| Having a solid plan provides you with a flow chart of all | | | | and kept? |
| aspects of your business from marketing to | | | | 4. Products/Services. This is where you plan what |
| accounting, covering all your business systems. It will | | | | your initial products or services will be, including a what |
| define your target market and your marketing plan. A | | | | you plan on charging for each. For example, if you are |
| complete business plan will also document your goals | | | | opening a business as a bookkeeper, then how will |
| and outline your plans to attain them. | | | | you charge? How will you receive payment? Will you |
| How do you get started with writing your strategic | | | | offer multiple services like bookkeeping, payroll |
| business plan? Here are some things for you include: | | | | services and collections? What future products are |
| 1. Business description or mission statement. How | | | | being planned for? |
| would you best describe what your business will | | | | 5. Business Operations. How is your business going to |
| provide to it's prospects and customers? If you are | | | | function? Will it require a brick and mortar (building)? |
| having trouble with this, begin writing a letter to | | | | Will it be online only or both online and offline? What will |
| someone, maybe your mom or a friend, about your | | | | your hours of operation be? What are your specific |
| business. What would you tell them you do? Once | | | | financial goals? What are your currently know |
| written, if it is longer than a paragraph, narrow it down. | | | | expenses and those expenses to be added in the |
| You want to be able to in 30 seconds confidently tell | | | | near future? List each aspect of your business |
| someone exactly what your business is. | | | | operations, goals, and needs, and then go into as much |
| 2. Management plan. It's known, that many people start | | | | detail as possible. |
| out in business as a one person operation. That's | | | | 6. A Sales and Marketing Plan. It's best to start this |
| perfectly acceptable. Just write down exactly what | | | | section by detailing what your target market is (who |
| your job responsibilities will be. As you're making this list, | | | | are they). Next, describe how you plan on reaching |
| make note on those responsibilities that you feel are | | | | these people and selling your products or services. |
| not your truly strong points. For example, for some it | | | | There are so many options and tons of information |
| may be copy writing, for others it may be accounting | | | | about marketing tools available today. Include in this |
| tasks. Keep note of these tasks on a separate page, | | | | part of the overall plan, how much of your time you |
| for these are potential duties for future employees or | | | | plan on spending on marketing related tasks each day, |
| contract employees (outsourcing). You always want to | | | | week or month. |
| keep in mind how to leverage your time, so once | | | | 7. Business Budget. A Business Budget will help you |
| you've reached a certain level of success, it may | | | | establish how much money you are going to need to |
| make sense to hire someone to handle the tasks that | | | | invest in your business, to get started. What exactly do |
| you either don't like or aren't as skilled in. Thus, | | | | you need to buy to get started? You will want to |
| leveraging your time and allowing you to focus on your | | | | create a detailed budget with all your projected income |
| areas of strength. | | | | and expenses detailed out, this is essential for success. |
| 3. Must include your Legal structure and other legal | | | | Those are the basics for your starting Business Plan |
| considerations. What legal structure will you use for | | | | When you put together a brief summary paragraph |
| your business? For example, sole proprietorship, | | | | about each of sections this creates what is called your |
| partnership, corporation or limited liability company? Are | | | | executive summary (your 30 second speech about |
| there business licenses you need to legally operate | | | | your business and what it offers). |
| your business? What are your insurance needs? Do | | | | Using your established business plan will help to keep |
| you need to include insurance on any physical buildings, | | | | you and your business on track. Revisions and |
| errors and omissions insurance for consulting and | | | | Updates based upon your achieved goals, changed |
| coaching businesses, liability, homeowners, health etc.? | | | | goals and new goals are necessary to stay on top of |
| How will you keep a record of your income & | | | | your business and your competition. |
| expenses for tax reporting (cash basis or accrual | | | | To Your Success In All That You Do and Dream Of... |
| basis)? Where will your business documents be filed | | | | |