I find myself with a few extra minutes today to share some thoughts, so here we are again. I figured if I have time to write a 10 page business proposal, I should be able to share a few thoughts of reflection on the process and maybe a bit of inspiration for anyone looking to do the same. A bit of a jumping off of yesterday's post, but I guess that makes sense, because yesterday's actions spurred on todays and today's will spur on tomorrow's etc...
Yesterday, I told whoever read my post that they should just write the business plan, even if you're not sure if you're serious about it. I want to clarify on that a bit. If you're really serious about it, write the 10 page business plan. If you're exploring the idea, start with a basic one. Here's some ideas on the basics of your business plan, for your reference.
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- What is your business called?
- Who is involved in your business and how is it structured? Is it a sole proprietorship, a partnership, a corporation or something else?
- What does your company do?
- What stage in the process is your company? Idea phase, concept phase, testing phase, execution/action stage?
- What is it that your business will provide to the market you're looking to serve? And is that product or service unique? If so, how? If not, how much of the market are you going to access and how?
- What is the value of the market and what part of the market and or how much of the market are you looking to capture with your product or service?
- Are you selling someone else's product(s)/service(s) or your own? What kind of agreement do you have?
- What is it going to cost to start your venture, run it and pay it off and what does that look like when you break it down into individual sales and how does that look on a timeline?
- Do the people involved in the business have the expertise required to execute the plan? What does the breakdown of their roles and duties look like and what are your plans to replace them if the need arises?
- What would you say if someone offered you a job running the day to day of this business? Would it provide you with a deserving income based on the time and energy required to do so?
I've never seen number 10 on a business plan, but I write it on my own for my own sake. It's not in my final draft, but something for me to consider, because if I can't duplicate myself or other member of my team, it's not worth doing.
I hope these words find you help and add in some way to your day and maybe to your life or that of a loved one. It's a small beginning to getting your business off the ground, or assessing a business idea at the very least.
Much love, stay well and get after those dreams like there's no tomorrow, because there's only so many tomorrow's before there's only today!