Business Plan Basics

By: Financially Savvy Girl

Here you are with a burning desire to start or grow your business. You have the drive and determination to be an entrepreneur!  And you are asking yourself “Where should I start? How? And how can I turn this passion into profit? “

Whether you are starting a side hustle to increase your cash flow and pay off your debts or invest or you are immersing in the full-time entrepreneur lifestyle, you want to read this post.

Your business must start in your mind. You have to imagine it and fall in love with the idea of it.  You then take that dream and turn it into an actionable goal by first putting it in writing in a concrete business plan – your blueprint.

By creating a business plan, you are directing your business in the way you want it to go and it becomes half way accomplished.  Your blueprint will further allow you to be disciplined because you will have a clear picture as to where your time should be spent; who your targeted clienteles are; and how you plan to generate revenue.  Yes!!! Profit, profit, profit!!! I mean, after all, isn’t that the ultimate goal? Unless you are operating as a non-for-profit organization generating revenue and making profit should be an essential goal and focus of your business. Let’s be real, it is not a side “hustle” or a full-time gig if you are not making money ….  that is called a hobby. Moving on…

So, plan your business with a blueprint inserting details on how you plan on advertising on social media, who your projected consumers are, how you plan on generating an income, how will you structure the business, accounts associated with the business and type of a business structure that best suits your current goals.

WHAT TO INCLUDE IN YOUR BUSINESS BLUEPRINT

Name of Your Business: Decide on a business name that resonates with you.  If you are in doubt, using your own name is always a good option as a personal brand.  Or better yet, perhaps a combination of one of your names and a word that describes the business that you are in.  For example, if you are in the health and wellness industry, your business name could be Health and wellness with Natasha. Whatever it is that you choose, the goal is to choose something that resonates with you today but that you will also be proud of tomorrow.

Plan Summary: This is also known as an executive summary of your business plan. In here, you touch your mission statement as well as the issue or problem that your company will be solving in the market. 

Business Description: What do you want people to know about your business? What do you offer? Who do you cater to?

Identify the Value you Hope to Bring to the Market: This is where you analyze the market you are tapping into with your business. Who are your competitors? How will you differ or stand out? What contributing value are you bringing to this market? Who are your targeted customers/consumers? Feel free to conduct a survey to really understand your audience before even launching your business.

Creating a Budget for Your Business: Will you be developing a product or offering only a service? Whichever it may be, ensure to create a budget to ensure you know how you will pay for these things?

Operational Aspect Plan: This section is where get time manage your business. How does it function on a day to day? Who is taking care of the operational and/ or management aspect of the business? If you are a one man/woman show, effective time management is key for longevity and overall success of your business.

Financial Considerations: Lastly but certainly not the least, it is paramount that you ask yourself with what money will you fund the startup costs of your business?  Furthermore, once the business is operational, where will the money come from? How will you generate revenue? Again, I cannot stress enough on this part of your blueprint because you want to make sure that you are thinking ahead and considering these figures ahead of time.

Financially Savvy Girl is committed to educating every day people on the importance of money and make sound financial decisions. She will be sharing best practice tips for entrepreneurs with us in a future post. !

Follow Financially Savvy Girl on instagram: @financially_savvygirl

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