June 25, 2012
Your Best Business Plan
Decided to throw your hat into the ring and join the 10.6 million majority women-owned businesses? Congrats!
So, where do you start?
“A business plan enables you to identify challenges and missteps before they impact your business,” says Diane Tarshis, founder of Springboard Business Plans, LLC.
“Entrepreneurs write a business plan to act as their operating blueprint.”
Tarshis says the plan should answer three questions: what is the problem, what is your solution, and why will customers pay for it?
When compiling the plan, experts insist on market research.
Merely stating your solution or product is necessary, is less convincing to potential loan providers than showing evidence it will add value to a certain percent of the community.
Projected financials are also a must for your plan, says Tarshis.
This means budgeting for what you need to borrow, raise or make to cover building expenses, employees, advertising and manufacturing costs – even down to the exterminator.
When considering factors like liability and LLC vs. Inc., Nolo provides advice and tips – without all the legal jargon.
Bplans provides sample plans for opening a restaurant, medical practice, retail, online service and more. Plus, High-Tech Women has detailed outlines to follow.
Lastly, having an experienced eye (like a fellow female entrepreneur) review your final version can help pinpoint spots for improvement.
Bonus PINK Link: Having trouble coming up with your big idea? Start here.
Comment and tell us the first thing you put on your business plan.
By Julia Turner
“Life is too complicated not to be orderly.” Martha Stewart
*Supporting images from FreeDigitalPhotos.net, imagerymajestic, scottchan, and Ambro.