Let’s Go Back to School
Heading back to school isn’t just for those enrolled, it’s also for entrepreneurs to revisit the essentials to see what lessons we have learned and where we can go from here.
Business plans are essential if you’re going to apply for financing, whether that’s from a bank, angel investor, or foundation grant.
They’re also essential if you’re serious about your business and want to have goals that drive your ambition and hustle to reach.
I know a business plan is required for serious business owners, by writing out why they are in business, which problems they solve for their customers, and goals once they’ve expanded/grown. I also know you can use a lean business plan to get all of this written out, and I’ve sumarized what that entails into a free pdf for you HERE.
Not only does putting the words to paper make you feel more confident in what your business is providing your customers, but it also helps you plan for the future by mapping out goals, processes that need to be put in place, as well as future employees, expenses, and real estate your business may require depending on what your future goals are.
The benefits of writing your business plan include being ready to make the next big purchase, keeping your business goals relevant to the changes you’ve gone through, and setting a standard within your company.
When you’re writing each section, truly envision yourself speaking to your potential investor, whether that’s Shark Tank, or a local bank, and stand in your authority of what you’re great at.
Business plans will take several hours to complete, I recommend taking 2 hours to go through each written section and write talking points to brain storm on what makes sense for you to put in each area, and then spending another few hours going through your talking points to elaborate upon them to form complete sentences and ensure you’re being thorough in the necessary areas. I also recommend asking a friend or business mentor to review it with you as a second set of eyes and ears and reflect if it’s on brand with how you’re currently presenting your business.
When you’re writing your business plan, have in mind your ideal client as well as what you’re planning for the future. Do you know what your future job title to be?
If you will be seeking financing:
You need to give yourself several months, since it takes TIME to put your business plan together with all of the data it requires. The more prepared you are, the more confident you will be, and the more likely you’ll be approved for the financing you ask for!
When you’re writing your business plan, know that it is the resume of your business, and if you’re going to be seeking financing from several institutions, people, or foundations, you need to customize it ever so slightly to speak directly to the whom you will be presenting your business plan to.
This is a sales pitch about your business, backed up by all of the research you’ve done into each section and how it applies to your business, as well as the data your bookkeeper/accountant provides the for the last 11 pages in financial documentation. Since it’s a sales pitching, you’ll need to review the information and make sure it’s exactly how you feel, that you’re confident in it, and that it’s mostly memorized so you’re ready for rapid-fire questions about it.
Ask for Help
If you’d like more guidance creating your business plan, use my book You Have Big Goals, Now You Need a Business Plan. You can buy it HERE.
You may also hire me to help you, it’ll require at least 3 hours of my time, so you’ll need to choose from 1-day intensive or on-going business coaching. Learn about those options here.
