Do you find yourself struggling when you hear the phrase "business plan" because all you can think about is how complex and time consuming it would be to create a 50-page document that covers every single detail of your business idea?
You really do need a business plan, but it’s easier to achieve then you may think. Instead of looking at it like a huge task, break it down and think about some basic goals that you hope to achieve. Your business plan doesn't have to be a long and boring document, but rather a simple working document that can be more of an action plan.
Four Business Plan Basics:
VISION: What are you creating with your business?
MISSION STATEMENT: What is the purpose of your business?
OBJECTIVES: What are the goals of your business?
STRATEGIES: How, what, and where will you operate your business?
Now, the next three things are probably common sense, but it’s important to make a list of these things because you may need to really focus on what it will take to get your business off the ground and operating successfully.
Three Financial Basics:
STARTUP CAPITAL: How much money will you need to launch your business? If you’ve already started, how much will you need to “re-launch” or grow your business?
EXPENSES: What will it cost you monthly to keep your business running smoothly? Here’s a small tip: Don’t forget about the small monthly subscriptions (i.e. web hosting, domains, email or CRM solutions) that can add up quickly in your monthly expenses.
PROJECTED INCOME: What do you expect to earn? Have you done your research on industry standards and what to expect based on your experience level or product costs?
This working business plan can be the starting point for a more traditional business plan that you may use to pitch investors or to apply for small business loans. It may be a good idea to see if your city or town has a small business center or an entrepreneur center as well. Regardless, putting these things into a simple business plan is a great way to outline where you are right now, determine where you want to go, and create a plan to get there. When you focus on the seven items listed above, you can figure out your business much more productively.