As a business owner or entrepreneur, you are in a unique class of people who have the desire, passion and grit to live a little differently now — so you can live a lot differently later. People like Andrew Carnegie, financial guru and best-selling author, Dave Ramsey, inventor, Madam C.J. Walker, Oprah Winfrey, Steve Jobs or fashion designer, Vera Wang took the same journey.
What you may not know is that many famous entrepreneurs failed on their first try at starting a business. Huh? Who wants to waste time and money failing first? Not me. And neither do you. One way to start on the right track is to write a business plan.
3 things you can do better with a business plan:
- Supercharge Your Business Growth. Whether you are just graduating school with a great idea, leaving the corporate world to strike out on your own or taking over the family business after years of prep, you’ll benefit from mapping out a plan. A good business plan should establish your long-term vision, set specific goals and outline the steps to get there.
- Get Money. Another critical reason to draft a business plan is that banks and investors will be looking for it. If you are considering a business loan, investment or other funding to start or grow your business, a great elevator pitch won’t be enough.
- Know if You’re Winning or Losing. Even if you never need a bank loan or want to attract investors, you will want to know how well (or poorly) your business is performing. Maybe you intend to start a family someday, buy a house or sell the business . . . Without some measure of what you originally intended; how will you know when it’s time to make a move?
It's not that complicated, really.
What if . . . If the process were streamlined, wouldn’t you be more likely to write a business plan? Of course. The truth is you don’t need an MBA to write a business plan. In fact, your business plan should be simple enough that investors and lenders can make quick decisions about investing in your business or working with you.
Ever watch Shark Tank? The pitch is just a few short moments!
And what’s the point of a 500 page book anyway? It can be time suck — if you let it. But it doesn’t have to be. If you’re like every other entrepreneur on the planet, you’re gonna change your mind a million times along the way. You need something powerful — and yet, short and sweet that will ebb and flow with you.
Here's what to include . . .
Your business plan should tell the story of who you are, outline your products and / or services and describe your target customers. (You might also throw in a lil’ something on why they need you.) Then include a clear word picture of the goals you want to reach in say, 1 to 2 years — along with specifics on how you plan to get there.
Download now. Thank me later.
Simple enough right? We’ve made it even easier by putting together a FREE eGuide: Your Business Plan in 5 Easy Steps. Yep, we walk you through our quick & dirty process for writing a business plan that gets results. Use our template to jump start your new year, get focused, plan your pivot — or just plain ol’ start over. Whether you are writing your first business plan or updating an old one, this FREE eGuide will help you avoid common mistakes and create a plan you can actually stick to.