BLOG #5: HOW TO CREATE AN ACTIONABLE STARTUP BUSINESS PLAN
ONTO THE 4TH POST...TIME TO START IMPLEMENTING MY INTENTIONS FOR MY AUDIENCE OF NEW BUSINESS OWNERS!!!
So ... I'm going to take my "WHY", my "INTENTIONS" and my "AUDIENCE", and create an EFFECTIVE CAMPAIGN about the importance of a STRATEGIC PLAN for your new business before you even launch.
I'm so excited!!! I've started my blog, I've decided on my OBJECTIVE, and now it's time to put some actionable steps out there for all the world to see!!!
Here is a list of things I would like to address in this NEW POST ...
As well, like I always mention, I absolutely want to be able to share all that I have learned on my research journey ... I want to take every tech tool, selling platform, and marketing idea that I have "figured out" and share it with everyone in a SUMMARIZED VERSION ... it'll just have to be done one post at a time :)
Perhaps I can save you all a bunch of time and frustration, and simply provide you with the ANSWERS ... without all the "fluff" ... all in one place!!!
And now … let’s get started on the next “episode” of my BLOGGING JOURNEY :)
1. WHAT IS THE NEXT STEP???
So, posts #1, 2, 3,4 ... completed!!! Now what???
First of all, it is time to create ACTIONABLE STEPS for business startups.
From all the research I've done thus far, I know that setting up your new business is as important as operating the business. I want to provide reliable assistance for aspiring business owners, where I can pre-design a business plan roadmap that will guide them through the process with strategic intentionality.
From engaging with an experienced accountant/tax preparer to establishing a relationship with a lending institution, meticulous planning in these areas is crucial, and I truly believe that when there is a STRATEGIC PLAN, where there are detailed applicable questions to ask, and actionable steps to follow, then the business owner is that much more empowered and confident!!!
2. MY REASONS AND INTENTIONS: EMPOWERING ASPIRING BUSINESS OWNERS TO DEVISE THE PERFECT "INTENTIONAL" BUSINESS PLAN
As a business owner who has experienced the exhilarating highs and challenging lows of starting a new business, I understand the significance of a well-designed BUSINESS PLAN.
My intention is to empower individuals to overcome the inevitable hurdles that will arise as they embark on their path to success.
By sharing my knowledge, which has always been my reason for writing this blog, I am able to help create actionable steps that serve as a compass, navigating individuals towards their entrepreneurial goals, where a strong foundation provides the groundwork for an ever-changing business landscape.
By providing the necessary questions, tools, resources and advice, we can uncover the power of purposeful planning, and propel the process towards sustainable growth and prosperity.
3. QUESTION OF THE DAY: HOW CAN YOU CUSTOMIZE THE ULTIMATE BUSINESS PLAN FOR YOUR NEW BUSINESS???
After hours and hours ... and hours of trying to figure out how to set up my pivoted business plan, I suddenly realized that all the research that I had done was only "partly applicable" ... it was all dependent on my business niche.
Growing anything that you are excited or intentional about requires time investment ... and BUSINESS PLANS are no exception!!! It is so important, and so necessary, to make time to plan for your new business. Even though the available time in your life seems to be at a deficit, and so many more things actively take precedence, you MUST allow for that time to target information that is applicable to your business niche.
Please remember that, just because you read about the "PERFECT" business plan, this doesn't mean that it's the perfect plan for YOUR BUSINESS. Building your business plan goes hand-in-hand with your business aspirations ... a true understanding of WHAT you need to plan for is truly dependent on the requirements of your particular BUSINESS TYPE.
Here are 2 ESSENTIAL STEPS that you need to plan for:
(1) ENGAGING WITH YOUR ACCOUNTANT:
(a) BUSINESS STRUCTURE: Decide whether a sole proprietor, partnership, or corporation is the most suitable option for your business venture.
(b) FINANCIAL PROJECTIONS: Develop financial forecasts for revenue, expenses, and cash flow ESTIMATIONS
(c) TAX PLANNING: Discuss tax obligations , deductions, and strategies to optimize your TAX POSITION
(2) ENGAGING WITH YOUR LENDING INSTITUTION:
(a) BUSINESS PLAN OVERVIEW: Provide a concise SUMMARY of your business plan including your mission, vision, target market, and any competitive advantage
(b) FUNDING OPPORTUNITIES: Clearly OUTLINE THE AMOUNT OF FUNDING that your business requires, and how this funding will be allocated for different business needs such as equipment, inventory, marketing, and working capital
(c) COLLATERAL/GUARANTEES: Assess the COLLATERAL OR PERSONAL GUARANTEES you can offer to secure a loan or line of credit.
4. IN CONCLUSION
Crafting an actionable business plan, is an essential step towards building a successful business.
By engaging with an accountant, you can gain valuable insights into financial aspects including business structure, projections, tax planning and compliance.
By engaging a lending institution, you are able to provide a prepared business plan overview, and funding requirements.
It is my full intention to help other "starters" at the beginning of their business development journey, and I plan on doing this a little bit at a time. Rather than mass producing blog content, I want to be intentional in my delivery methods.
I am so intentional on saving my audience the frustration of spending all their waking hours simply trying to figure out HOW to do things, so they can spend your time DOING those things.
If you can't DO "the things", you can't move ahead, and this is where I want to assist you.
I am going to make this disclaimer right now ... I am NOT claiming that I will have the EXACT answer, but I will sure as heck try to provide my audience with as much relevant information as I can (for many different topics),and as many available options when necessary.
Most importantly, my mission is to present the information in a consistent format, because I truly believe that CONSISTENCY BUILDS TRUST. I want my blog audience to know that they can trust in the fact that the information I provide has been researched like crazy ... and is written with the intent of making your business building journey as easy as possible, whether you operate an Online/Storefront/Home-Based business.
I am new to the blogging platform, however I am definitely NOT new to business building research, so I invite you to re-visit this BLOG to see all the content I will be offering ... bit by bit :)
Please remember ... TIME IS MONEY!!!
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