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January 28, 2008

Is Your Business Missing One Very Important Thing?

Let's face it, everyone wants to own their own business. Who wouldn't? No long commutes to work, no hassles from the boss, no negotiating a raise. Its a dream that has come true for millions of people every year. Whether they decide to work from home, or set up an office somewhere else, being in business for yourself is a rewarding experience. However, without a blueprint, you cant do anything.

So lets have a look at what a entrepreneur business plan template might look like.

The first section is called the Executive Summary and it should cover what your business does from a high level. What will your product or service be? Who will your customers be? Who are the owners and what does the future hold for your business and for the industry your business is in?

Next is your General Company Description. Include things such as your mission statement, your reason for being and your guiding principles. Who are you marketing your products to? Give an in depth description of your industry, and why you feel that you have a competitive advantage.

What are your strengths? What are your weaknesses? Where are your opportunities?

Next is your products and services. Provide some technical specifications, drawings, photos, and sales brochures. What factors give your products or services a definite advantage? What is the pricing fee?

Your Marketing Plan is next. Describe how you plan on marketing your product or service. You can have an amazing product, but if no one knows about it, you'll never sell anything. Without marketing, you have nothing. Include your market research which will help to back up your marketing plan and your solution set.

You'll also want to note if there are any seasonal factors or economic factors that impact your business. You can have the best lemonade stand in the winter, but if its snowing in the winter, you wont have many sales.

What about trends? Growth potential? Barriers? Costs?

What about your potential customers? Who are you marketing to? What is the demographic of your customer? Are you selling to businesses or consumers?

Competition - name 3 of your biggest competitors. Do they compete with you with every product offering, or only a few? How does your company fair against your competitors on price, quality, selection, service and expertise?

What is your Operational Plan? Are you a 1 person show, or do you have a team of qualified specialists who will give your firm the edge?

Personal Financial Statement - are you in financial shape to be running your own company? Do you have enough cash saved up for expenses? Are you carrying too much debt?

What are your start up expenses? Are there any silent partners? How will you fuel your future growth?

This will give you a head start on how to create a business plan that will get your focused on where you need to be. For some people, being their own boss means they have the most demanding boss ever. For others, its the right path to financial freedom.

Got your plan?

Posted by David at January 28, 2008 3:54 AM

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