Tag: business plan

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Business Plan Resources You Can Use

You don’t have to reinvent the wheel to create your business plan. There are numerous resources you can use to help you. Use this list to find resources to use to help you create the best and most functional business plan possible.

 

The more you work on this, the more likely you are to be successful. But don’t forget, set a deadline for yourself so that you finish your business plan so that you can get started living the life you dreamed you’d have as soon as possible.

 

  • Small Business Administration – [https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan] In the USA, you can use information from the SBA to help you create your business plan. They have a lot of precious information on their website and in their offices across the country, and most of it is free or low cost.

 

  • Business Plan Software – There are numerous choices, such as bplans.com, liveplan.com, and others. They’re all pretty much the same, so you can choose based on what you need.

 

  • Business Plan Templates – You can find them right inside your MS Office templates and free online. Whatever you do when you do use a template, don’t copy someone else’s information. Make sure you add your own information so you don’t make a mistake. Just use the template for layout purposes.

 

  • A Business Plan Outline – Once you decide the type of plan you want to create, make your own outline, so you don’t forget to add any information. It does help to have the basic structure laid out, so all you do is fill in your own information.

 

  • An Accountant or Other Professional Expert – CPAs, Enrolled Agents (EAs), and some bookkeepers who specialize in a business start-up are professionals you want to have on hand to help you with the financial aspects of your business plan. Plus, they can help you with tax planning. Every small business owner should visit a tax planner before they start their business.

 

  • A Mentor, Coach, or Consultant – There are people who are willing to assist you for free or for payment, depending on your situation. Try going to a local SCORE.org office to get some help with your business plan. You can also find a coach or consultant online. Ask your colleagues for referrals.

 

  • Find an Incubator – Almost every local city with a college or university has a small business incubator that is willing to help. Check out your local coworking spaces for more information about this. They can help guide you through your research and business plan creation.

 

Finally, you can also hire someone to create your business plan for you, but this can be expensive. It depends on your situation whether you do it alone, go the volunteer route, or hire someone. The main thing is to learn as much as you can about creating a business plan, read other people’s plans, and then get yours started and done.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Information You Need to Know for Your Business Plan

 

There are many reasons to write a business plan. You may need a plan to borrow money, attract investors, or to validate your ideas. Plus, creating a business plan helps work out operating procedures and can put your business at a strategic advantage over other businesses.

 

To create your business plan, work on collecting the following information and documentation.

 

  • A Description of Your Business – This is simply what you do, who you do it for, why you do it, how you do it, and when you do it.

 

  • Describe the Problem(s) Your Customer Has That You Solve – Make a list of each problem you solve for your customer. Describe them fully and why they need to be solved. It can help to attach the product to the problem for reference.

 

  • Describe Your Solution – Explain how this solution solves the problem for your ideal customer. Try to write this from their perspective to ensure that you are putting the customer in a central place.

 

  • Describe Your Target Customer – You may need to describe more than one target depending on your products and services, especially if you have different levels of products, depending on their place in the customer buying journey. This is a good place for customer avatars.

 

  • Describe Your Competitive Advantage – This is all about how you are different from the competition. It may be due to price, service, innovation, operation, or something else. Some people also describe this as a unique selling point or unique selling proposition. It’s all about your place in the market and how you can leverage it to your advantage.

 

  • Describe Your Selling Process – Website, storefront, affiliates, distributors or salespeople, door-to-door, or something else? For example, perhaps you’ll set up a squeeze page with a freebie to build your list then nurture your relationship with them in email. Be specific and thorough.

 

  • Describe Your Business Model – This is a list of your revue streams and how you’re going to make money. If you have no revenue stream potential, you have no business. For example, starting a blog is not a business until you monetize it.

 

  • Describe Your Start-Up Costs – What are the funds you need to get started? List each expense and why you need it.

 

  • Describe Your Goals and Benchmarks – If you don’t set deadlines, it won’t happen, so make sure you match a deadline or benchmark to each of the goals you’ve set for your business. For example, “I will get 100 new customers each week by hosting two-hour long webinars each week.”

 

  • Describe Your Business Setup – For example, if you’re a sole proprietor who outsources to contractors, state that; if you are an employer with a management team, state so. If you plan to buy human resources, as time goes forward, mention those benchmarks so you know when this will happen.

 

  • Describe Resources You Have and Need – Make a list of the resources you have available now and how you’ll use them and a list of resources you need to buy, and when you’ll do so based on benchmarks.

 

As you work on creating your business plan, it can help to understand fully all the information and data that you need to complete a business plan that is useful for you. Use this list of information you need for your business plan to guide you as you create the plan and build your business.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Describe Your Ideal Customer or Client: Create a Customer Avatar

One of the parts of your business plan that is essential is to describe your ideal customer or client. As you get to know your customers, you’ll find answers to questions such as: Who are they? Where do they hang out? What do they want? What do they need? What are their pain points? What keeps them up at night. Where do they get their information?

 

One practice that has become popular due to the fact that it works is to create a customer avatar from the information you collect that best describes your ideal customer. When you first begin, you’re going to create one avatar that best describes your most ideal customer. You’ll use that information to inform all the products that you create.

 

A customer avatar is simply one document that succinctly describes who your customer is, how they live their lives, and what they want and need in terms of your expertise.

 

The information you need to complete a customer avatar is as follows:

 

  • List Places Your Customers Get Their Information – Make a list of websites, journals, magazines, blogs, newspapers, books, and so forth that comprise where your ideal customer likes to get their information. These are all excellent options for networking and advertising.

 

  • List Your Ideal Customer’s Goals – Make a list of your customers’ goals for the solution you are trying to sell to them. The goals have to be in line with your expertise and your offers. For example, if you’re a Keto Coach, their goals will be about succeeding on a Keto way of life.

 

  • List Your Ideal Customer’s Values and Principles – Most people make decisions based on their morals, values, and principles. It’s the way they judge if something is true or not. The more you can relate to these values and principles with your words and actions, the better.

 

  • Describe Your Ideal Customer’s Demographics – Demographic information includes things like age, race, income, education, and so forth. Include everything relevant that will help you with targeting ads and content.

 

  • List Your Ideal Customer’s Pain Points or Challenges – As it relates to your experience and offering, list their pain points and challenges. What wakes your customers up at night? If you’re a Keto Coach, maybe your customers have diabetes, but maybe they just want to lose weight. You may have more than one ideal customer, too, but you should differentiate them so you can laser target the information you provide.

 

  • List Any Objections Your Customer Might Have at The Point of Purchase – Take the time to go through and make a list of each objection your customer may have based on who they are. When you list the objections, find facts and information that can overcome the objection.

 

You’re going to have to ask and answer numerous questions to fully gather all the information you need to create a well thought out and effective customer avatar. Once you do that, you should give your ideal customer a true persona and name. You can draw a picture of them, or you can cut out pictures from a magazine or use clips online to build your customer avatar. It’s up to you, but you want the avatar document to be as specific as possible. Once you start your business and start to collect more data information, you’ll be able to create more avatars based on their buying journey.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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What Do You Sell? Really?

 

As you work through your business plan, one of the things that come up is what do you sell. Well, it may seem easy to list products and services by name, and that’s enough. But the truth is each product or service has a reason it’s selling that has nothing to do with what it’s called but instead what it does, namely, solve problems or provide exceptional value.

 

At this point in your business plan journey, you’ve likely heard the idea that you need to focus on benefits over features. But sometimes, this can feel unnatural and maybe even a little tricky as the business owner. After all, you sell a product or a service, and how it benefits the person who buys it might vary – but you do need to know this information.

 

Knowing this information will help you not only advertise your product but will also help you create new products and services. To figure this out, it will help you first to list the features that your product or service offers, then describe the benefits and value of the feature in words and terms that your ideal customer will appreciate.

 

When you write clear benefit statements for each of your products and services, it shows your audience that you relate to their needs, you understand their pain, and you know what they need. For example, if you’re a virtual assistant selling customer care services, what is the benefit in the mind of the person buying your service? If you can put yourself in their head, it helps

If you already have customers, send them a survey and ask them directly how they most benefited from your product or service. This can help you get the words right. You can use these words in future advertisements or sales pages.

 Write Your Business Goals Down. Why is this important

 

To write your benefit statements for your products, do the following:

 

Know Which Problems the Product or Service Solves

 

Make a list of the problems that each of your products or services solve for your audience. You might want to take a look at your customers at different stages in their buying journey to differentiate each benefit and whom it benefits.

 

  • Highlight the Feature That Provides the Benefit – Make a list of each feature and the corresponding benefits that the feature offers based on where your customer is in their buying journey.

 

  • Explain How They Garner the Benefit When Using Your Product or Service – As you know, the benefits offered don’t just come from the purchase in most cases. They come from an action that the buyer takes too. Make sure you explain that.

 

  • Prove, Qualify, and Quantify the Results – The more sources you can use to showcase the facts that your product or service does what you say, the better. Use stats, studies, and testimonials to prove, qualify, and quantify the benefit’s results.

 

Focusing on the value and benefit your products and services provide your ideal customer takes a little practice. You’ll need to put yourself in their shoes and see your offering from their viewpoint. It can take a little practice, but once you get the hang of this, it will not only improve your business plan, but it will improve product creation and the entire selling process.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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How Will You Find Your Customers and Clients?

 

As you research your customers, you’re going to figure out where they like to hang out, what keeps them awake and worried, and more. It might help you to know some of the processes of finding your customers and clients as you move forward with creating your business plan.

 

  • Create Products and Services They Need and Want – Before you design any products or services, you need to know who it’s for, why they need it, and how they can afford to pay for it. When providing your audience what they want, it will sell itself.

 

  • Know Where Your Customers Hang Out – The reason you need to know where they like to go for fun and work is that you can then go there too. You can run ads where they are, and you can network with them and speak at their events. The more you are around your customer, the more you’ll appeal to them.

 

  • Know Where Your Customers Like to Get Information – Which magazines, publications, and shows do your customers like to find out the facts of something? Wherever they go is where you need to go as well. Again, you can pay for ads that they’ll see where they go. You can sponsor events. Speak at events and more to get to know them better.

 

  • Optimize Your Website – Learn about search engine optimization or hire someone to build your website in a professional way that helps bring people to your marketing funnel so that you can get more customers.

 

  • Be Present on Social Media – Expanding your branding by using social media platforms is important and a good boost to your website SEO. It provides backlinks and an opportunity for you to network with and get to know your customers better.

 

  • Network and Get Referrals – Online and offline spend time wherever your audience spends time. Try to stand out, so they notice you but don’t be a salesperson at the wrong time. Give them the information but do it professionally, focusing on providing value to your customers.

 

  • Partner with Complementary Business Owners – One great thing about networking and studying your competition is you will meet some fantastic people who will want to work with you. You can find Joint Venture partners even who are your competition to work together to serve the customers better.

 

  • Form Strategic Alliances – Another way to expand your reach is to join forces with others, including your competition or anyone in your industry, to raise money for a cause you all care about.

 

  • Study Your Competitors – Always study your competition so that you can learn what they’re doing right, what they’re doing wrong, and also notice the gaps in their coverage. The gaps are where you may find the sweet spot.

 

  • Advertise – Once you know who your competitors are, who your audience is, where they hang out, and understand the point of your product or service, it’s time to start investing in paid advertising. You can boost your business much faster if you set up an advertising budget.

 

Use this information in your business plan when you talk about your customers. Showing that you know who they are and how to find them is an integral part of crafting your business plan. It shows that you can get your products or services in the hands of the people who need it most, which also shows that you can earn the money you want to earn that will enable you to live your best life.

 

 

 

 

 

 

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How to Analyze Your Market and Why It’s Imperative to Do It

 

One thing you will notice about your business plan development is that there are lots of parts. You’ll have to do a lot of research to get the answers that enable you to create your business plan. Analyzing your Market is one of the things that you need to do to gather the right information. If you don’t go through this process, you may make decisions based on erroneous information.

How to Identify Over the Top Goals to Make Them Reasonable

 

A market analysis answers the following questions:

 

  • Who Are Your Ideal Customers? – Depending on your business, you may have several ideal target customers. Make a list of who your customers are. Describe them and give them a name so that it’s easy to know who you’re targeting with each new offer.

 

  • What Process Does Your Ideal Customer Go Through When Shopping? – In marketing, this is called the “buying journey.” It’s basically standard depending on where they are in the marketing funnel. Understand this so that you can differentiate the content you use to target them.

 

  • How Big Is Your Target Audience? – If you don’t know how many people are out there needing your solution, how do you know you can earn enough money. Pricing depends on many factors, such as how many people you can attract plus your production cost or time available to perform the services. If there are only 100 people who need what you’re offering, can you profit?

 

  • How Much Is Your Ideal Customer Willing to Pay? – Understanding who your customer is helps you also know how to price your products or services. Knowing their budgets and what keeps them up at night is enormously helpful.

 

  • Who is Your Competition and What Are Their Strengths and Weaknesses? – Understanding who and how your competition does business is also helpful. If you don’t have customers yet, you can learn almost everything you need to know by immersing yourself in studying them.

 

To get the information, you need to make good choices for your life and your business. Don’t try to skimp market research. Not only do you need to research before starting your business, but you should also continuously research your ideal customers over time.

 

While your customers may stay the same demographics, they can change their principles and values over time. Imagine creating a commercial for DOVE soap today compared to the 1940s and 1950s. Many old ads offend people today. You don’t ever want to offend your audience, so keep studying them and your market so that your communication with them fits.

 

  • Know Why You Are Doing the Research – Before you start researching, have a reason to do it. For example, if you want to find out where your ideal customer in the awareness stage finds their information, you should search for it; don’t just look at the information randomly, have a point for your research.

 

  • Stay Up to Date on Your Industry’s Outlook – One thing some business owners forget to study is the overall industry. You need to be on the lookout for killer technologies that might end the need for your product or service or otherwise change something drastic in your business. Remember, no one is still making VHS tapes. (Those used to have movies on them.)

 

  • Focus on Finding and Identifying Exactly Who Your Ideal Customer Is – You may think you know who your customer is already. If you do, it’s because you decided who they are before you even created your product. But if you already have a service or product, you may need to work a little harder finding the customer, but it is still possible.

 

  • Study Your Competition Regularly – Don’t just study the competition one time. Join their lists, get to know them. Become members of their community. The truth is, you never know when the competition might become a wonderful colleague.

 

  • Use the Data You Discover – Don’t just do all this work for nothing. Use the information you gather. Once you’ve collected the data and analyzed it make changes based on the facts. Then do it all again. And Again.

 

There is no point doing all this work researching if you’re not going to make changes and adjustments to your ideas. Once in a blue moon, your assumptions may be right, and your research confirms it, but often assumptions can be wrong, so always match your assumptions with the metrics and data that show the truth.

 

 

 

 

 

 

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Can You Describe Your Business?

One of the things you need to do to write a useful business plan is to describe your business. It might seem simple on the surface, but you want to be careful how you describe your business so that it is crystal clear what you do, who you do it for, how you’ll do it, and why you’re the right one to do it.

 

  • Be Specific – When you choose the wording for your business description, you want to ensure that you are as specific as possible. You must use the right terms that the audience understands best to get the information to them clearly. Hint, you may need more than one description if you have created more than one client avatar, to ensure that they truly understand.

10 Ways to Get to Know Your Audience Better

  • Describe Your Customers – Your customers are your business. For this reason, it’s imperative that you can succinctly describe who your primary ideal customer is. You need to be able to describe them as if they’re a person sitting right in front of you. Include demographics and even how they look. You can even give them a basic name. It also helps to learn your customer’s buying journey so you can describe your customer at each stage of their decision-making process.

 

  • Describe Your Products – Do the same thing about each of your products. List them all and describe who the product is for what problems it solves, and how and why it will work. Do this for all your products, whether it’s a paid product or a lead magnet. One trick is to list the features of each of your products and then connect that feature to how it benefits your ideal customer that it’s meant for.

 

  • Describe Your Services – If you have services and products or instead of products, you will want to describe each service fully. One way to do this is to focus on the result or impact that the service will have for them and their ideal customer.

 

  • Describe Your Talents as Related to Your Business – Include information about your education and expertise related to what you do in your business. If you have others involved, you’ll include their information too. You can even ask them to write their own short description, especially if they’re contractors since they likely already have that ready in their own business plan.

 

  • Describe Other Experts and Tools That Will Work With You – If you have contractors, employees, or other resources that help you do what you say you will for your ideal customers. Whether it’s people, specialized software, or something else, describe what you will use to get the job done and why they’re right for it.

 

  • Why Do You Want to Do This? – Why are you the right person to do this and to create or make these solutions? This is a great time to talk about a pivotal moment in your life that made you want to do this. What unique insight and talent set you apart from the competition?

 

The more you can make this section complete, the more you can feel proud when someone wants to know about your business. The act of creating the executive summary solidifies in your mind what it is that you do, who you do it for, why you do it, and how you do it.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Setting Boundaries: It’s Not Selfish to Go After What You Want

As you work on designing your life and business to match your version of a fulfilling and happy life, it’s imperative to realize that it’s not selfish to go after what you want. While it’s not selfish to make yourself happy as long as making yourself happy doesn’t include criminal or unethical activity, there are times when being so-called—selfish is good for you and good for business.

 

Stick to Your Budget

 

When most people think of sticking to a budget, they think of only money. While yes, you need to create and stick to your well-thought-out budget so that you keep your bank account healthy and can go after other things you want, remember that you have other non-money resources like your health, time, and so forth.

 

Follow Your Schedule

 

When you set up a schedule with real planning and thought about fitting in the things you want to do in life, it’s important to mostly follow your schedule. If you are having a hard time sticking to the schedule, maybe you’re not putting your plans first, or maybe you need a new schedule that is more realistic. When you develop a schedule that includes everything, including lunch with your four-year-old, data entry, exercise, and so forth, you’ll have a much more balanced life.

Scheduling

Say No (or Yes) with True Thought and Consideration

 

Don’t say yes or no to any request without thinking about it first. You need first to ask yourself if you even want to do it, figure out why you want to do it, what the benefits are, and then check to see if you even have time to do it. If you don’t want to do it, you can say no without guilt.

 

If you do want to and can’t, due to time or other constraints, state so and do not feel bad. If you can do it and want to do it, then you’re in the clear. But it’s imperative that you really think about it and study each question well.

 

Take Care of You First

 

This is probably the hardest for females. Women tend to put everyone else first but feel bad when they put themselves first. When it comes to your needs, always put needs before wants. Your needs come before your wants. Your needs come before someone else’s wants. This is how it should be. If you aren’t happy, healthy, and living the life you really want to live, what’s the point?

 

Prioritize Tasks, Especially Money-Making Tasks

 

As you create your schedules for your business activities, remember to prioritize any money-making tasks. The main reason is that without money you can’t do all the things you want to do that make your life worth living.

Why Every Business Needs a Business Plan

However, this doesn’t mean that you work 20 hours a day on money-making tasks. Instead, you’ll simply spend some of your time each day hard at work making money. When you designed your life, you discovered how much time you have left to make money. Use that time wisely. There is no point in spending time, for example, chatting with people on social media before you send offers to your customers.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Guess Who Is In Control of Their Life?

Life has a way of moving really fast when we are not paying attention. One day you’re walking across your High School auditorium stage accepting your high school diploma, and the next, you’re sitting at your kitchen table freaking out about the bills, your own kid’s graduation, and your parents’ move to assisted living. You may wonder who is really in charge.

If you know your Goal

But guess what, it’s you. You are in charge of your own life, and you can make choices that rock the world if you want to.

 

If you want to make a change, or start a new venture, or even improve the path you’re already on, the fact that you are the one in control is an important factor to accept. It does not mean that you haven’t had struggles, or you’re overly privileged, or even that you’re not.

 

It just means that you can make choices and take action that leads you to the lifestyle you desire or take you away from it. To help change your mindset to accept your control, let’s think about a few ideas to help you move forward.

 

  • You’re a Work in Progress – Whomever you think you are today, and whomever you want to be tomorrow, is not really finished. You can decide to be different when you learn new things about yourself and the world. Maybe you never heard of the career or business you want to start until you were 40, that doesn’t mean you can’t do it. You may not be able to, but you should research it and figure out if it’s feasible or not before you give up.

 

  • Try New Things – You cannot know for sure what you want from life if you have no idea what is out there. Most of us never travel much further than our state’s capital and rarely leave our hometown unless it’s for a job, and then we stick around there too. Even if you can’t travel, read a wide variety of books, try new things, and dip your toe into new ideas so that you can figure out what you want to do. Take some risks and let yourself be uncomfortable.

 

  • You Can Create Positive Habits – Most people think of habits as bad, but you can develop positive habits that lead to your desired results. Figure out what you want to accomplish and study what others have done before you to succeed. For example, if you want to become a baker and open a bakery, you need to learn how to bake first, which means you need to add baking to your daily routine.

 

  • You Can Learn Goal Setting – Honestly, one of the best things you can learn for yourself is goal setting. There is a specific method of goal setting that works for most situations. Look up and study SMART goal setting and then implement it in every area of your life, including your business.

 

  • Learn to Self-Reflect – Self-reflecting means that you are careful, honest about who you are, what’s happening around you in and out of your control, and how you affect what’s happening. Everything you do going forward should be judged by what you can do differently or better or even what you did right and not what others are doing, have done, or could do. All you can do is control yourself. That’s it.

 

  • Practice Makes Perfect –You don’t need to be perfect, but this is a saying that most people relate to. If you want to accomplish something, you need to keep doing it until you accomplish it. If you want to become a fantastic painter, even if you’ve never picked up a paintbrush, you can. You just have to start practicing now and keep practicing as often as possible.

 

When you fully accept that you are in control of your decision making, that means you’re in control of your life. This doesn’t mean that outside influences can’t mess up things for you, but it does mean that with good planning and thoughtful introspection, you can figure out what you want and how to get it, then take the steps to see it through.

 

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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Components of a Business Plan

A business plan is an important document that was traditionally designed so the business owner could apply for and receive financial help through loans, venture capital, and other investments.

Get better

 

However, the other reason for the business plan is that it will help you determine before you invest too much time and effort if your business idea is viable or not. Plus, it can be the beginning of a roadmap with daily operation tasks and activities that lead to building and growing a successful life-affirming business.

 

Executive Summary

 

This section includes the name, location, and the overall mission of your business that you want to start. You’ll want to include a full description of the product or service, how it’s situated within the market, and why yours is different. To write an excellent executive summary, you need all the information described in the other components below first. It should encapsulate everything you prove in the sections below.

 

Business Description

 

In just a few paragraphs, write an overview of your business operations and what you do. What you do, who you do it for, and why you’re different. You’ll need to research your industry and the competition, describe how the industry is right now in the current climate, and provide basic information about your business such as your name, the location, the type of structure you set up, and so forth. It should be clear to whoever needs it what you do. A good way to approach this is to describe the problem you solve for your ideal customer.

 

Market Analysis and Strategy

 

This is the section you will include your overall analysis about your industry, where you fit in, the target market, your competition, and how you will enter the market with your product or service based on what you know. Be very specific. Include the size of your audience, trending information, and info about your target customer. This is the info that you can create a customer avatar with.

 

Marketing and Sales Plan

 

This section may be one of the most important because it will define how you will do business. It will define your method for gaining customers and the like. You’ll want to discuss your product, the price of your product, the place you’ll sell it, how you’ll promote it, to whom, and mention what profit you want to achieve and how you will reach your target profit potential.

 

Competitive Analysis

 

To create this section, you’ll need to find out who your competition is, who exactly their target audience is, how they do their targeting and pricing, and marketing. You should understand how they differentiate themselves from the market so that you can find another entry point.

 

Management and Organization Description

 

In this section, you’ll want to describe and summarize your business structure, who is on your team, whether they’re employees or contractors, and so forth. This section is not actually needed unless you plan to talk to venture capitalists or seek grants. However, it is helpful for you personally to describe how your organization will work and who will do what, when, why, and how.

 

Products and Services Description

 

This area is very straight forward. Simply list and describe every product and service you will be selling. This is how you will earn money. Use all your descriptive words to describe your products and services fully. You’ll want to include cost, features (and always the benefit of that feature to your ideal customer), how you’ll distribute the product or service, and information about the target market and competition too.

Develop a Realistic Business Plan

 

Operating Plan

 

In this section, you need to be very detailed about how you’re going to run your business. What day to day tasks will be completed, and by whom, in order to be successful in this business? How much time will it take? What equipment will you use? What will change if times get hard or something happens, such as a natural disaster? Your operating plans consider possibilities so that you hopefully have a plan already in place when you need it.

 

Financial Projection and Needs

 

Not only do you need to know exactly what each part of your business costs you in terms of investment but also what it is going to earn you. This is an integral part of the plan because it will help you understand what it takes to achieve the goal you want: work-life balance and enough funds to accomplish the life you want to live.

 

Exhibits and Appendices

 

In this area, you’ll include all the documentation that goes with the summaries that you created for each section. This is the area you want to back up anything you said above with proof. Include copies of your ads, copies of your headlines, tagline, logo, and anything you use for marketing that helps support your words above.

 

It really does depend on the type of business you plan to start, whether you need to write a full business plan with the components mentioned above. If you are starting a home business, you may not need some of the financial projections that enable you to get a loan or venture capital, for example, but in general, you need at least to know what your goals are and how you’re going to reach them. When you put it in writing, it will provide a roadmap that will enable you to achieve the success you seek.

How To Build A Wildly Profitable Income Stream From Home Without Lies, Hype, Manipulation or Pressure…

 

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