| Having a good small business plan will ensure that your | | | | about your business? Anyway you choose to get the |
| journey to success is much smoother. All successful | | | | money doesn't matter. |
| business owners know that having an organized, well | | | | Having a thorough small business plan is going to help |
| thought plan is essential to see the results they expect. | | | | you get that start up money though. As long as you |
| Even if the business plan doesn't give the results that | | | | can show the lenders how you plan on getting a return |
| you would have thought in the beginning, you can | | | | on their investment, you will be set. It doesn't matter if |
| tweak and change different areas of your process to | | | | you have horrible credit or don't know anybody that |
| perfect it. | | | | will lend you large amounts of money. You can always |
| I thought I would go through a step by step guide to | | | | find a way. Think outside the box! |
| what you need for an effective small business plan. | | | | Alright the next step should be the simplest for you. |
| Many people try and start a business without any true | | | | You want to write down your complete sales funnel |
| expectations for the future other then 'oh this is going | | | | for how you plan to sell your product or service. Go |
| to work'. You have to know exactly what "should" | | | | through every step you expect a customer to go |
| happen so that the surprises are less. In most cases | | | | through to reach your bank account. What are you |
| surprises in business aren't positive. | | | | selling exactly? How are you packaging the items? |
| You must have a plan for many different areas of | | | | Are you providing multiple services and products? |
| starting a small business. How are you going to fund | | | | What do you expect to be your number one seller? |
| the start up fees? How do you expect to sell your | | | | What's your specialty? |
| product/service? How do you expect to pay your | | | | Once you have all these areas done, you have to |
| employees? How are you going to promote your | | | | know how you are going to promote your business |
| company effectively? Most importantly and what most | | | | and keep the business coming in. This seems to be the |
| business owners don't think about is where do you | | | | biggest problem most business owners have. You |
| want your business to be in 5...10...20 years? | | | | know everything there is to know about your products |
| Creating the right small business plan is all about | | | | services, but you know nothing about marketing. That's |
| creating effective systems. A system is something | | | | expected too. Marketing is an expertise in itself. |
| that you can use over and over again in different | | | | If you've read much of my blog, you know how I |
| situations to receive expected results. You at least | | | | preach about smart marketing. Smart marketing is all |
| have some idea of what's going to happen if you have | | | | about spending your hard earned dollar and getting |
| the right systems in place. | | | | more then you spent in return. In other words, big |
| The first step to your business plan is knowing exactly | | | | return on investment (ROI). Every market will be |
| how much money it's going to take to start your | | | | different and different marketing tactics will work in |
| company. None of this has to be a professionally | | | | each of them. You have a huge list of options too. |
| written up small business plan that costs thousands | | | | - Newspapers, Yellow Pages, Radio, Television Ads |
| and thousands of dollars hiring an "expert". Take out a | | | | - Fliers, postcards, promotion coupons |
| piece of paper and write down your plan. The main | | | | - Referral programs |
| thing is that you know exactly how you are going to | | | | - Internet marketing |
| fulfill your dream of being a successful small business | | | | - Email marketing |
| owner. | | | | - Holding seminars and special events |
| So what are your opening expenses? Here are some | | | | - Business to business referral programs |
| questions you need to answer to find out your | | | | These are just to name a few of the options you |
| estimated dollar amount: | | | | have. You can never go wrong working with other |
| - How much money does your product or service | | | | local businesses. It's beneficial for both businesses and |
| cost you? | | | | can be something that explodes your business quickly. |
| - How much money will you charge for your service | | | | It should definitely be part of every small business plan. |
| product? | | | | No matter which direction you take your marketing in, |
| - How much money do you require to live for two | | | | remember to always be able to track your marketing |
| years with no profit coming in from your business | | | | method. You always want to know how effective |
| (safety precaution)? | | | | each method is for your business. Don't spray and |
| - How much will it cost for your employees for 2 | | | | pray! In other words, don't just buy what that marketing |
| years? | | | | salesman is selling you if they can't show you how |
| - What are your legal fees? | | | | many customers you are getting in return. |
| - What are your CPA fees? | | | | Creating your small business plan with all of these |
| - How much will getting a physical location cost you (if | | | | areas covered is a great start to having a successful |
| needed)? | | | | business. You can go in deeper and deeper to have |
| Every business is going to be different so think about | | | | an even more effective plan and you should, but this is |
| anything that you need to spend money on to get it | | | | a great start for anyone. Once you have the plan, you |
| running. The next step you must consider is how are | | | | just have to follow it step by step. It makes your job |
| you going to get this start up money. Are you going to | | | | so much easier. You have too much to worry about |
| go to a bank for a loan? Are you considering finding a | | | | already. There is no reason to have to constantly be |
| partner that can cover the costs with the agreement | | | | wondering...'what am I going to do now?' You need to |
| you can buy out the company later down the road? | | | | know what you're doing beforehand. |
| Do you want to talk with a wealthy family member | | | | |