| Writing a Working Business Plan | | | | procedures, what will you do each day that will |
| | | | result in the sale of your service or product? |
| Many women are so confused by the words - | | | | What bookkeeping system will you use and how |
| "Business Plan". What is it? Who do I show it to? | | | | often will you input your information in the |
| Do I really need it? What is it really going to do | | | | system? Do you need a bookkeeper? What |
| for me? | | | | supplies do you need? What type of furniture do |
| A business plan is a written blueprint for your | | | | you need? What office equipment will you need? |
| business. It describes a summary of what your | | | | Where will your office be? |
| business is about and its' goals. It also outlines how | | | | 9. Finances - HOW MUCH MONEY WILL YOU |
| your business will function. The term "business | | | | NEED FOR THE FOLLOWING? |
| plan" was first developed by bankers who wanted | | | | $ Your Income |
| a detailed report of how a business would result in | | | | $ Advertising/Promotion |
| profits before they would make a decision on | | | | $ Bank Fees |
| lending money. Today, no business banker will | | | | $ Business Insurance |
| even entertain a business loan application without | | | | $ Business Lease/Rent |
| a business plan. | | | | $ Internet (include website, hosting etc.) |
| In a nutshell, the answer is yes, you really do | | | | $ Supplies |
| need a business plan if you really want to build a | | | | $ Postage |
| solid foundation under your home-based business. | | | | $ Printing |
| I guess the reason so many women procrastinate | | | | $ Telephone |
| in doing a business plan is because they think they | | | | $ Training |
| have to come up with some imaginary figures | | | | $ Utilities |
| and statistics about their business which is of | | | | $ Marketing/Advertising |
| course very scary for anyone. This type of plan | | | | $ Equipment |
| is known as an Executive Business Plan. This plan | | | | $ Furniture |
| is shown to banks, SBA and other lenders who | | | | 10. Networking - Who needs to know about your |
| you may apply to for a substantial loan. Usually, | | | | new venture and why? What contacts do you |
| this type of business plan must show a 3-5 year | | | | need to have? Why do you need to know them? |
| projection of how much money your business | | | | What can they help you with? |
| would make if they should lend you a specific sum | | | | Contact Management |
| of money. Although you will need this type of | | | | Establish a good contact management system for |
| business plan should you wish to expand your | | | | yourself. Today, keeping a list of contacts on |
| business, the most important thing for you to | | | | paper is not efficient. Good contact management |
| know now is where you will be in the next 3,6,9 | | | | software will be needed. If you currently use MS |
| and 12 months. One of the best form of business | | | | Office, you should have MS Outlook already |
| plans to start out with is the "Working Business | | | | installed and it will serve the purpose nicely. Other |
| Plan". This plan answers the 5 "W's" - Who, What, | | | | popular contact management software are ACT |
| Where, When and Why. | | | | and Goldmine. Regardless of what contact system |
| There is no pre-required length that a Working | | | | you have you must be willing to update your |
| Business Plan should be. Just remember that you | | | | system at least twice per week. |
| aren't writing to impress, you are writing to | | | | Evaluate how you will manage you contact |
| address the important issues of starting your | | | | system. Make sure to schedule this in your |
| business. This plan is just for your planning | | | | planner or palm. |
| purposes and can be expanded later on into a full | | | | Establish a good contact management system for |
| executive plan. The following outline will help you in | | | | yourself. Today, keeping a list of contacts on |
| processing your thoughts and writing your | | | | paper is not efficient. Good contact management |
| Working Business Plan. | | | | software will be needed. If you currently use MS |
| 1. Mission Statement - What is the goal of your | | | | Office, you should have MS Outlook already |
| business? What purpose does it serve? | | | | installed and it will serve the purpose nicely. Other |
| 2. Objective - What will the outcome be for your | | | | popular contact management software are ACT |
| business as a result of your mission. (Ex: K.G. | | | | and Goldmine. Regardless of what contact system |
| enterprises will gross over $50,000 it's first year | | | | you have you must be willing to update your |
| with a 5% error margin on its documents). | | | | system at least twice per week. Evaluate how |
| 3. Management - Who will run the business and | | | | you will manage you contact system. Make sure |
| what qualifications does the person have. What | | | | to schedule this in your planner or palm. |
| additional skills or resources are needed? What are | | | | 11. Sales - The number of clients you service or |
| the names of others that might be able to serve | | | | products you sale will give you a true picture as |
| as mentors or help you in grooming your business | | | | to whether or not you are having success with |
| for success? | | | | your business. But first, you must have a |
| 4. Service/Product - What products or services | | | | measurable sales goal in achieving this success. |
| are being offered? How will they be produced? If | | | | Start by evaluating where you want to be in sales |
| you are selling a product, how much of the | | | | for the first 3 months, 6, months, 9 months or |
| product will you need in stock? Do you have the | | | | one year. By doing this you will be able to |
| start-up capital needed to purchase the produce? | | | | re-evaluate your business plan every three |
| If no, how will you raise the capital needed? | | | | months and determine if you need to improve in |
| 5. Customers - Who are your customers? What | | | | marketing etc. |
| area are they in? Is this a service or product | | | | 12. Starting Date - Set a starting date for when |
| they will want to buy? Do a typical profile of a | | | | you want to begin your business or put into place |
| repeat customer. 6. Competition - Who are your | | | | this working business plan. Make sure you have |
| competitors? Where are they located? What are | | | | printed material available for all services or |
| their prices? What services or products do they | | | | products offered. Also evaluate and follow-up with |
| sell? How could you do better? | | | | yourself daily for the first month to ensure that |
| 7. Marketing - How will you market your business? | | | | you are following your own plan. After 30 days, |
| How much money will you need to market your | | | | follow-up on a weekly basis and then monthly |
| business? How is your competition marketing their | | | | from that point on. |
| business? Do you need business cards, brochure, | | | | 13. Remember, no plan will work unless you are |
| stationery, fliers etc.? | | | | willing to put it into action! |
| 8. Office Set-up - What are your daily office | | | | |