a daily basi. That way they could keep things moving for us without any interruption. My husband also decided to bring in a partner to help him operate his real estate firm. This would free him up to take over the operation of our mortgage company in the event I was ill again. We also determined that for our training and consulting firm that we needed to out source some of the work load. It would cut down on some of what I needed to personally be responsible for but also bring other people into the picture who could “pick up” when I am either swamped or unable to handle the load by myself.
And last but not least, disability insurance. We had this years ago when we had a large office and tons of overhead. We figured that once we moved the business home and we no longer had all of those expenses that we no longer needed disability insurance. WRONG. We probably need it now more than ever because with a large staff came additional income so if we needed to be off for a few days, we still have a staff generating income for us. If we need to take off a couple of days now, there is no staff to replace that income so it would be more important to us at this stage to have insurance.
Luckily for us, we dodged the bullet this time; there was no real setback and we did not suffer financially. But what about next time? We’ll be prepared but will you? Just something to think about.
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
The great thing about being self employed is that you don’t have a boss. The bad thing about being self employed is that you can’t take off when you are ill. I never realized how much I used my arm until I could not move it. It’s funny (o.k. not really) when you think about it, but for 3 weeks my life and business almost came to a stand still. Luckily for me I have a great business partner – my husband Chris. He literally worked from sun up to sun down and beyond to get “our” work done and to keep things moving. Due to all of the medications I was taking, I was oblivious to what was going on around me. This event has made think even more about my business plan and how I operate my businesses.
Years ago, my husband and I had a large office with a big staff, etc. A couple of years ago we made the decision to downsize and go back to operating as a mom and pop operation. We felt as if this would allow us to better enjoy life, spend more time with the children. . . you know, all of that stuff. Well problem is, we didn’t think about situations such as one or both of us getting ill, hurt or any other family emergency that would require one or both of us to be off and away from our businesses.
This has been a rude awakening for us because we have realized that we do not have a sufficient back up plan. We always assumed that the other one will take up the slack if one of us ever got sick. We did not account for the duration of a long term illness. The other thing we never thought of was how that illness would affect the other partner. Obviously it was hard for my husband to operate knowing that I was in pain. It was also difficult for me to drive myself to all of the different doctor appointments because he was unable to take off for 4 hours every few days.
I now know that we need another back up plan because if something else like this should happen, then what? I know several of you are independent business owners like Chris and I and unless you have a business that creates residual income you too need a back up plan.
What’s a back up plan? Well for us, we realized the importance of hiring an assistant. One that would work with us on a daily basis. That way in the event we needed to leave we’d have someone who was familiar with our office, work and what we do on a daily basi. That way they could keep things moving for us without any interruption. My husband also decided to bring in a partner to help him operate his real estate firm. This would free him up to take over the operation of our mortgage company in the event I was ill again. We also determined that for our training and consulting firm that we needed to out source some of the work load. It would cut down on some of what I needed to personally be responsible for but also bring other people into the picture who could “pick up” when I am either swamped or unable to handle the load by myself.
And last but not least, disability insurance. We had this years ago when we had a large office and tons of overhead. We figured that once we moved the business home and we no longer had all of those expenses that we no longer needed disability insurance. WRONG. We probably need it now more than ever because with a large staff came additional income so if we needed to be off for a few days, we still have a staff generating income for us. If we need to take off a couple of days now, there is no staff to replace that income so it would be more important to us at this stage to have insurance.
Luckily for us, we dodged the bullet this time; there was no real setback and we did not suffer financially. But what about next time? We’ll be prepared but will you? Just something to think about.
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
What Are Your Chances Of Survival?
Statistics show that thousands of people are being laid off from their jobs every day. With that in mind, it’s no wonder that more than 1500 new businesses are started daily. The sad thing is that out of the more than 1500 businesses that are started daily, more than half of them will fail within five years. For every new company started, 1 out of 3 will not make it past the 2 year mark and less than 1 out of 2 will make it past the 4 year mark or longer. What are your chances of survival?
Have you ever seen the realty TV show where people are left on an island to see who will last until the end? Well the show starts out with them being split into teams, working together as a unit and learning to master skills that will help them to survive on the island. Everyone’s working really hard to make sure things work out. For all involved, it’s important to make sure that everyone likes you so that you don’t get voted off. Does this sound familiar? I think this as being eerily similar to a “job”. You want the boss to like you. You want your colleagues to like you. You do everything you can to please everyone so that you can “stay” at your job and move up the employee ladder. You are trying to survive.
After a few episodes the friendliness wears off. You quickly see the teamwork disappear. You start to see one or two people “team up” in order to form an alliance. The real survival mode has just begun. This is where most people learn that “team work” does not always work when it comes to surviving. Sometimes you and the team are not in one accord! I consider this the same as becoming an entrepreneur. It may be hard to get other people to work with you in order to see your vision. It may be difficult to get others on board. The time and cost associated with being an entrepreneur is mind blowing. You are constantly operating in survival mode because if you do not, simply put you won’t eat amongst other things. My question to you again is will you survive?
People always want to know what is that one thing that makes me different from the next person. Why have I been able to accomplish what I have been able to do in such a short amount of time considering my background. I have been told by several people that I have “it” or what one of my mentors refered to as the “yellow Lamborghini” because just like a yellow Lamborghini, she felt that what I have is rare and you only see it occasionally if ever. The funny thing is that I don’t see myself in this light at all. Why? Because I am a survivor and I operate in survivor mode.
The other day I had one of my consulting clients ask me how is it that I get up everyday and do what I do. I told her that I operate in survival mode at least 95% of the time. (Notice I did not say 100% of the time because like you, I am human and have flaws.) Survival mode to me is doing what I must do even when I do not want to do it. It’s making sacrifices that I sometimes do not want to make. It’s about taking chances that most people will not take. It’s about making decisions that I’m not always certain are correct. It’s about being in the moment and doing what’s necessary. It’s knowing that each day I must make some upward strides to move me in the direction of where I want to be versus making lateral moves. It’s about doing things today that others will not do so that tomorrow I can have what others may not have. Entrepreneurship is just that – survival. You do what you need to do to make your business successful and what – SURVIVE THE STATISTICS!
Becoming a successful entrepreneur is not a sprint, it’s a marathon. In order to survive you need to prepare yourself for the long haul. If the statistics are against you then who is for you? The only person you know that you can count on 100% unconditionally is you. So go out and make it happen!
I look forward to helping you strive to reach your goals and dreams. I hope that the information I provide each week will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
Have you ever seen the realty TV show where people are left on an island to see who will last until the end? Well the show starts out with them being split into teams, working together as a unit and learning to master skills that will help them to survive on the island. Everyone’s working really hard to make sure things work out. For all involved, it’s important to make sure that everyone likes you so that you don’t get voted off. Does this sound familiar? I think this as being eerily similar to a “job”. You want the boss to like you. You want your colleagues to like you. You do everything you can to please everyone so that you can “stay” at your job and move up the employee ladder. You are trying to survive.
After a few episodes the friendliness wears off. You quickly see the teamwork disappear. You start to see one or two people “team up” in order to form an alliance. The real survival mode has just begun. This is where most people learn that “team work” does not always work when it comes to surviving. Sometimes you and the team are not in one accord! I consider this the same as becoming an entrepreneur. It may be hard to get other people to work with you in order to see your vision. It may be difficult to get others on board. The time and cost associated with being an entrepreneur is mind blowing. You are constantly operating in survival mode because if you do not, simply put you won’t eat amongst other things. My question to you again is will you survive?
People always want to know what is that one thing that makes me different from the next person. Why have I been able to accomplish what I have been able to do in such a short amount of time considering my background. I have been told by several people that I have “it” or what one of my mentors refered to as the “yellow Lamborghini” because just like a yellow Lamborghini, she felt that what I have is rare and you only see it occasionally if ever. The funny thing is that I don’t see myself in this light at all. Why? Because I am a survivor and I operate in survivor mode.
The other day I had one of my consulting clients ask me how is it that I get up everyday and do what I do. I told her that I operate in survival mode at least 95% of the time. (Notice I did not say 100% of the time because like you, I am human and have flaws.) Survival mode to me is doing what I must do even when I do not want to do it. It’s making sacrifices that I sometimes do not want to make. It’s about taking chances that most people will not take. It’s about making decisions that I’m not always certain are correct. It’s about being in the moment and doing what’s necessary. It’s knowing that each day I must make some upward strides to move me in the direction of where I want to be versus making lateral moves. It’s about doing things today that others will not do so that tomorrow I can have what others may not have. Entrepreneurship is just that – survival. You do what you need to do to make your business successful and what – SURVIVE THE STATISTICS!
Becoming a successful entrepreneur is not a sprint, it’s a marathon. In order to survive you need to prepare yourself for the long haul. If the statistics are against you then who is for you? The only person you know that you can count on 100% unconditionally is you. So go out and make it happen!
I look forward to helping you strive to reach your goals and dreams. I hope that the information I provide each week will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
Mapping Out Your Game Plan - Your Plan For Success!
In the past, I've talked to you about the importance of having a business plan. While a business plan is very important, there’s nothing more important than a game plan to guide your success in launching your business. Below are some of the key elements to developing a successful game plan.
You must decide what your overall vision is and what you expect your business to provide for you. You must determine what your income expectations are and what your time frame is for achieving them. You need to start with a one month schedule then a three month schedule, then six months and twelve months.
Although your vision will require a more detailed plan, focus first on your immediate actions. I realize that this is very time consuming but it will make you do some thinking and keep you focused on what you’re trying to do and what you need to do to get there.
Spend some serious time asking yourself and then answering the following questions:
- How far can you go in your business?
- How long will it take you to get there?
- How much earned income do you expect per month?
- When do you expect it?
- How much monthly volume/sales will you need to create that income?
- Do you need to partner with any other businesses to bring this about?
- What goals will you attain by month one and how much income will it provide if any?
- What goals will you attain by month three and how much income will it provide if any?
- What goals will you attain by month six and how much income will it provide if any?
- What goals will you attain by month twelve and how much income will it provide if any?
- What resources will you need to accomplish those goals?
- How much time will you need to invest per week?
- What type of supplies do you need to order, including product and support materials?
- What kind of educational and training materials will you need?
- Who will work with you to support you?
- How will you develop your list of prospects?
- Will you advertise?
- When and where?
- What training and personal development seminars will you attend?
- What other resources will you need?
If you answer these questions properly, you will be able to use them as a guide to set up your game plan. Then you’ll be well on your way to launching your business with the least amount of problems possible!
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
You must decide what your overall vision is and what you expect your business to provide for you. You must determine what your income expectations are and what your time frame is for achieving them. You need to start with a one month schedule then a three month schedule, then six months and twelve months.
Although your vision will require a more detailed plan, focus first on your immediate actions. I realize that this is very time consuming but it will make you do some thinking and keep you focused on what you’re trying to do and what you need to do to get there.
Spend some serious time asking yourself and then answering the following questions:
- How far can you go in your business?
- How long will it take you to get there?
- How much earned income do you expect per month?
- When do you expect it?
- How much monthly volume/sales will you need to create that income?
- Do you need to partner with any other businesses to bring this about?
- What goals will you attain by month one and how much income will it provide if any?
- What goals will you attain by month three and how much income will it provide if any?
- What goals will you attain by month six and how much income will it provide if any?
- What goals will you attain by month twelve and how much income will it provide if any?
- What resources will you need to accomplish those goals?
- How much time will you need to invest per week?
- What type of supplies do you need to order, including product and support materials?
- What kind of educational and training materials will you need?
- Who will work with you to support you?
- How will you develop your list of prospects?
- Will you advertise?
- When and where?
- What training and personal development seminars will you attend?
- What other resources will you need?
If you answer these questions properly, you will be able to use them as a guide to set up your game plan. Then you’ll be well on your way to launching your business with the least amount of problems possible!
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
Pam Lawhorne is a serial entrepreneur, small business expert and creative marketing consultant, who provides advice, guidance, and encouragement to aspiring CEO's around the nation in her popular seminars and publications. She is the Chief Empowerment Officer of Empower U, Incorporated, a training and consulting firm that specializes in interactive workshops, seminars and coaching programs.
Ms. Lawhorne is the author of “From Minimum Wage To Getting Paid! - How To Become A Successful Entrepreneur With No Money, Education Or Experience!" and she is also a syndicated columnist who writes articles on empowerment, entrepreneurship, personal development, creative marketing and real estate investing. Her articles appear nationally in newspapers, magazines, and on numerous business websites and on-line publications. For additional information please visit her website: www.PamLawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne. Permission to repost is freely granted so long as the text is not altered in any way, and the copyright and links are included.
If You're Thinking About Starting A Business You Need To Have A Plan
I have heard horror stories from people who, in the start up phase of their new business, have used software they purchased to create a business plan or worse - they paid someone who had no clue what they were doing to prepare one for them. When you don't know what elements actually belong in a business plan then usually what you'll end up with is a bunch of worthless information spread out over tons of paper.
Before opening your doors, you need to be prepared for the many details involved in running a business. Thinking through these details and putting them on paper helps you to be prepared. Every new business venture should begin with a plan. The information below will take you through the steps of writing a successful business plan.
While your plan will be uniquely designed for your type of business, there are certain objectives contained within any good business plan. It must:
1. Set forth goals and how they will be achieved.
2. Define obstacles and outline strategies to overcome them.
3. State the legal and organizational structure of the business.
4. Quantifies financial needs and make financial projections.
The length of your plan depends on the purpose you will use it for. If you need to acquire venture capital for your business, you may need to provide extensive details for prospective investors. If your plan is simply a road map for you to follow, it can be quite short. Whether it is one paragraph or 100 pages depends entirely on your objectives.
A good business plan will tackle three major areas. Look at the questions within each of the three areas below and answer them as they apply to your particular business.
The Business
What is the legal structure of your business?
Will it be a sole proprietorship, a partnership or a corporation?
What is the name of your business?
Who are the people in your business?
How is your business uniquely positioned to succeed?
What are existing conditions within your industry?
How do you intend to grow?
What is your product?
What does it do?
How will you handle and deliver orders?
The Market
Who are your customers?
Why are they customers?
What motivates your customers?
What need are you filling for these customers?
How will you motivate them to buy from you?
How will you find and attract these customers?
Who is your competition?
What advantage do you have over your competition?
How will you position yourself to win market share?
Do you have technical data, surveys, or information sources to back up your claims?
Finances
How much money are you bringing to your business?
What are your start-up costs?
How will the money be used?
When will your business become profitable?
What are your financial projections for the next six months?
What are your financial projections for the twelve months?
What are your financial projections for the next five years?
I have listed a few key elements to include in your business plan. Keep in mind that your business plan is unique to your business, so don't be afraid to beef things up as needed.
Executive Summary
This is a summation of the important points within your business plan. It should not be over three pages long. This summary is of particular interest to potential investors that may be willing to invest in your business. It allows them decide if you are a worthy investment vehicle.
Company Summary
Describes your business, customer focus and your goals. This would include things such as your business structure, start-up projections and business location.
Products and Services
Describes what you have to offer, its advantage to the customer, your reasoning for the need of your product or service and a look into your place among the competition.
Market Analysis
This gives details on who, what, where, why and how within your market. This also includes an analysis of your industry and your strengths therein.
Marketing and Sales Strategies
The key to this section is your plan to operate in a competitive environment. Sales forecasts and marketing details give an in-depth look at actual customer acquisition.
Operations and Management
Fully details the structure and operation of your organization.
Financial Plan
Provides a comprehensive look at business cash flow, profit and loss, break-even analysis, and other financial indicators.
In conclusion, your business is less likely to fail if you are able to predict outcomes. Your business plan sets realistic goals for success. The above information serves as general map. You fill in the details. How may details? As many as are needed. Most assuredly, your efforts will be rewarded for years to come. Remember, you are in it to win it so make sure you stay focused and keep your eye on the prize!
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
For additional information on my training programs, please visit my website at www.pamlawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne.
Permission to repost is freely granted so long as the text is not altered in any way and this copyright notice is included.
Before opening your doors, you need to be prepared for the many details involved in running a business. Thinking through these details and putting them on paper helps you to be prepared. Every new business venture should begin with a plan. The information below will take you through the steps of writing a successful business plan.
While your plan will be uniquely designed for your type of business, there are certain objectives contained within any good business plan. It must:
1. Set forth goals and how they will be achieved.
2. Define obstacles and outline strategies to overcome them.
3. State the legal and organizational structure of the business.
4. Quantifies financial needs and make financial projections.
The length of your plan depends on the purpose you will use it for. If you need to acquire venture capital for your business, you may need to provide extensive details for prospective investors. If your plan is simply a road map for you to follow, it can be quite short. Whether it is one paragraph or 100 pages depends entirely on your objectives.
A good business plan will tackle three major areas. Look at the questions within each of the three areas below and answer them as they apply to your particular business.
The Business
What is the legal structure of your business?
Will it be a sole proprietorship, a partnership or a corporation?
What is the name of your business?
Who are the people in your business?
How is your business uniquely positioned to succeed?
What are existing conditions within your industry?
How do you intend to grow?
What is your product?
What does it do?
How will you handle and deliver orders?
The Market
Who are your customers?
Why are they customers?
What motivates your customers?
What need are you filling for these customers?
How will you motivate them to buy from you?
How will you find and attract these customers?
Who is your competition?
What advantage do you have over your competition?
How will you position yourself to win market share?
Do you have technical data, surveys, or information sources to back up your claims?
Finances
How much money are you bringing to your business?
What are your start-up costs?
How will the money be used?
When will your business become profitable?
What are your financial projections for the next six months?
What are your financial projections for the twelve months?
What are your financial projections for the next five years?
I have listed a few key elements to include in your business plan. Keep in mind that your business plan is unique to your business, so don't be afraid to beef things up as needed.
Executive Summary
This is a summation of the important points within your business plan. It should not be over three pages long. This summary is of particular interest to potential investors that may be willing to invest in your business. It allows them decide if you are a worthy investment vehicle.
Company Summary
Describes your business, customer focus and your goals. This would include things such as your business structure, start-up projections and business location.
Products and Services
Describes what you have to offer, its advantage to the customer, your reasoning for the need of your product or service and a look into your place among the competition.
Market Analysis
This gives details on who, what, where, why and how within your market. This also includes an analysis of your industry and your strengths therein.
Marketing and Sales Strategies
The key to this section is your plan to operate in a competitive environment. Sales forecasts and marketing details give an in-depth look at actual customer acquisition.
Operations and Management
Fully details the structure and operation of your organization.
Financial Plan
Provides a comprehensive look at business cash flow, profit and loss, break-even analysis, and other financial indicators.
In conclusion, your business is less likely to fail if you are able to predict outcomes. Your business plan sets realistic goals for success. The above information serves as general map. You fill in the details. How may details? As many as are needed. Most assuredly, your efforts will be rewarded for years to come. Remember, you are in it to win it so make sure you stay focused and keep your eye on the prize!
I look forward to helping you strive to reach your goals and dreams. It is my hope that the information I've provided will help you to get there!
To Your Health, Wealth & Happiness!
Pam Lawhorne
For additional information on my training programs, please visit my website at www.pamlawhorne.com.
The above article is copyright 2003-2008 by Pam Lawhorne.
Permission to repost is freely granted so long as the text is not altered in any way and this copyright notice is included.
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