Amount Of Material Orresources That Flow Through A System Writing a Working Business Plan

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Writing a Working Business Plan

Many women are confused by the words “business plan”. what is this Who do I show it to? Do I really need it? What is it really going to do for me?

A business plan is a written blueprint for your business. It describes a summary of what your business is about and what its goals are. It also explains how your business will operate. The term “business plan” was first developed by bankers who wanted a detailed report of how a business would be profitable before making a lending decision. Today, no commercial banker will entertain a business loan application without a business plan.

In short, the answer is yes, if you really want to build a solid foundation under your home-based business, you really need a business plan.

I guess a lot of women procrastinate doing a business plan because they think they have to come up with some imaginary numbers and statistics about their business which of course is too intimidating for anyone. This type of plan is known as an executive business plan. This plan is shown to banks, SBA and other lenders to whom you can apply for a substantial loan. Usually, this type of business plan needs to show a 3-5 year forecast of how much money your business will make if they lend you a certain amount. If you need this type of business plan if you want to expand your business, the most important thing you need to know now is where you will be in the next 3,6,9 and 12 months. One of the best types of business plans is the “Working Business Plan”. This plan answers the 5 “W’s” – Who, What, Where, When and Why.

There is no pre-requisite length that a working business plan must be. Just remember that you’re not writing to impress, you’re writing to solve important problems in starting your business. This plan is for your planning purposes only and can later be expanded into a full operational plan. The following outline will help you process your thoughts and write your working business plan.

1. Mission Statement – ​​What is the mission of your business? What purpose does it serve?

2. Objective – What will be the result for your business as a result of your objective? (Ex: KG Enterprises will make over $50,000 in first year with a 5% error margin on their documents).

3. Management – ​​who will run the business and what qualifications that person has. What additional skills or resources are needed? What are the names of others who can act as mentors or help you in making your business a success?

4. Services/Products – What products or services are being offered? How will they be created? If you are selling a product, how much product do you need in stock? Do you have the start-up capital needed to purchase the product? If not, how will you raise the necessary capital?

5. Customers – Who are your customers? What area are they in? Is this the service or product they want to buy? Profile a typical repeat customer. 6. Competition – Who are your competitors? where are they What are their prices? What services or products do they sell? How can you do better?

7. Marketing – How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochures, stationery, flyers, etc.?

8. Office set-up – What are your daily office procedures, what do you do every day that will sell your service or product? What bookkeeping system will you use and how often will you enter your information into the system? Do you need a bookkeeper? What items do you need? What kind of furniture do you want? What office equipment will you need? Where will your office be?

9. Finances – How much money will you need for the following?

$ Your income

$ Advertisement/Promotion

$ Bank Fees

$ Business Insurance

$ Business Rent/Rent

$ Internet (include website, hosting, etc.)

$ supplies

$ Postage

$ printing

$ Tel

$ training

$ utilities

$ Marketing/Advertising

$ Equipment

$ Furniture

10. Networking – Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?

Contact Management

Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be essential. If you are currently using MS Office, you should already have MS Outlook installed and it will serve the purpose well. Other popular contact management software are ACT and Goldmine. Regardless of the contact system you have, you should be prepared to update your system at least twice a week.

Assess how you will manage your contact system. Make sure to schedule this in your planner or palm.

Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be essential. If you are currently using MS Office, you should already have MS Outlook installed and it will serve the purpose well. Other popular contact management software are ACT and Goldmine. Regardless of the contact system you have, you should be prepared to update your system at least twice a week. Assess how you will manage your contact system. Make sure to schedule this in your planner or palm.

11. Sales – The number of customers you serve or the number of products you sell will give you a true picture of whether you are succeeding in your business or not. But first, you need to have a measurable sales goal to achieve this success. Start by assessing where you want to be in sales for the first 3 months, 6 months, 9 months or a year. By doing this you will be able to re-evaluate your business plan every three months and decide if you need to improve marketing etc.

12. Start Date – Set a start date for when you want to start your business or implement this working business plan. Make sure you have printed materials available for all services or products offered. Assess and follow up with yourself every day for the first month to make sure you’re following your own plan. After 30 days, follow up on a weekly basis and then monthly from that point.

13. Remember, no plan will work unless you are willing to put it into action!

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