Five Steps to a Business Plan
Five Steps to a Business Plan
You may be one of these people. You know you should write a business plan, but don’t know where to get started. You’ve tried some of the templates that are out there, but they just didn’t work for you. This may particularly be true if you don’t want to borrow money from a bank.
Part of the reason that you don’t want to take the time to write a plan is because you don’t have a strong enough reason to do so. It’s really that simple. When you are a busy business owner, you tend to do the things that are right in front of you. I know, because I own my own business, too. What I plan to show you in this article is why you need a business plan and some simple steps to get past the resistance and write one.
Step One: Determine WHY you want a business plan.
Many business owners feel that they “should” have a business plan. Anything that is a “should” has little chance of getting completed. If you believe that your business could stand more structure, or if you aren’t clear on where you are going, but are working very hard to get there, a business plan will help you. If you want to apply for a loan at the bank or through the Small Business Administration, a business plan is a necessity. Take time right now to figure out why you need a business plan. Can’t figure it out? Then skip the rest of this article right now and come back when you can.
Step Two: Figure out how you think
Business plans, like many non-fiction books, can be developed one of two ways. Either you start your way from the big picture and work your way down to the details, or you start with the details and have the big picture emerge from there. Your preference is individual. If you are a top-down thinker, starting with the details will be impossible. If you are detail-oriented, having to come up with an executive summary of your business may stop you dead in your tracks. Once you have figured out how you process, do the next steps in whatever order makes sense.
Step Three: Gather the detail. (If you are a top-down person, go to Step Four and come back after you have finished that.)
Detail includes past results, financial statements and what you have done that works and what hasn’t. It also includes research into the competition. Make sure you have the information on the following list:
• Financials: What you have spent and received on your business over the last year. Detail is important here. You’ll need to break it out into business spending categories. If you aren’t sure about what categories to use, check your tax return.
• Products/Services: What are the products and services you offer to your customers? How much do you charge? How much do they cost to make? How many of them did you sell? How many do you need to sell to make a profit?
• Competition: Who is it? How do you differentiate yourself from them?
• Sales/Marketing: How are you planning to market and sell your products/services? How much will marketing/sales cost you? Who is your target market? Whar are the market trends in your particular business? If you have a marketing plan, you can just include it as part of your business plan.
Step Four: Sum it up. (If you are a top-down person, do this step before you do Step Three.)
Describe your business in a few short paragraphs. These paragraphs will help you see exactly what type of business you are in and how you plan to be successful. Include the keys to success in this section. Keys to success will be the indicators that tell you that you are on the right track. For example, if success for you is based on gross profit, put your key indicators in that format. “XYZ Company will gross $100,000 during its first five years of business.”
Step Five: Determine the gap.
Take a look at where you are now and where you want to be. There’s probably a gap between those two states of business being. For example, if you want to gross $100,000 during your first five years of business and you are currently in the red, you will need some strategies to close that gap. This is the last, and in many ways, the most important part of your business plan. Write down what you have to do and how you are going to do it as part of your plan.
There you have it! Five steps to help you craft your first business plan. Then all you need to do is keep the plan handy. If you refer to it often, using it as a guide to making your business decisions, you’ll find it a handy guide to success!
Five Steps to a Business Plan - To learn more about this author, visit Casey Dawes's Website.
Like this article? Share it with your friends
Many women business owners struggle through their first years of business without a business plan. There’s so much to do, they think. It’s hard enough just earning a profit. Who has time to write a business plan?
You may be one of these people. You know you should write a business plan, but don’t know where to get started. You’ve tried some of the templates that are out there, but they just didn’t work for you. This may particularly be true if you don’t want to borrow money from a bank.
Part of the reason that you don’t want to take the time to write a plan is because you don’t have a strong enough reason to do so. It’s really that simple. When you are a busy business owner, you tend to do the things that are right in front of you. I know, because I own my own business, too. What I plan to show you in this article is why you need a business plan and some simple steps to get past the resistance and write one.
Step One: Determine WHY you want a business plan.
Many business owners feel that they “should” have a business plan. Anything that is a “should” has little chance of getting completed. If you believe that your business could stand more structure, or if you aren’t clear on where you are going, but are working very hard to get there, a business plan will help you. If you want to apply for a loan at the bank or through the Small Business Administration, a business plan is a necessity. Take time right now to figure out why you need a business plan. Can’t figure it out? Then skip the rest of this article right now and come back when you can.
Step Two: Figure out how you think
Business plans, like many non-fiction books, can be developed one of two ways. Either you start your way from the big picture and work your way down to the details, or you start with the details and have the big picture emerge from there. Your preference is individual. If you are a top-down thinker, starting with the details will be impossible. If you are detail-oriented, having to come up with an executive summary of your business may stop you dead in your tracks. Once you have figured out how you process, do the next steps in whatever order makes sense.
Step Three: Gather the detail. (If you are a top-down person, go to Step Four and come back after you have finished that.)
Detail includes past results, financial statements and what you have done that works and what hasn’t. It also includes research into the competition. Make sure you have the information on the following list:
• Financials: What you have spent and received on your business over the last year. Detail is important here. You’ll need to break it out into business spending categories. If you aren’t sure about what categories to use, check your tax return.
• Products/Services: What are the products and services you offer to your customers? How much do you charge? How much do they cost to make? How many of them did you sell? How many do you need to sell to make a profit?
• Competition: Who is it? How do you differentiate yourself from them?
• Sales/Marketing: How are you planning to market and sell your products/services? How much will marketing/sales cost you? Who is your target market? Whar are the market trends in your particular business? If you have a marketing plan, you can just include it as part of your business plan.
Step Four: Sum it up. (If you are a top-down person, do this step before you do Step Three.)
Describe your business in a few short paragraphs. These paragraphs will help you see exactly what type of business you are in and how you plan to be successful. Include the keys to success in this section. Keys to success will be the indicators that tell you that you are on the right track. For example, if success for you is based on gross profit, put your key indicators in that format. “XYZ Company will gross $100,000 during its first five years of business.”
Step Five: Determine the gap.
Take a look at where you are now and where you want to be. There’s probably a gap between those two states of business being. For example, if you want to gross $100,000 during your first five years of business and you are currently in the red, you will need some strategies to close that gap. This is the last, and in many ways, the most important part of your business plan. Write down what you have to do and how you are going to do it as part of your plan.
There you have it! Five steps to help you craft your first business plan. Then all you need to do is keep the plan handy. If you refer to it often, using it as a guide to making your business decisions, you’ll find it a handy guide to success!
Five Steps to a Business Plan - To learn more about this author, visit Casey Dawes's Website.
Like this article? Share it with your friends
| |||
 |
No article feedback found. | ||
|
Leave Your Feedback | ||
|
|||
 Life Happens Through Small Steps
| |||
| The journey to the goal is actually where the fun and excitement happen; so don’t rush your trip. Have fun, enjoy each step, and celebrate when you reach your goal. |
|||
|
Be Specific
| |||
| You all know the importance of being specific about the big things you want to achieve. Specificity applies to other aspects of your life as well. |
|||
|
Sales Strategy
| |||
| Strategy:
planning of war - the science or art of planning and conducting a war or a military campaign
planning in any field - a carefully devised plan of action to achieve a goal, or the art of developing or ... |
|||
|
Any Plans
| |||
| Would you build a house without a plan? Would you book a holiday without some idea of your destination? Ever done a jig-saw without a picture? |
|||
|
How to Go From Dreams Vision to Reality
| |||
| Do you have a dream or vision for your business or organization? Do you have a personal dream or vision? How many dreams or visions have you had in your life that you did not act upon? How many did you pursue? And w... |
|||
| |||
Dr. John OdaJohn Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. - Visit Jeff Foster's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Bernard ReberBack in late 1992, MS Access hit the streets. About that time the company I managed needed new software to handle their growing client base and I decided to try this new product. I had little difficulty writing and adapting a database to suit us and discovered a hidden talent for programming. A business was born. With business studies and 25 years of management experience in three different countries under my belt, I could offer a unique combination of skills and my customers agreed. From these humble beginnings my software 'invoiceit' emerged in 1999 and has since been taken to 49 states (hello Wyoming, won't you join us?), all across Canada and more than 70 other countries. From the very beginning the program included cashbook accounting, the simplest form of keeping financial business records. The Dictionary.com defines 'cashbook' as "A 'book' in which to record money received and paid out". For 'book' substitute 'simple software' and that's what I'm about. Now I have published Simple Accounting, an inexpensive spreadsheet solution which even you can master. For just $14.95 it costs less than a takeout meal! More at http://www.scrambled-card.com/simple_accounting_main.htm - Visit Bernard Reber's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
 Casey Dawes (Visit Casey's Website) Casey Dawes helps women small business owners get on the fast track to business success through consulting, education, coaching and speaking. She is passionate about helping women business owners succeed. Go to ww w.WomensBusinessFastTrack.com to get a free report that tells you how to get on the fast track for business success.
|  |
 |
|
|
 |
|
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
 |
 | ||
 |
||
|
||
 |
||
|
| ||
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 |
 Balance chart Article Syndication Business / Personal Plan Power of Concentration Trainning Template |
|
 | ||
 |
Top 50 Business Plans
Top Business Plan Blogs | |
 |
Top 50 Social Media Blogs
Top 50 Social Media Blogs | |
| ||
 |
|
|
|
|
|||||||||||||||||||||||||||
 |
|
|
||||||||||||
