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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.
 
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Comments
A good resource for the research you mentioned
I run into Moms all the time who don't know where to conduct the research before writing a business plan. I personally encourage them to research the supply and demand in the field they are going into by going to the Keyword SEO Toolbox online. Just Google Keyword SEO Toolbox. That site calculates how many people are searching for the business you might want to go into. You would also be surprised that you can find a lot of new twists on business ideas to help create a more niche based sahb.
On a side note. I just found your site and am so excited to read on.
Renae Christine
http://blog.byrenaechristine.com
Your Best Business Plan...but what about....
........
Yeah, that was an alright article. It offered some good pointers on devising your business plan.
But what I am wondering is, why the article didn't even mention two of the BEST sources
of helpful information for ALL entrepreneurs, http://www.entrepreneur.com/women/ and
http://www.entrepreneur.com ?
Those two awesome sites are the spin-offs of my all-time FAVORITE printed magazine for fledgling business owners, Entrepreneur Magazine. I have been a fanatical subscriber of Entrepreneur Magazine for over two decades! Mainly, because, each issue offers dozens of great short articles featuring other aspiring entrepreneurs who have already 'been there, done that'. These folks, who are no different from anybody else, talk about their own trials and tribulations, and what they've done to overcome their myriad obstacles to achieving success!
And, you know what else is VERY interesting about that publication? Whenever I talk to business owners who are struggling, and/or nearing going out of business, I always ask them this question: "How often do you read Entrepreneur Magazine?" And, you know what blows me away? As it ALWAYS turns out, NOT ONE of those business failures has EVER even perused a single copy (not even while they were sitting for an hour in a waiting room)!!!
ARE YOU KIDDING ME, FOLKS??? No wonder your business is 'buying the farm'! How can you expect to succeed when you've never even done anything to EDUCATE yourself on the the daily struggles, as well as the ins and outs of running a REAL business? Am I speaking in a foreign tongue, here?? Sheesh!
Folks, this isn't rocket surgery. Put away all of that nonsensical gibberish about The Bachelor, America's Got Tuna, and the whole nauseating Kim Kevorkian (Kardashian) saga, (eeewww), and OPEN YOUR MINDS by really educating yourselves for once!! *wink wink*
Oh yeah, and I am almost certain that Little Pink Book will NEVER allow this comment to be seen on their web site (too controversial, I suppose). Therefore, I am essentially 'talking to myself', here...."hi Robin, are you having a nice day?"
Have a nice day,
Robin
P.S. Oh yeah, here's another decent resource for small business owners... http://www.businessweek.com/small-business
Business Plan Blog
I have a very simple 6 step plan I follow every three months that focuses on my long term and short term goals. I think when doing a plan it is crucial to break it into small steps so we can be accountable to the plan. If we work in 3 month increments it makes it even more doable. There are statics that state
When you write down what you are going to do
you increase the probability of success by 28%
When you write down what you are going to do,
you tell a colleague what you’re going to do and
how you’re going to achieve it
with a time line you increase the probability for success by 68%
When you write it down, tell a colleague how and when
and how you will hold yourself accountable you increase
your probability of success by 98%
I think this is a great practice for making our dreams happen!
Thanks,
Katie B. Smith
www.katiebsmith.com
Business Plan Blog....
That's excellent, Katie.
I have personally seen how 'being held accountable' for doing something can have a tremendous effect on achieving REAL results....in ANYTHING you're doing.
It truly does make a big difference!
Thanks for posting that, Katie.
Have a nice day,
Robin
P.S. I've bookmarked your web site. :-)