Finance

A Detailed Business Plan Template for Your Home or Small Business

November 3, 2022 Comments Off

A Guide to Your Business Plan

So you want to start a new business! Be it online or offline, a business plan is an essential ingredient to the success of your venture. The trouble with most business plans is they are to difficult to understand and appear overwhelming to most small business entrepreneurs. I have made the job easier by providing a format with self explanatory sections for you to follow. It’s a simple business plan with a lot of power when you need to source funding or show clients, among a host of other benefits.

What does my business plan look like?

Executive summary

type of business

company summary

management

product / service, competition

funding, use of funds

financial statement & projections

legal & financial structure

risks & exit

ad hoc swot

1. Background and purpose

1.1. product/service: what is your business? detailed description.

1.2. history: when did you start? how has the business been developing? achievements.

1.3. vision: what do you want to become? what path makes your company better than its competitors?

1.4. mission: the core values of your business. why this business and how you want to shape it?

1.5. milestones:

1.5.1. long term: a way to measure the vision

1.5.2. short-medium term: stages & goals, measurements

1.6. resources required:

1.6.1. critical resources: to back up key success factors

1.6.2. overall resources: to guarantee you can deliver

1.6.3. funding and use of funds: the proposal

2. Objectives

2.1. short term:

– outcomes which can be achieved within one year

– quantitative measurement: efficiency

– example: sales, gross margin, market share

2.2. long term:

– outcomes which require more time to be measured

– can be quantitative and qualitative

– effectiveness will show the sustainability of the business proposal

3. Market and industry analysis

3.1. overall & specific data

3.1.1. type of industry / service

3.1.2. mainstream / niche: market potential, demographics

3.1.3. stage of growth: emerging, growth, maturity

3.1.4. existing similar markets: other regions/countries

3.2. competitive analysis

3.2.1. statement of opportunity: sustainable competitive edge, resource based competitive analysis

3.2.2. review of your competitors strategies

3.3. five forces

3.3.1. bargaining power of buyers

3.3.2. bargaining power of suppliers

3.3.3. threat of relevant substitutes

3.3.4. threats of new entrants (entry barriers)

3.3.5. rivalry among firms (influenced by the other four factors)

3.4. macro & micro factors

3.4.1. global & international: trade agreements, war

3.4.2. national: taxation, regulations, patent protection

3.4.3. local: incentives, infrastructures

3.5. key success factors, a review of your strategic management

4. Production & Operations

4.1. processes & procedures

4.1.1. input, process, output

4.1.2. logistics: store, warehouse, deliveries

4.1.3. equipments, tools, it infrastructure

4.1.4. organization charts: responsibilities, information flows

4.2. thresholds

4.2.1. output capacity: measurement, peaks

4.2.2. stages of output increase: bottlenecks

4.3. resources

4.3.1. technical resources: equipment, software

4.3.2. physical resources: raw material, power supply

4.3.3. human resources: non substitutable for the output

4.4. quality assurance

4.4.1. prototyping, testing, approvals

4.4.2. incoming qc: sampling procedures

4.4.3. outgoing qc: sampling procedures

4.5. customer service

4.5.1. technical support: call center, on-site

4.5.2. warranty: policy, returns

5. Marketing plan

5.1. overall concept & orientation

5.1.1. target customer group(s)

5.1.2. customer awareness

5.1.3. customer satisfaction

5.1.4. customer loyalty

5.2. strategy

5.2.1. price strategy (leadership, differentiation, focus)

5.2.2. distribution strategy

5.2.3. communication strategy

5.2.4. perceived value

5.3. 4 p’s (can be combined with 3.2.)

5.3.1. product

5.3.2. price

5.3.3. place

5.3.4. promotion

5.4. sales forecasts

5.4.1. short term: detailed (month, region…)

5.4.2. long term

5.5. market share

5.5.1. short term

5.5.2. long term

6. Financial plan

6.1. financial projections (1st year monthly, 2nd year quarterly)

6.1.1. p&l (income statement)

6.1.2. cash flow (justify for variations)

6.1.3. balance sheet (yearly)

6.1.4. investments plan

6.2. source & use of funds

6.2.1. present situation (shareholders, loans if any)

6.2.2. requirements (need in working capital + investments)

6.2.3. proposed funding (shareholding, loan, bridge loan)

6.2.4. use of funds (destination & schedule)

7. Human resources

7.1. management team

7.1.1. individual / team (resumes in appendixe)

7.1.2. education, experience, skills & know how

7.2. skilled resources (key personnel)

7.2.1. hired

7.2.2. identified but not yet hired (funding)

7.2.3. to be found (head hunting…)

7.3. unskilled resources

7.3.1. issue about turnover rate (cost…)

7.3.2. issue about continuous hiring (training…)

7.4. packages & salaries

7.4.1. overall policy (market rate, yearly increase…)

7.4.2. incentives (commissions, bonus…)

7.4.3. specific packages (stock options)

7.5. hr strategy

7.5.1. set of values (refer to mission)

7.5.2. internal communication (intranet, group events)

8. Ownership

8.1. legal & financial structure

8.1.1. form of business

8.1.2. shareholding (equity position)

8.1.3. proposed deal structure (if any)

8.1.4. next round of financing (if any)

8.2. Exit strategy

8.2.1. independent growth (self financing)

8.2.2. ipo

8.2.3. bought over / merging

9. Critical risks

9.1. risks factors

9.1.1. categories (what if? and answers)

9.1.2. plan(s) “b” & book value (if …

Good Finds: Successful Online Business Ideas

September 1, 2022 Comments Off

Finding the perfect career and business opportunity for you may prove to be difficult. There are a lot of opportunities that seem to be really good but cannot be easily trusted to work. In fact, when it comes to successful online business ideas, there are too many opinions that count. Even online activities like getting involved in social networking sites and blogging can now be considered as great business opportunities.
Usually, people think along this line when they attempt to start online businesses. This may be brought on by how easy things are done within the Web. Putting up a website is relatively easy because of the readily available platforms in the Web. You can tweak applications, widgets, and designs to suit the look and feel that you envision. Blogging can also get you enough income if you deliver really good paid articles.
As you start your own business online though, research is important. This is a big part of the difficulty that is experienced by entrepreneurs. There are a few tips that you may consider in researching for successful online business ideas through the Internet. Here are some:
1. Use keywords. You have to remember that most websites offering or posting about successful online businesses use keywords in their articles. These are words that help their sites gain rates from search engines and be indexed as credible sources. So when you search for online business ideas, use keywords that are relevant to what you want to find. They can be about blogging, entrepreneurship, online business, and selling. The more specific you are about what you want to find, the better your search will be. Phrasing is also important. You want to use phrases that would give you the best results from a search engine. For example, “best online business” gives a different set of results from “successful online businesses”. Being specific matters a lot, so do type in the exact set of results that you want to get.
2. Get referrals from trusted people. Definitely, one way to ensure that you are visiting the right business pages is to ask credible people. They can be friends you have online or actual persons who have had successful business ventures through their own Internet finds. Visit blogs, websites, and social network accounts of people you trust. Also, do try visiting the sites of those who are widely acknowledged online as being successful business owners. Using information from these people is better because they have experienced the consequences of their search. Not only would you be able to get valuable information on where to find great business ventures online, you would also be given free firsthand advices on how to make your own be more successful.
3. Do not be afraid to contact site administrators. One of the many problems encountered by people who research online is that they are unsure of the website’s credibility. Of course, this gives them the dilemma of whether or not they should trust the information in those websites. But as experts agree, a good way to ward off these uncertainties is to ask. There are contact details in the websites of online organizations offering business opportunities. These details are all made to be accessible whether through phone or email. Make use of those details. Give the administrators a call to discuss their articles. Some people think of it as awkward because others generally do not like being called upon regarding their posts. But do know that there are a lot of things that cannot be posted online and talking about it in as close a way as possible helps to clarify matters. If you are not good in speaking over the phone or if doing so is not possible due to differences in language or time, you can easily draft an email and send it to them. Ask them all that you need to know about their offer: pricing, procedure, and benefit package.
Successful online business ideas are not always hatched from the brightest minds. As opposed to what a lot of people believe, these ideas can also be researched. Once you know what you are looking for, go and do everything in your power to find it.…

Strategic Business Plan Template – Dollars and Sense

July 30, 2022 Comments Off

If a person looks on the Internet, they can find just about anything they want. Sometimes these things are free, something they cost a few dollars, but it is all out there for the taking. When looking for a strategic business plan template that will serve the business owners purpose, it is important to know what aspects of the business plan are necessary for that particular business.
Financial Strategy (Dollars)
Money is behind everything, especially a new business. Regardless of how the money is going to be obtained, the new business owner must make detailed plans of how much they need and where they plan to get the money needed to launch the business. It will also let them know right off the bat if launching the business will even be feasible.
In addition, this strategy must be included for any investors or financial institutions approached for backing. No smart investor will commit a single penny to any company that does not have a clear plan laid out. Banks and other financial institutions will also want to see where the money is going to be spent. Even if a portion of the money is being used as a salary, list it as exactly that in the business plan.
Marketing Strategy (Sense)
This section of the business plan is just as important as the financial section. Having a great business idea and the money to get it started is all well and good, but unless the business is properly marketed, it will fail. Realizing most businesses will not realize immediate success, lay out the strategy to become a big fish in small pond until the business is established, then it is time to deal with the big boys in the same niche.
Everyone wants to be an immediate success, but getting a very small portion of a big niche is often not as profitable as dominating several small niches in the same business. When first starting out, market to those sectors, that when combined, can be just as profitable as dominating the main sector of the given niche. Eventually, the success in those smaller sectors will allow the business to rise to the top of the main sector.
Creating the proper strategic business plan template is the first step in starting a new business venture. Without this plan, the business will have little chance of success. Ideally, the business plan will lead the new business owner down the right paths and keep them focused on the success of the business. Without these targets and goals, they are merely flying by the seat of their pants. In order to give their new business the best chance for success their strategic business plan template needs to be smart with both aspects, dollars and sense.…

Entrepreneurs – Some Low Cost Business Ideas

July 27, 2022 Comments Off

You want to go into business, but you don’t have much money, or you don’t want to invest too much into a new business. So, what are a few low start up cost businesses that you can start?
Well, first of all there are some areas that will always have needs and small businesses can satisfy these needs. Top of the list are the service industries:
Services Industries: House and office cleaning, lawn mowing, ironing, window cleaning and pool cleaning. The key to success here is to check what is required in your local area. Work out first what you have skills at and want you want to do in the future. Now put some low cost adverts out onto supermarket and shop notice boards, free newspapers etc. Ask around your friends and peers and check what kind of demand there is. These are all locally based businesses so local advertising, which is cheaper, will keep your costs down for you.
Craft Selling: If you have some kind of craft skills, then this is the group for you to look at. This can include making and selling gifts, clothing, printing T shirts, artwork etc. Or you could even set up a business selling other peoples’ crafts! This is a slightly more expensive type of business to set up, because you have to not only buy your craft stock, but you also have to rent or lease some kind of retail outlet. This could range from eBay and etsy to boot sales, markets and kiosks.
Service Industries: If you have a skill and the required certificates and licences then some services such as the care and beauty areas are always in demand, whether you want to be a manicurist or senior carer, this is a low cost business start up. You need to network and make contacts that can refer your business as well as advertise.
Mobile Services: The last section of low cost start up companies, do require you to purchase a vehicle, but otherwise they are relatively easy to set up. This kind of business ranges from mobile caterers, car cleaners/detailers, car tuners, hair dressers, food delivers, dog grooming etc. The key to success here is to establish a good round or group of customers. This can be done, either by just booking a route in the case of mobile caterers or advertising and networking in the case of hair dressers and dog groomers.
Which ever low cost business you decide to start – good luck.…

Working From Home Ideas For the Serious Minded

June 10, 2022 Comments Off

So you are looking for some working from home ideas. Well as you probably well know by now, there are plenty out there to choose from. And of course they aren’t all going to be your cup of tea. You may be in a financial position to be able to jump right in and go full time in your own home business or you may on the other hand be thinking more of something that will add some supplemental income to your household. Whatever your situation, if you have made up your mind that is this is what you want to do, you can find something that will fit your plan.

WARNING! If you are looking for a legitimate” get rich quick idea” or even a quick and easy way to make a good income, you will most likely end up getting” scammed.” There are a whole slew of dishonest, shysters in this world looking for just such folks.

If you will allow me a few minutes, I will share some thoughts that might save you some wasted time and money along the way and help you get started off in the right direction. I will make it short and to the point.

Take some time and think about what you like to do. Why not get involved with something you enjoy? If you can really enjoy what you are doing, you will not begrudge spending the time and effort it takes to make it work for you.

Don’t jump at the first good sounding thing you come across. You won’t get far, if you just jump into something because you read a few testimonials of how others have “made millions,” doing this or that. Trust me where there is bait, the hook is somewhere close by. It is worth looking at several “working from home ideas,” before you make up your mind what is best for you. Do some research. Make sure it is legitimate and sensible. Serious, careful consideration is always worth the time it takes.

Set your sights on achieving you goal. Once you’ve found your niche, set your sights on your decision and don’t let anything distract you. Prioritize your day. Whether you are going at this thing full time or a few hours in the evening you need to use your time wisely if you are to really make it pay.

Make up your mind! Go for it. Put the “try” out of your mind and do what it takes to get the job done. Doing anything half-hearted will get you absolutely nowhere fast. Where there is concerted effort, there will always be results. Don’t be double-minded. If you are going to do the job, do the job to the best of your ability.

Learn what you need to learn. Don’t get the idea that you have all the answers and you don’t need any help. Look around, there is always someone around who is willing to reach out a helping hand and give you a few pointers that can save you untold amounts of time, energy and money. Always be willing to learn. Why not learn from someone who has already gone down that road and learned from their mistakes?

Go to work! Don’t waste time. Don’t procrastinate! Don’t put it off til a rainy day. If it is worth doing then do it.

Don’t Quit! Don’t let setbacks and failures stop you. If you are already planning to quit, don’t bother starting. It may take lots of work to accomplish your goal, but you can do it.

I could give you a long list of working from home ideas, but there are plenty of resources around for that. I sincerely believe if you will take these seven thoughts and apply them as you set out you will be successful and pleased with the outcome. I wish the very best for you.

Marlin…

Online Home-Business Ideas – What to Look for!

June 9, 2022 Comments Off

There are tons of online home business ideas these days. You have been searching for some time, but it gets confusing, and you are bogged down with information. Maybe now is the time to stop your search and focus on what you are really looking for in a home-based business. It would be good at this point to jot down what you consider to be an interesting business model. You see every morning your home-based business will be there waiting, and if it is uninteresting to you then how will it prosper.
After that is out of the way, I would research what educational tools each of your prospect business types has in place to help you succeed. The training that is available at the beginning should be at a level to get you excited about the business, and also it should give you precise steps that let you hit the ground running and keep running. You will need to know exactly what to do to set up the new company and give it the most favorable environment to succeed. After that there should be tons of training to continue your education, and it should be accessible 24/7.
Another piece of the puzzle to look for as you search through all the online home-business ideas is a community forum. Having a place to go where you can toss around ideas or discuss difficulties is a must in any marketing plan. Along those same lines, it is great to have support for any technical issues that you may occur. As a matter of fact, having a tiered support system in place that could answer any questions from general to specific would be a big advantage.
The next and most important part to investigate as you sift through the many online home-business ideas is the commissions. Some suggestions to explore would be not only the rate but how often you will be paid. Is there a minimum to be met before a payment is sent? See if payment is through direct deposit, PayPal or check. If the payout is a deposit, all arrangements should be made in advance. PayPal would also need to be set up and the company you are partnered with needs the correct email address. A physical address and any other particulars should be in order if a check is to be issued.
Along those same lines, any online business that I would be associated with has to offer residual marketing. Affiliate marketing is when you earn a commission by selling other people’s products. With residual income affiliate marketing the affiliate gets paid not only for the first purchase by a customer but for any future sales by the patron.
As you can see there are many considerations when searching through online home business ideas. However, by setting priorities and doing research the one that is right for you will become apparent.
Do you have any experience with internet marketing or starting your own business? Please share your thoughts below; I’d love to hear from you!…

The 10 Essential Elements of a Thriving Service-Based Business

June 5, 2022 Comments Off

So many of us heart-based business owners jump in with our heart, our soul and both feet only to land on… what do I do now? Urghhh… that’s what happened to us when we first started our original “Life Purpose” coaching business. Today we enjoy a thriving, multiple 6-figure business that brings us incredible joy and excitement. So how did we get there? Well, you gotta have a plan – plain and simple!
To support you on your journey as an entrepreneur, here are the top ten elements that are crucial for you to have in place in your business (or at the very least to have in progress).
1) A Burning Desire – Naturally, whether you are starting a business or refueling a current business, the most important element is a deep desire to do it, help people and to have it succeed. Being connected to your purpose and being really clear about why it is important to you will help you get through many frustrations and obstacles along the way.
2) Getting Support – All Around! – We don’t know anyone who wants to have a business completely ALONE. We aren’t meant to do this alone. We are meant to be supported and inspired. That means you need to be sure that the majority of the time, you are doing things that are in your own brilliance, not doing things you don’t like or are just not good at. Remember, what isn’t your brilliance is someone else’s! (So, let them do it for you!)
It also important that you get support from mentors who can guide you through the trials and tribulations of building your business. You can waste a lot of time, as we did:( through trial and error and most likely never get to where you want to be if you try to do it all alone.
3) Attainable Goals that stretch you – There is a real art to goal (or intention) setting and it is important to not only have them, but to also be sure that one 1) you can see yourself attaining them and 2) they are a bit of a stretch for you and move you somewhat out of your comfort zone.
4) Powerful, Strategic Marketing and Business Plans – It’s really important to have a good idea of where you are going, and besides everything is easier when you have a plan, especially if it’s a step-by-step plan. This is where it’s important to not just grab any plan, but to use a plan that has proven results, that others have used successfully and that is applicable to your business.
5) An Authentic, Connecting Message – Are you going around picking up copy from a gazillion other websites to create your “message”? If you aren’t clear about who you are specifically talking to (we call it your “foundational” market) and how to talk to them in a way that really attracts them to you, you can easily have a message that is a homogenization of other peoples messages… and not only is that not authentic, it will not create a connection with you and your ideal client.
When you get clear about who you truly want to help, how you want to make a difference in the world and create your message from there… now that is powerful and connecting!
6) A Strong Sense of Value – Are you still charging by the hour? Do you know the results people get from working with you are worth so much more than what you are currently charging? The value you hold for your own services will affect the type of clients you attract and ultimately the level of success you will have in your business. You must be sure of your own value before others will be sure of it.
7) Clear Ladder of Success for clients – Do you just have one way for people to work with you? It is essential to have multiple ways for people to work with you and your business needs multiple streams of income. Your potential clients are all starting at different places and some will need low cost, no interaction ways to start learning about your work and some people will be ready to just jump right in at the highest level. To create a super strong business structure, you want to include active (one-on-one), leveraged (group) and passive (product) income.
8) Consistent Connection with Your Community – The general numbers are that people need to hear your message an average of 7 and 10 times before they “know, like and trust” you enough to invest in your services. That is one of the reasons you want to be sure to have a way to consistently reach them, share information, help them get …

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