A business plan is what a foundation is to a home. This means that without an appropriate business plan, chances are your business won’t make it. However, when we think of a business plan, many of us think of a daunting, lengthy process that may force us to figure everything about our business beforehand. Yet, it doesn’t’t have to be.
Creating a business plan for your business can be daunting. For many business owners, especially new business owners, creating a comprehensive business plan can seem like a challenge. Which is exactly why so many entrepreneurs tend to skip this step.
However, what many of us don’t realize is that creating a business plan for your business is the best way to ensure that your vision, purpose and business process are clearly thought through. Neither does it have to be an overwhelming task. While there are many intimidating business plan templates out there, remember that the point is to gain clarity over your business and devise a feasible plan.
Here are 5 easy steps to start with a simple business plan:
1. Your Mission
What is your business’ mission? In other words, what is the “why” behind your business? How do you plan on helping people?
Asking yourself these questions will help you determine the mission behind your business. The reason why this is so important is because your mission serves as the foundation to your business. Without a mission that resonates with you and with your ideal audience/clients, you lack the necessary clarity to push your idea forward.
My mission is to help women do work they love. It stemmed from my own need to change my career and life so I could do work I love and build a fulfilling career. What is yours?
To Do: Determine the “why” behind your business, and spell it out with as much specificity and detail as possible.
2. Your Strategy
What specific problems will you solve? How are you going to help your ideal audience and clients? This will be translated in the products and/or services that you will create.
The clearer you are about the problems you will be solving for people, the more successful your business will be. People are attracted to solutions that benefit them. By identifying issues they already deal with and bringing about the appropriate solutions, you are creating a market for yourself.
To Do:
· Identify your ideal client, i.e. the person that you will be helping. Draw a mental picture of who he/she is. You can even give her a name, personality, address, etc.
· Brainstorm all the problems that your ideal client may have.
· Pick the problems that your business will help in solving.
3. Your Marketing:
How will you promote your products and/or services? How will you manage to get new clients?
It’s one thing to have a solid foundational mission and create amazing products and services. However, without the proper marketing, the right people will never know about it and be able to buy from you. One of the biggest mistakes I made when I started in business was to under-estimate the power of great marketing. For many businesses, it’s the make-or-break element of your entire strategy.
To Do:
· Brainstorm all the ways that you can promote your business (word of mouth, social media, etc)
· Pick at least three (3) ways that you will focus on to begin.
4. Your Tribe
Who are the people who will support you as you build your business? These people may be your family and friends, as well as close associates and business partners. It’s important to remember that it takes a village to build a successful business. As such, you must surround yourself with the right support system.
Resist the temptation to isolate yourself! You need people, the right people, that is.
To Do:
· Make a list of all the people in your personal and professional/business network who can help you in carrying out your mission (these are also people you can trust and who can identify with your purpose)
· Make a plan to start reaching out to at least 3 of these people and involving them in your business
· Don’t forget to keep networking and expand your circle as well
5. Your Finances
What are your business financial goals? What are your monthly profit objectives? In turn, how many sales/clients do you need in order to achieve this level of profit?
A business eventually has to make money. While the beginnings of your business may not be as profitable as full-blown businesses, you must focus on creating growing profitability.
To Do:
· Determine how much profit you want to make after subtracting all your business expenses
· Translate this in terms of sales and clients
· Make a plan to get all these clients and realize the necessary sales for the next month
Welcome to our weekly career, entrepreneurship, lifestyle and fashion news roundup! Think of it as your online watercooler/work gossip station/coffee break spot for now…Want to add anything to our list? Email us at corporate@thecorporatesister.com!
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Starting a business is a dream for many working women and men. The prospect of being your own boss and creating a legacy that outlasts us is indeed very attractive. It also means having more control over your hours, more flexibility and the possibility to create the life of your dreams. Most importantly, you are in control of your income, instead of letting someone else decide what you are worth.
However, one of the reasons why so many of us don’t realize this dream is because we may not know how to even get started. If you’re wondering how to put all the pieces together to start and launch your own business, here are 7 things to get you going:
An Idea Targeting a Need in the Market
Great businesses start with great business ideas. But what makes a business idea great? Target a need in the market of your choice. What do your target or ideal clients need that they can’t find in the market? You can start by identifying a need that you may have and know others have as well. If you can fill a need in the market, you’ve identified a potential business.
A Business Plan
After identifying your business idea, having a business plan is the next step. While a business plan may sound like a complicated concept, it’s really about understanding the purpose of your business, as well as your product(s) and how you will promote and market them. You will also need to determine who will be part of your team. Last but not least, clearly understanding how you will make money and achieve a profit is crucial. One of my favorite resources to create a business plan is provided by the U.S. Small Business Administration (SBA).
A Legal Setup
It’s important to ensure that you have the appropriate legal resources and paperwork in place. When setting up your business, you want to Having your business properly and legally registered, and ensuring that your legal filings are completed accurately and timely. A great resource to use to set up your business structure and complete your required filings is LegalZoom.
Some Money
Starting a business can be costly. While you may be able to save on a few expenses by working from home and opting for the DIY way, you’ll still have to invest some money into your business.
You may need money to build a website, print out business cards, or even to get some basic materials and tools. However, I always recommend starting as inexpensively as possible. Don’t spend money on an expensive website or fancy working space. Instead, start building your network and business presence first.
Some Space
As mentioned earlier, you can save by working from home. However, you may want to dedicate a specific and separate area of your home for your business. This is so you can actually focus on your work and not be victim to distractions around you.
If you must invest in a working space, make sure that it is within your budget in the medium to long-term. You can also opt for co-working spaces if it’s too challenging or impossible to work from home.
Online Presence
In the age of social media, having a business online presence is important. However, do not spread yourself too thin by spending too much time online. Pick two to three social media networks you are most comfortable with and that provide you with the most exposure and influence.
However, you should also focus on building a strong offline presence. One of the best ways to do this is to build an email list to reach out to your followers directly via email. Remember that when social platforms like Facebook or Twitter change their algorithms or disappear entirely, you stand to lose all your following, so act accordingly.
Some Support
Starting a business is challenging, and it can also be lonely. While few people may understand what you’re trying to do, strive to build a supportive network around you. It may be your family and friends, or other business women and men who understand and share in your mission.
Whether you’re a seasoned entrepreneur or just starting your small business or side hustle, you may have already realized that bookkeeping is a necessary part of running your business.The process of keeping full, accurate and up-to-date business records may not rank as high as other business activities. However, it’s one of the most successful businesses’ secret to making the most out of tax season.
Keeping your business records in tip-top shape not only helps you input the right amount of business revenue and expenses. It also helps you side-step and avoid MAJOR tax penalties, in addition to saving you time, energy and stress! It also helps to meet applicable quarterly sales tax, as well as federal and state payroll tax obligations. Besides, if the IRS or state tax authorities ever decides to audit your company, having accurate bookkeeping means you’ll not only be ready, but that you’ll also pass the test.
Here are 7 bookkeeping tips to make tax time much easier to handle:
Planning is key!
The best way to be ready for any upcoming business expenditure is to plan ahead. In the same way that you would plan for equipment, inventory or maintenance expenses, you have to plan for annual taxes. This could be as easy as setting us money aside on a monthly or quarterly basis to cover taxes.
Schedule your time
Bookkeeping can be a tedious task, and you may be tempted to leave it to the end of the year. Instead try and schedule some time on a weekly or monthly basis to update your books. Stick to a more or less strict schedule to stay current with your finances.
Don’t mix business and personal!
Keep in mind that business expenses are tax-deductible. As such, make sure to separate your personal from your business expenses to make it easier on yourself. If you happen to use your business accounts or credit cards for personal expenses, remember to track both sets of expenses as accurately as possible.
Have a system to track your business expenses
Using a credit or debit card to track your expenses can be a great way to ensure costs incurred are true business expenses. Keep this in mind when you’re tempted to use cash, which can be challenging to track over time.
Invest in Great Software
It’s important to invest in reliable bookkeeping software that can save you significant time and help you input expenses and cash flow more accurately. You can use accounting software for everything from tracking invoices and budget hours, to customizing invoices. There are countless options for bookkeeping software out there, which also may be customized for the industry of your choice.
Check your invoices!
It can be easy to lose track of your invoices over time. So make sure to keep track of them by running customized reports through your accounting or bookkeeping software, and determine which ones still need to be followed up on.
Invest in a Professional!
While you may be to handle a number of bookkeeping tasks yourself, in some areas you may have to invest in a pro! Whether you hire an accountant to handle your taxes or payroll, or a financial advisor to give you the best tips on your industry, investing in a professional can reap great rewards for you and your business.
Welcome to our weekly career, entrepreneurship, lifestyle and fashion news roundup! Think of it as your online watercooler/work gossip station/coffee break spot for now…Want to add anything to our list? Email us at 
Starting a business is a dream for many working women and men. The prospect of being your own boss and creating a legacy that outlasts us is indeed very attractive. It also means having more control over your hours, more flexibility and the possibility to create the life of your dreams. Most importantly, you are in control of your income, instead of letting someone else decide what you are worth.
