If you fail to plan, you plan to fail – that’s why writing a solid business plan is the best first step you can take toward making your dream of owning a successful small business a reality.
In this recording of our “Writing a Business Plan to Get What You Want!” webinar you’ll learn about a Business Plan and its sections, including:
The importance of deciding who the plan is for
The Business Overview – Talking about The Opportunity and why what you offer is The Solution; defining the target market; describing the unique aspects of a business that give it a competitive advantage and how the business owner intends to keep that advantage
Vision – Where the owner sees their company in 3 – 5 years, the ultimate goal for the business, and a description of the exit strategy
What to include in the Marketing Research section – Industry trends, consumer trends, wider general trends (government, economic, technology) that may impact a product; a business’ main competitors and their potential impact.
Sales Projections – How to calculate reasonable sales projections to include in a business plan
Management Team – Why is the owner the best person to launch this business, given their support team and contacts?
Marketing and Sales Strategy – The plan to get the word out about products given factors like prices, location, size of area to be covered, marketing budget, and projected sales
Operations – Discussion of operational issues like processes and delivery; how processes will be tracked to ensure completion; who handles human resources issues like hiring, scheduling, etc., and how they will be handled.
Action Steps – The importance of showing the company’s goals for today, as well as its Short Term and Long Term goals.
Financial Projections – Demonstration that the business is financially viable and sustainable over the long-term.
Executive Summary – Written last, but first thing reader sees. Must entice reader to keep reading.
We’re very excited about all these things, but in today’s post we want to draw your attention to our webinar series, which began on March 28, 2019. Small Business Solver co-founder and CEO Carla Langhorst did a presentation called “Make It Fly!” where she talked about how to evaluate whether your business idea is a good one, using Small Business Solver’s Make It Fly Idea Tester.
You’ll learn about:
How to test business ideas (and
why we don’t)
Questions to ask to determine
your idea’s viability as a business
Determining your breakeven
More good questions to ask and things
to think about
The webinars will run bi-weekly, each one covering a different topic. Please do sign up, attend, and let us know what you think of the webinars! We would love to hear your feedback.
Having a Non Disclosure Agreement (NDA) is a smart move for any small business owner. You might need to share confidential information that you don’t want shared with many different business relationships that you have in place.
– Your employees might have access to company secrets, intellectual property, future strategic plans, customer pricing, and many other pieces of information that you don’t wish to have shared.
– Your business partners or investors where you are sharing financial information and your future plans.
– Your banker where you are sharing financial information including the debt and equity information.
– Your customers or suppliers who you are sharing information with on pricing, marketing tactics, and other information that allows you to be a good strategic partner with them.
– Anyone else that you share confidential information with that you don’t want to become public information.
If you want to have an NDA, you can learn more about them and download a template here: https://clausehound.com/
Thanks to Cobalt Lawyers (http://cobaltcounsel.com/) and ClauseHound (https://clausehound.com/). The information provided may not be relevant to your jurisdiction, this information is not a substitute for obtaining legal counsel, nor does it create a lawyer-client relationship with you, the reader.
If you aren’t online, then you are missing out on business.
Especially with the advances, there are some really easy ways to get started. But there are also some complexities that will creep up depending on how you are planning on setting it up.
Some things that will help you figure out what platform and set up that you need for your ecommerce site are:
1. How many products are you selling?
2. What type of products are you selling?
3. How many places are you shipping from?
4. How many places are you shipping to?
5. How many states, provinces, and countries are you shipping to?
6. How many transaction do you have?
Go through the main points of what you need to consider. See some of the options out there. And learn what to look out for.
Starting your own business takes a lot of work and activity! It is crazy to think you can do everything yourself.
But who do you need and when do you need them? Be prepared to find these people or if you have them keep them for when you need them.
People are the most important resources out there, so make sure that you are managing them well.
Topics that are covered are;
– Who do you need as a technology company? What is the best practices for this type of structure?
– Who do you need as a service business? What are some of the specific challenges that are faced here?
– Who do you need as a manufacturer? How do you ensure that you will continue to grow and not become overwhelmed?
Contact The Expert
The Small Business Solver Team
Starting up your own business is not as hard as you think.
This video walks through the critical logistical steps you need to be taking to get started.
1. How to select and check your business name?
2. Business location
3. Sole proprietorship vs. corporation
4. Registering for HST, Payroll, WSIB
5. Protecting your intellectual property
6. Taking your business online
7. Get Started!