SHEcorporated One Step Empire

Step 11 - You Need a Plan. Let's Keep it Simple.

July 22, 2021 Kristy Carruthers Season 1 Episode 11
SHEcorporated One Step Empire
Step 11 - You Need a Plan. Let's Keep it Simple.
Show Notes Transcript

Welcome back to SHEcorporated ONE STEP Empire podcast!

This week we are pulling it all together and creating your business plan.  

The good news is that it doesn't have to be a massive undertaking, especially if you aren't using it to pitch to investors and lenders. It can be just a page or two, but it is critical to maximizing your success. 

If you are looking for investors or financial help, they will require a solid business plan. But even if you are self-funded, you need to have at least a basic plan in place.

This is the ONE STEP Empire podcast from SHEcorporated.  We are here to help YOU take the leap, and create the life you dream of, by building your own business empire, one simple step at a time.

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Welcome back to SHEcorporated ONE STEP Empire podcast!

Last week we worked on your Vision and Mission Statement, what they are, and why you need them.  

This week we are pulling it all together and creating your business plan.  

For all but a few of us, who’s sanity I may have to question, writing the business plan is not necessarily the fun part, but it's really critical to your success.

The good news is that it doesn't have to be a massive undertaking, especially if you aren't using it to pitch to investors and lenders. It can be just a page or two, but it is critical to maximizing your success. 

If you are looking for investors or financial help, they will require a solid business plan. But even if you are self-funded, you need to have at least a basic plan in place.

Look at it this way - if you don't know where you are going, how will you get there?

Your business plan will help you

         Define your business vision

         Identify  demand

         Choose your pricing strategy

         Set your budget

Determine your financial needs

Identify risks and opportunities

Set your marketing plan

What should a business plan contain? 

The basic breakdown is usually something like this: 

  • Executive Summary  
  • Overview and Objectives 
  • Products and Services 
  • Market Opportunities 
  • Marketing Plan
  • Operations Plan 
  • Financial Information 
  • Risk Analysis
  • Implementation Plan

 

Each of these sections can be more or less detailed, depending on your business, and your needs.  So we’ll just break down the basics of each:

 

Executive Summary:  This section is a brief introduction to the business plan and the business. It will lay out the name of your company, the history, legal structure, size and location.  This part also would include your vision and mission statements.

Overview and Objectives: This will expand on your vision and mission statements and explain what your company objectives are, what you plan to achieve, when, and how.

Products and Services: Describes the nature of your product or service, it’s key features and benefits, and it’s competitive advantages. 

Market Opportunities: Describes the industry you operate in, the potential growth, normal costs and profit margins, trends, and prospects for your product or service. This is also where you will outline your target audience, who they are, and how they purchase.  You will want to outline your main competitors, opportunities in your market and how you can take advantage of them. 

Marketing plan: Describe how you intend to reach your market, grow your market share and sell your product or service. (we’ll tackle the marketing plan in an upcoming podcast)

Operations plan:  This is the basic plan for operating your business.  Where will you operate the business storefront, home office, or warehouse? What licenses and permits will you need? What suppliers will you use?  What equipment or supplies do you need? How will you create your product or service?  What staff will be required?

Financial information: Analyzes how much it will cost to start-up and run your business and how much you will earn. This should include information on where you plan to obtain funding, and how those funds will be used.  This is where you want to include cash flow projections, a starting balance sheet, a projection of anticipated income, and a break-even analysis. 

Risk Analysis: Identifies how key risk factors might affect your business.  This is where you will include threats like government regulations, new competitors, supplier issues, market trends or legal issues, and how you plan to address those threats.

Implementation plan:  This is your overall schedule.  You will need to show when each of the previous steps will be completed. When will financing be in place? When is the location secured? When does the marketing plan launch? 

The business plan is critical for everyone starting a business, to ensure that all the steps have been completely thought through, and any issues addressed.  If you want to really dig in this step may take a couple of weeks so take the time you need. 

But make sure you don't get stuck here. It’s easy to get overwhelmed and mired in the details.  A business plan is a living document, it will change and evolve as your business does, so you need to keep updating it over time. Right now, just get it all laid out as best you can, get it audited by a trusted business or financial advisor to make sure it’s on point, and then keep moving forward.

So that’s your one step for this week.  Get your notebook ready, and get your business plan mapped out. 

Next week we are meeting right back here and we are going to make things official and get your business registered.  Now things are getting real – are you ready?

 

So make sure you subscribe if you haven’t already and drop us a rating or a comment and hit us up @shecorporated on social and we’ll see you back here next week.