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What is Bitcoin

dollar bitcoin

 

INTRODUCTION

Bitcoin is a digital monetary system. Instead of “dollars,” the unit of currency is referred to as a “Bitcoin.” Like traditional money, bitcoins can be used to store and transfer value among other bitcoin users within the bitcoin community. Bitcoin is considered a cryptocurrency. The currency utilizes cryptography for management and creation of the currency.

There is a bitcoin protocol, which resides primarily on the internet. It’s possible to utilize the protocol on your smartphone, computer, tablet, and other computing devices. It’s easily accessible to anyone with common available technology.

Essentially, anything that can be done with conventional currencies can be done with bitcoins. It’s possible to buy and sell goods and services, give money to other individuals or organizations, or even provide credit to others. Bitcoins can be bought, sold, and exchanged for other currencies.

Bitcoin is considered by many to be the ideal currency. It’s secure, free from borders, and very fast.

Bitcoins are virtual. There are no physical bitcoins to be found anywhere in the world. The bitcoins are merely an idea to convey value. All that’s required is that other bitcoin users accept the same premise.

Interestingly, bitcoins are a peer-to-peer system. There is no central authority, computer server, or control point.

HISTORY

As with the founding of Facebook, the history of bitcoin is a little fuzzy, but these are the high points:

  1. In 2008, someone named “Satoshi Nakamoto” published a paper titled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” To the best of anyone’s knowledge, the author’s name is an alias. It has even been suggested that several people wrote the article.
  • The premise combined the previous technologies and philosophies of HashCash and b-money. The idea was to create an electronic monetary system that was completely decentralized.
  • The primary innovation was a global accounting process that would take place every 10 minutes. This would allow the entire network of users to reach a consensus regarding the previous 10 minutes of transactions worldwide. The advantage of this process is the elimination of users double spending their currency.
  • Previous attempts and electronic currency dealt with the double-spend issue by clearing transactions through a centralized clearing system. This is considered a weakness because a centralized location could be hacked.
  1. The actual bitcoin network was launched in 2009. The first issuance of bitcoins was 50 coins. The value of the coins was negotiated by the users at that time.
  2. The first notable transaction was 10,000 bitcoins for two Papa John’s pizzas. The transaction was indirect and did not include Papa John’s as one of the involved parties. The first bitcoins weren’t worth much!
  3. There has only been one significant exploited vulnerability. In 2010, 184 billion bitcoins were created. The transaction was quickly noticed, reversed, and the flaw was removed from the system.
  4. By the beginning of 2013, over 1,000 merchants were accepting bitcoins as payment. Many charities also began accepting bitcoins for donations. The Internet Archive gave employees the option to receive their salaries in the form of bitcoins.
  5. Bitcoins have ranged in value from less than a penny to over $1,200. The value of a bitcoin is very volatile. The value in November 2015 was roughly $400. Who knows where it will be in a few months?
  6. The first government seizure of bitcoins occurred in June of 2013. The DEA seized 11.02 bitcoins as part of a raid and listed the bitcoins as a seized asset.
  7. Also in 2013, Vancouver, Canada became the location of the first bitcoin ATM. The ATM allowed the purchasing of bitcoins.
  8. Many larger companies are now accepting bitcoins. These include Overstock, Zynga, and several Las Vegas casinos. There is even a bitcoin financial product on the U.S. Commodity Futures Trading Commission.

 

Bitcoins have a somewhat shady history. If you recall, the infamous Silk Road drug website relied on the use of bitcoins. However, the use of bitcoins is becoming more accepted, and even mainstream companies are now getting involved. Even the US stock market has investment options for those interested in bitcoins.

“I do think Bitcoin is the first [encrypted money] that has the potential  to do something like change the world.”

– Peter Thiel, Co-Founder of Paypal

Bitcoin and other Cryptocurrency

With Bitcoin sitting more bullish than ever…

Many are adding this asset to their Portfolio.

Would you like to start Earning Bitcoin?

Buying BTC is great for those who have the money.

 

However, I believe the smartest way to get Bitcoins is by earning it.

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The Most Important Cryptocurrencies Besides Bitcoin

The Most Important Cryptocurrencies Besides Bitcoin

 

Everyone has heard of Bitcoin, even if they don’t fully understand it. There are numerous other cryptocurrencies besides Bitcoin. According to Wikipedia, there are 19 active cryptocurrencies, and most of these were released in the last couple of years. Coinmarketcap.com lists 100 cryptocurrencies. Many experts believe the numbers will continue to climb.

 

Bitcoin has a considerable head start on the other offerings. Several cryptocurrencies are slight variations on the Bitcoin platform and may be more attractive to conventional financial institutions.

Bitcoin

The first cryptocurrency to be welcomed by the banking industry will likely dominate the market. Which one will it be? Only the future will reveal the one that comes out on top.

 

Currently, these are the top five cryptocurrencies after Bitcoin:

 

  1. Ripple has a market capitalization of nearly $150 million. For comparison purposes, Bitcoin is almost $5 billion. This cryptocurrency was released in 2012 and has been making strong inroads into the banking industry and payment networks.

 

  • A “Bitcoin Bridge” permits Ripple currency holders to make payments to Bitcoin users without ever holding Bitcoins themselves.
  • Some financial experts believe that Ripple will eventually overtake Bitcoin and become the dominant digital currency.

 

  1. Litecoin is the third largest cryptocurrency with a market cap of $137 million. Charles Lee, a former Google employee, released Litecoin in 2011. This cryptocurrency is very similar to Bitcoin.

 

  • Litecoin offers several enhancements when compared to Bitcoin, including a higher limit on the maximum number of coins, improved user interface, and faster transaction approvals.
  • Several exchanges permit transactions of Litecoin with Bitcoin users and various conventional currencies, including US dollars, Euros, and Chinese Yuan.
  1. The Ethereum market is half the size of Litecoin. Ethereum is challenging to understand, even for the experts. Ethereum combines the blockchain technology of Bitcoin with a programming language. This platform permits the construction of new applications to be developed.

 

  1. Dash was started in 2014 as XCoin. You may have heard of XCoin or Darkcoin before they were rebranded to the name Dash. Dash is roughly one-tenth the size of Litcoin at $14 million. There are currently 6 million Dash coins in circulation.

 

  • Dash transactions are arguably more private than those of the previously mentioned currencies. Inputs from multiple users are needed to complete a transaction. Multiple identical outputs are also generated. These identical inputs and outputs shield the location and identity of the true parties.
  1. Dogecoin has approximately the same market capitalization as Dash. However, Dash currently has 6 million coins in circulation compared to the 102 billion coins of Dogecoin! This crypto currency started as a joke, but quickly developed a loyal following.

 

  • Coins are produced very quickly and have very little value, roughly $0.0001 per coin.

 

  • The Dogecoin community has been actively involved in fundraising for interesting causes, including the Jamaican Bobsled Team, a NASCAR driver, and building a well in Kenya.
  • Several online exchanges exist to service those that wish to use Dogecoin.
  • The cryptography technology employed is similar to that of Bitcoin and Litecoin and utilizes a private and public key system.
  • There is no limit on the number of Dogecoins that can be produced. More than 5 billion coins are expected to be produced each year.

 

There’s more going on in the cryptocurrency world than just Bitcoin. However, Bitcoin is the oldest and most well-known cryptocurrency in existence. The current Bitcoins in circulation are worth more than all of the other cryptocurrencies combined. It will be interesting to see what the future holds.

 

Bitnamix

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Avoid Burnout: Building Motivation into Your Life

Even if you love what you do, burnout can still happen. Most of the time, burnout is related to a feeling of mental and physical exhaustion and being unable to do all that you need to do to get to a place of rest.

 

Burnout can happen for numerous reasons that are not necessarily controllable for workers, but the main reason it happens to entrepreneurs is a lack of planning and an unrealistic view of how much one can do in a day. If you have nothing of pleasure to look forward to, it’s hard to stay motivated.

 

You can fix this problem and avoid burnout by building motivation into your life by planning for it.

Feeling Extra negative

Take More Breaks During the Workday

 

The mind works at a high rate of efficiency for about 90-minute increments, according to science. Try implementing short ten to twenty-minute breaks between 90 minutes of hard work incrementally throughout the day.

 

Plan More Weekend Getaways

 

Don’t put off time away from work, especially on weekends. Alternatively, if you have a business where you’re needed more on weekends and less during the week, you can make your own weekend getaway midweek work. Try hard to take at least two days in a row off every week.

 

Plan for More Long-Term Vacations

 

Everyone deserves a vacation. Taking a vacation does not mean that you have a poor work ethic or that you’re lazy. In many wealthy industrialized countries around the world, 30 days a year vacation is not uncommon. Use that as your guide and plan at least one, two or more-week vacation per year to recharge and experience the fruits of your hard work.

 

Disconnect Digitally Every Day

 

You have to have an ending tie every day. Even as an entrepreneur, you need a time of the day that is just for your friends, family, and yourself and time that is just for work. You should be able to disconnect digitally at least two to three hours before bedtime every night. Science shows that eliminating this digital connection before sleeping will improve your rest.

 

Do Something That Interests You

 

Even on days that you are working, you should do something outside of work that is interesting a few times a week too. What is interesting to you that you want to learn, experience, or understand? Want to learn a new language, make it happen. Want to learn how to bake, make it happen.

 

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Get Bored Sometimes

 

Accepting that it’s okay to be bored or get bored is hard for some people to do. Most of us have been so brainwashed into constant and continual productivity that we never get bored. Due to that lack of boredom, we may start feeling less than creative. It’s okay to take some time each day to just do nothing and be bored so that you can explore other ideas.

 

Focus on Impact and Meaning

 

When you do things, it’s essential to focus on the impact and meaning of the actions you take. While the intent is also important, the true measure of effect is the impact you create.

 

All exhaustion and malaise are not necessarily caused by burnout, though. Make sure you double-check with your doctor if you implement burnout busting measures and still don’t feel differently. You may need a physical that includes blood tests to ensure that you are healthy since many diseases can also cause symptoms of burnout, such as low iron or vitamin B12 levels.

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Scheduling to Avoid Burnout: Learn to Take More Breaks

Many people who experience burnout had one thing in common: poor time management. Everyone is given the same number of hours in the day, but some people tend to seem super productive, while others seem to run in circles being very busy but not accomplishing anything.

 

The thing to remember is that productivity is not about how busy you are but about how many things you accomplish.  Productivity is all about results. If you want to have more achievements and thus be more productive, you’ll need to learn how to schedule your life in a way that lends itself to your entire life, including downtime and breaks.

 

Understand Your Limitations

 

Feeling Overwhelm

 

It’s easy to compare yourself to others. If you use that other successful people are working 100 hours a week, it’s tempting to think you must. However, you really don’t need to do that, nor should you.

 

There are 24 hours in a day, and you need to sleep at least 7 of those hours, exercise about an hour, and eat for about three hours a day. Then you may want to spend time with your family, friends, and yourself learning and exploring.

 

If you really want to fit it all in, you’ll have to be realistic about time and your own limitations in terms of resources financially, mentally, and physically.

 

Know Your Priorities

 

When you look at your overall life plan and goals, what are your actual priorities? You have priorities for all the different areas of your life, including spiritually, personal development wise, health-wise, romantically, socially, family, business, career, and so forth.

 

Determine Your Daily Energy Levels

 

Everyone has their own daily rhythm to life that works best for them. Some of us are night owls, and some of us are more productive in the morning. Know where you fit in so that you can schedule the most physically or mentally taxing tasks to the right time frame.

 

Delegate and Automate When Possible

 

You shouldn’t do everything yourself in business or life. Instead, get help either by using automation technology or outsourcing or both. It costs a lot less than you think to hire someone to handle your customer service emails or to install automation that saves lots of time.

 

For automation and outsourcing ideas, look at your accounting, bookkeeping, administrative tasks, customer service, data entry, marketing, tech support, web design, web maintenance, content writing, and so forth. If the task does not need your personal touch or smiling face, let go of it.

 

Set Up and Organize Properly

 

It cannot be overstated how important using the right tools for the job can save you time and frustration. This is true whether you’re cooking a nice dinner or if you’re setting up customer service options with software. If you don’t invest in the right tools, you’re not going to get the best result.

 

Avoiding burnout requires that you be very honest with yourself and others about your capabilities. No one really needs to work 80 hours a week. The human body was not designed for that. Therefore, you will need to learn how to schedule yourself to accomplish your goals without overworking because you’re not here to simply work and make money. You’re also here to have a full and well-rounded life that includes downtime, vacations, family, friends, and joy.

Focus and Find a Good Mentor

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How to Take Personal Time Off as An Entrepreneur

If you thought it was hard to take personal time off as an employee, you might be shocked that it’s even harder to take time off as an entrepreneur. After all, it’s your business, so there is more work than can ever be done even if you worked twenty-four-seven 365 days a year.

 

Knowing that it’s hard to take time off, but if you want to avoid burnout, you need to take personal time off or pay the price mentally and physically.  You are probably not going to be surprised that the way you take personal time off as an entrepreneur without worrying is to plan in advance so that you can postpone, automate, and delegate the tasks that need to keep happening even when you’re off the clock.

 

Plan in Advance

 

If you really want to take time off, it’s not going to happen without planning for it in advance. You’ll need to prepare not only yourself to rest and relax, but your business to run without you for short periods of time.

Your Lack of opportunity

 

The more you set up your business to be hands-off, the more likely you’ll be able to take the time you need without adversely affecting your business. That may include automation, outsourcing, and other technology that makes business and life much more straightforward.

 

Postpone, automate, or delegate

 

Everything you do doesn’t have to keep going while you’re on vacation or taking a day off. Some things are helpful, such as checking in on social media with your audience, but they can stop for a while without affecting anything significant.

 

You can also set up pre-scheduled content to appear in your blog or on social media, even if you’re not really there. The more you have automated, the better because you can keep email marketing, social media marketing, and more while you’re not there, and no one will even notice because of the automation possibilities with technology today.

 

You can also delegate specific tasks to your virtual assistant or others while you’re gone. For example, you can ask your VA to post or answer more questions in your private group while you’re gone than normal.

 

Disconnect but Set Realistic Check-in Periods

 

As a business owner, it may be impossible for you to totally disconnect for weeks at a time, but you can certainly check in fewer times. For example, you can go on a weeklong vacation and agree that you’ll only check your email once every 48 hours, in which case you’ll delegate any fires to your VA.

 

By setting a realistic check-in period times, you can reduce the stress of the unknown while also enjoying your vacation without checking in during the times you’re disconnected. Turn off your technology from business notifications during the disconnect times and only turn it on during the prescheduled check-in periods.

 

It can be difficult as an entrepreneur to take personal time off, but if you start now setting up your business to run as much as possible without you using technology and human resources to get things done, you’ll be glad you did. Try taking short times off to start and then work yourself up to taking off a month at a time.

 

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Say No More Often: Purge Your To-Do List

The telltale signs of burnout are feelings of overwhelming exhaustion, cynicism, and detachment. You may also feel as if you are ineffective and are not accomplishing anything in your life while simultaneously feeling irreplaceable and as if no one else can do what you do and help you.

 

In other words, you may be experiencing signs of burnout because you never say no. Purging your to-do list can help. But first, how do you know what to stop doing, and more importantly, how do you stop saying yes to everything?

Burnout Symptoms

 

Remember these keywords:

Eliminate, automate, and delegate as you rid yourself of extra work and start saying no more.

 

Eliminate

Whenever you look at a task, you need to first think about whether it’s even required to be done or not. Just because you’ve always done something does not mean it has to be done. Try to anticipate what happens if you just take it off your list completely. Write down the pros and cons of totally letting this task go.

For example, if you are a writer, do you limit how many times you read through and edit any one piece of work? If not, you should. There is always a point at which future editing will just make the work less effective.

 

Automate

Can the task that you need to do be done with software? If you can eliminate a task through automation, taking it off your plate in an affordable way, it’s essential to do it as soon as you can financially accomplish it. There is a technology that exists that you may not even be aware of yet.

It might help to talk to someone aware of the technology available for productivity in your space. The advice will be paramount in helping you move your business forward with as much automation as possible. For example, did you know about IFTTT technology that you can use through platforms like Zapier.com?

If This Then That (commonly known as IFTTT

 

Delegate

If you can’t let it go entirely, and you can’t automate it, perhaps you can outsource it to someone else? You might want to pay a virtual assistant to help you with customer service, editing, or other things. Maybe you can get your spouse or kids to do more housework, so you have more time for business.

For example, if you are a writer and you know you have to edit your writing, it might work out better for you if you let someone else do the editing and final revisions to ensure it gets done in a timely manner? Or perhaps you cannot yet afford an editor, so instead, you get your spouse to cook dinner so that you have more time to edit in a timely manner.

Finally, once your to-do list is cleaned up, start saying no more often when asked to add something to your plate. Make it a habit to never say yes right away. Instead, tell people (or yourself) that you have to check your schedule. Then determine the benefits and drawbacks of adding that task to your life. If it helps you advance your goals, you can say yes, if it doesn’t do anything to move you forward and only adds stress to your life, say no.

the journey

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Journaling Tips for Burnout Prevention

Numerous studies tout the benefits of journaling for all sorts of issues from helping you lose weight, to helping you build better relationships, and yes, to help you avoid experiencing burnout. Keeping a journal is a great way to get organized as well as dump your thoughts and feelings out to analyze.

Studies are showing that journaling:

 

  • Reduces symptoms of illness
  • Improves cognitive function
  • Strengthens the immune system
  • Offsets adverse effects of stress

 

While there are some drawbacks such as tired hands, if you’re handwriting your journal, the disadvantages are easy to overcome now that you can use electronic journals. In fact, journaling is a great way to prevent burnout or reduce the effects from and overcome burnout that pretty much anyone can do even if you have a physical or mental disability.

 

There are different types of journals you can use depending on the problem you’re trying to solve. Let’s look at a few options.

 

  • Gratitude Journal – This type of journal is simply for writing in it once or twice a day, one to three things you’re grateful for that has happened or that you experienced. It’s useful to read back when you’re struggling as well as beneficial to bring thoughts and feelings of gratitude to your heart and mind daily.

 

  • Emotional Release Journal – With this journal, you’re going to write in it when you feel overwhelmed emotionally. It’s a good idea to use this type of journal in private so that you can experience your emotions. You can write or speak your feelings, without judgment, to get them out.

 

  • Bullet Journal Method – This type of journal is a way to keep a journal without having to write complete sentences. You’ll want to have tabs for each part of your life, business, and work. Then you’ll simply use phrases and words in bullet form to remember the task or information.

 

  • Personal Planning Journal – This type of journal is great for planning your life and your business. It can help you identify places for improvement in your business and your life. It enables you to gain accountability in all areas of your life.

 

Depending on the type of journal you want to use, the main point is that you should work on being honest with every entry, and also commit to using the diary for at least thirty days before you even start. The only way a journal works is to use it regularly and continually until it’s as second nature as walking and talking. Choose your type of journal, and your method of entry, then just keep doing it every day for a month. After the month is over, you can evaluate whether it helped you or not.

 

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Advice for life from a Navy Seal! One of the Best Motivational Speeches

I recently watched a video of a commencement address by Admiral McRaven, who has been a Navy Seal for over 30 years.

In his talk to the graduates, he outlined how they can be instruments in changing the world.

Click Below to view the Speech.

I wanted to include the link so that you could watch the talk as Admiral McRaven can say it much better than I.

Here are his 10 suggestions that can help us on our way to a better world.

 

Be The Change

 

 

10 suggestions to help us overcome our struggles and help others in this world.

  1. Start the day with a task completed.

  2. Find someone to help you through life.

  3. Respect everyone.

  4. Life is not always fair, move forward.

  5. Don’t be afraid to fail often.

  6. Take risks.

  7. Facedown the blues.

  8. Step up when times are toughest.

  9. Lift up the downtrodden.

  10. Never Give up

 

Number 10 Is one of the most important and that is

NEVER GIVE UP.

I hope you take the time to watch this short 16-minute video.

It is extremely motivating and inspiring and will give you a good feeling about the future of our world.

 

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Signs of Burnout to Watch Out For

The best way to protect yourself against burnout is to understand the signs to watch out for.

 

Many high achievers experience burnout, whether they work for themselves or others.

The thing is burnout can be prevented if one understands what to watch for and what to avoid.

Do you Experience Burnout

First, understand that burnout is essentially a state of chronic bad stress that leads to physical and emotional exhaustion, detachment and cynicism and feelings that you aren’t accomplishing anything and that everything you do is ineffective and doesn’t matter.

 

While, at the same time, feeling irreplaceable and unable to say no to anything. It’s kind of like feeling as if you’re on a mouse wheel. Working harder and harder but never going anyplace. You’re tired, overworked, and not accomplishing your goals. In all the chaos, you may not even have goals to check.

 

Any one or more of the following signs can signal either outright burnout or the potential to experience burnout if mitigation methods aren’t imposed.

 

  • Chronic Fatigue and Insomnia – If you are always tired, or you can’t sleep, or both, primarily due to circular thoughts about the work you’re doing, it can be due to burnout or approaching burnout. It’s often one of the first signs.

 

  • Forgetfulness, Lack of Productivity and Poor Performance – When you can’t sleep well or concentrate, it is natural that you may forget things, not work fast as you did before, and do things poorly.

 

  • Inattentiveness and Detachment – It’s hard to focus and pay attention when you’re suffering from burnout, and it can look like detachment and even inattentiveness. If you have been accused of this by someone else, pay attention.

 

  • Isolation, Apathy, and Hopelessness – When burnout gets really bad, it can turn into wanting to pull away from others due to not caring about anything. If you feel like your actions don’t matter, it can lead to hopelessness.

 

  • Illness and Physical Symptoms – Your feelings can end up manifesting as an actual illness. You can become more susceptible to colds and infections when you’re not eating right. Plus, due to not taking care of yourself, you may end up more likely to get a diet-related illness like diabetes if you’re not taking care of yourself.

 

  • Lack of Appetite or Poor Diet – All the feelings you’re experiencing can cause you to either not eat at all or eat very poorly. It might not seem apparent immediately but eating a diet high in nutrition is one of the ways to avoid burnout and adverse health outcomes.

 

  • Anxiety and Depression – Mental illness can also rear it’s head as you are experiencing burnout. Sometimes it’s due to nutritional imbalances, or chemical imbalances, but sometimes it’s situational.

 

  • Anger, Pessimism, and Loss of Enjoyment – When you are experiencing the brunt of burnout, you may act out with hostility due to being disillusioned about business and life. If you aren’t enjoying it and feel like you never will, that will affect you severely.

 

If you aren’t enjoying your business or your life and the feelings of discontentment are intruding on your ability to move forward, you may be experiencing burnout. If you think you are, it’s a good idea to start right now, today, creating a plan that will work better for you as an entrepreneur. After all, you deserve all the good things in life, including security, satisfaction, and joy.

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Develop a Realistic Business Plan

One reason for burnout is incongruency between the life you want and the life you’re living. Most of that problem is due to a lack of planning.

Entrepreneur Burnout

Many small business owners think that if their business is a home business or a small business that they don’t need a real business plan. After all, they think I am not going to get a business loan, so why do I need to do all that planning?

 

The truth is if you want to succeed, and you want it to be repeatable, and you want to avoid the potential for burnout, you must develop a business plan. A business plan will help you structure, run, and grow your business realistically and sustainably. Plus, creating a business plan isn’t even hard to do. Let’s learn how to make a one-page business plan for your home business right now.

 

Your one-page business plan should include the following. However, keep in mind it doesn’t literally have to live on only one page. You should include as much information as you need in your business plan to help you develop a guiding document for your business. If one page works for you, that’s fabulous!

 

Describe the Problem

 

You’ll want to write a well thought out description of the problem that your customers have that you can solve along with any relevant data that describes how you can do that to show proof.

 

Your Product or Service

 

This is the solution to the problem above, so you’ll want to go through each product or service you offer and describe the solution in terms of how it solves the problem that the customer has. If you have more than one solution, this is the area that might end up taking more than one page. However, going through this can help you with marketing later.

 

How You Make Money

 

This is considered your business model. How will you make the money, how much will it cost you to make the money, and what is the price the customer will pay for the solution and how will they pay it?

 

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Know your number

Describe Your Customer(s)

 

Understanding your target market is an essential component of your business plan and your business planning needs. Include a customer avatar through the buying journey. Talk about how many customers there are, and how much you can earn from each customer throughout their customer life cycle.

 

Describe How You’re Different

 

It can help to describe how you’re going to differentiate yourself from your competition. This is called your “competitive advantage” in business. It’s how you use your differences to stand out from the competition and create customer loyalty.

 

Describe Your Team

 

Even if it’s just you, it helps to write down all the tasks and roles that need to be accomplished to make this business work. However, even if it is just you, it’s not just you due to the technology you can use, such as email marketing software, funnel software, and other automation.

 

Also, if you plan to outsource anything, write that down too. Maybe the first year you’re doing it all yourself but include financial metrics that trigger outsourcing or major software purchases.

 

Include Key Financial Metrics

Do you Know your Numbers?

You need to know what your budget is for marketing, software, outsourcing, and so forth. This is often called a Financial Summary in a business plan. You’ll want to include figures for now, and your future as you forecast potential sales. Finally, you’ll want to add what funding you need right now to get started or to move forward with your business.

 

As you go through this, just focus right now on writing a summary of each section so that you see what needs to be done in one easy to read page. As you move forward, you can add more information to the plan, which may make it grow past the one page, but it will be a helpful exercise to help keep on moving toward your goals.

 

As you move toward your goals, you’ll be a lot less likely to experience burnout when you’ve set up your business realistically in balance with your entire life. Writing down the business plan helps you see it more clearly and plainly, thus allowing you to really accomplish what you set out to do rather than keeping it as a dream.