Blog post 20, October 10, 2018
My Work-From-Home Journey
How To Write an Amazing Business Plan!
Hello everyone. I hope you are all cooling off now that we are getting into October. We really needed it here in California with all of our recent fires. When the weather starts to cool, I start thinking about the holidays, the upcoming tax season, and revamping my business. If you are running a small at-home business, you may think a business plan is not needed. You may even feel scared or overwhelmed with writing a business plan. I am going to share with you how to write an amazing business plan. If you don’t have time to read this post feel free to save it to Pinterest to read later. You can also share this post with your friends if you find it helpful.
What Is a Business Plan?
This is a simple question that deserves a simple answer. A business plan is a formal statement of business goals that you have set for your business. The business plan also covers why you want to attain these goals and what your ideas are for reaching these goals. Simple right?
Why Do You Need A Business Plan?
A business plan is required in order to establish direction and goals for the next three to five years. With a business plan, you can avoid making big mistakes that can cause a business to fail within the first year. It helps keep your emotions at bay by having a structured outline or list to follow. This plan helps keep everyone on the same page. Another fantastic thing is that if you decide to go bigger, you can secure investors or a loan from a bank based on your business plan.
Sense of Overwhelm
The first time I had to write a business plan I was in college. This was well over 15 years ago. I was checking out book after book. Trying to get this business plan right; it was so thick with way too many pages. After finishing my report, there was still a sense of confusion and a fog about my business plan. I didn’t feel confident in its contents. Mind you, I still received an “A” on the business plan, but there wasn’t much feedback from the professor.
My Proofreading Business Plan
When I started my proofreading business I was dead set on being successful at it. So, I also decided to write a business plan. This time I am not going to need all those reference books. I will just go through my report from my college class and simplify what I learned. Adding to it my life experiences of working a regular job and owning my massage business. I am older now than I was in college and feel that I was overthinking it at the time. Now, the plan I am giving you can be tweaked to accommodate your services. Don’t overthink it. Keep it simple.
1. What is the name of your business?
2. What is your business title? Owner, CEO, Proofreader. How will you market yourself?
3. Design your logo and branding.
4. Business location. Will you have a storefront, be online or both?
5. Who is your niche market?
6. Who is your ideal client?
7. What problems will you solve for your clients?
8. How do you plan to solve their problems?
10. What service could you possibly add in the future to increase your clientele? For example, I am a transcript proofreader, but I know I want to learn how to scope cases so that I can offer both services. Therefore increasing my clientele.
11. What sets you apart from the competition?
12. What are your income goals? With proofreading transcripts, we aren’t paid on an hourly rate. Decide what you want to make per year, then determine how much you can proofread per day. Personally, I am still slow. I can only proofread 120 to 150 pages a day. My speed will increase with experience. Now that you have a number in mind, your positive mindset will keep pushing you to meet or exceed that goal and take on the extra jobs and not just the ones from your regular court reporters.
13. Are your income goals enough to cover self-employment costs? Regardless of how much my income goal is set at, I automatically deduct 30% from each invoice payment I receive and place it into a separate savings account so that I can pay my taxes at the end of the year. Next year I will be paying quarterly because I had no idea what I would make my first year.
14. How many pages do you need to read to reach your income goals? If you aren’t proofreading, then how many clients will you need to meet these goals?
15. How will you collect your payments for services rendered?
16. How will you market yourself? You have to think outside of the box on this and market yourself in multiple ways.
How Can You Not Be Successful?!
After using my business plan template you don’t have an excuse to not be successful. Being successful takes a positive mindset. Don’t listen to the naysayers. Only listed to yourself. Join Facebook Groups with likeminded people who will cheer on your successes. I hope this template helps you succeed in your new business venture.
However, if you have been in business awhile I hope this template helps you overcome your overwhelm to make your business more complete. If you have any questions, please feel free to leave a comment. I would love to know what else you would like to talk about. You can even send a question on the submission form on my website homepage or e-mail me directly at firstname.lastname@example.org.
I look forward to hearing from you, and I will respond to all e-mails and comments.
This week’s book suggestion is Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! By: Robert T. Kiyosaki
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