Business Plans: Yes or No?

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Business Plans: Yes or No?

Encourager-In-Chief: August 17th, 2016

Do you have a business plan? Do you need a business plan?

Hint: You need a business plan.

If you plan to do business, you need a business plan. Most entrepreneurs I meet with who have never worked with a coach before do not have a business plan. Here are some of the basic things you should know if you don’t already have your own business plan.

  • How will your business be structured? It could be a corporation, a sole proprietorship, partnership, an S corporation, or a limited liability corporation (or LLC, for short). Depending upon how your business is structured will determine which is the best entity for you. I encourage you to speak with your certified public accountant to get advice on this.
  • What will the corporate entity be known as? If you pick a fictitious name, you’ll have to make sure it’s not already in use in your state and in your field. If you use your own name, you can avoid this problem.
  • Your business plan should include your vision for this business, what it will do, who it will serve, why it exists, how it will be done, where it will operate, a time frame for growth, anticipated revenue, and estimated expenses.
  • When it comes to your target audience, identify who your customers are by geography, age, gender, average income, and interests.
  • If you will be applying to a bank or investors for capital, they’re going to want to know what you have to put up as collateral, how much you will be investing in hard assets (buildings, vehicles, equipment, machinery, etc.), and how long it will take for you to turn a profit. Your credit history will also be a factor.

This is just a basic starting point. You’ll need to get with a business adviser or coach and map out a more thorough strategy before you begin running your business. Be smart and don’t skip this step. Whatever it costs you now it will save you thousands in dollars and heartache if you try to run your business without a business plan.

People don’t plan to fail. They fail to plan.
- Source unknown

This excerpt is taken from my Survive and Thrive in Your Own Business seminar. I also encourage you to register for my Survive and Thrive III: Increasing Cash Flow, Sales, and Profits 12-Day Drip Program.

Survive And Thrive In Your Own Business


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