How To Write A Business Plan

When starting your own business, it is essential that you have a business plan. You wouldn't start on a trip without a map, would you? Why would you want to start a business without some idea of where you are going?

There are different ways to create your plan. There are several business plan software packages available to help you with the process. I have never used any of them, so I cannot recommend one in particular. I am more comfortable just creating my plan myself. If that interests you, then read on to see how I do it.

There is a suggested order to your business plan elements and I encourage you to learn it. If you ever decide to look for outside financing or a business partner, they will expect to see all of these elements. For my own use, I am not quite as formal. I will teach you everything, though, so you can get familiar with it.

The first part of your plan should always be an "Executive Summary". This is the who, what, when, where, and how of your marketing strategy. Although it is the first part of your written plan, it is typically created last, after all of your marketing analysis has been completed.

Yes, I said marketing analysis. You will need some information about your industry and your competitors before you launch your business. This should be the second part of your business plan. You will want to research the strengths and weaknesses of your industry as a whole, plus your competitors. You need to find out as much as you can about them. Trust me - if they are successful in the business, they know all about you!

The third part of your business plan should focus on your products or services and your target markets. Information such as target market demographics, industry trends, societal/cultural trends, and the needs/wants of your target market go here. If you don't know how or don't have the time to do this yourself, you can purchase the information. Again, I have never done so. My husband loves spending countless hours on the internet researching this stuff for me, and he works cheap so I let him do it!

Next you will want to outline your actual marketing strategy. How will you get the word out to your target markets? What promotional activities will you use? What type of marketing programs? Will you be strictly online or will you use some offline marketing? What pricing strategies will you use for each of your products/services? State your overall marketing objective and then describe how you are going to get there.

You will also need to describe how you are going to measure whether your strategies are succeeding. Most formal business plans include this information in a separate section. Since no one sees my business plan except me and my husband, I just include it with the information above. But you do want to describe how you will monitor your progress and make adjustments if necessary.

The last part of your business plan is your forecast. This is where you will forecast your growth and financial analyses. Information to include: What does it cost to produce your product/service (including all overhead costs and other expenses)? How many of each product/service will you need to sell to make a profit? How long will it take to make a profit? What will you do if you don't sell enough? What will you do if you sell more than expected?

A business plan is essential for business success.  It's the road map that helps you get where you want to be.  It generally project 3-5 years ahead and outlines the steps you plan to take to build your business.  Follow the outline above, hire someone to help you, use an online template or a software package, check out the suggestions on the SBA.gov website - do whatever you need to.  But before you do anything else with your business, write your business plan.

Where Do I Find the Time?

Q. I have a full time job and an extremely busy life with 3 kids and my husband going back to school part time while still working his full time job. I want to start my own business - although I'm not sure which one yet - but I don't think I have the time. How can I make it work?

A. You DO have the time. You just may need to make some adjustments.

First, let's take a look at your expectations. If you think you are going to put in a couple of hours a week and yet be able to quit your job in 6 months, you need to adjust your expectations. That is just unrealistic. But if you and your husband are willing to continue to work your jobs and start your business part time, you can soon be bringing in a nice supplemental income while you continue to grow your business.

If you have decided that a part-time business is fine while you grow, then the next thing you may need to adjust is how you spend your time. Get a calendar for the month. Let's start with July since it's just getting started. First, pencil in your and your husband's work schedules. This is time that is already blocked and can't be used to grow your business. Next mark any other dates and times that are absolutely locked in - anything that can't be rescheduled or cancelled. Next, pick one day that is for you and your family. No work allowed. My day is Sunday. That's the day I very rarely do any type of work, but instead devote myself to church and family. Now look at your calendar. Allowing for sleep of course, the remaining hours are the times you have available to work your business. Start scheduling yourself some "appointments." These don't have to be real appointments to meet with someone, but I have learned that if you write down a commitment to do something and schedule a time to do it, you are much more likely to actually follow through. So let's say we skip our favorite Monday night TV show and use that hour to solidify your business concept. Tuesday night perhaps your husband doesn't have class but he's on the computer doing homework anyway so let's schedule him to register a domain name. Wednesday let's spend some time doing market research on your business. Thursday do a little research on your competitors. Friday attend a local business networking event. Saturday start building your online presence (website, social media, etc).  See?  By the end of the week you will have made significant progress towards starting your business.

My point is that in the beginning it's not so much the quantity of time spent as the consistency. Do a little something - ANYTHING - but do something every day to help your business grow. Read information about your industry, attend webinars, make a contact list of prospects, make a few phone calls, send some emails, mail a brochure, update your website. Every day do at least one thing to grow your business and you'll see that slowly but steadily, your business will grow, your income will grow and you WILL one day be able to take your part-time business to a full-time lifestyle. Good luck!

What Are Your Goals?

Did you know that less than 3% of people have written goals? Why? Studies have shown that the most successful people are the ones who have specific, written goals.  This is true in both your personal and your business life.  Perhaps most people don't have written goals because they don't understand how to set and use them. Since setting goals is one of the most important keys to achieving business success, let's learn how to use them wisely.

Setting a goal is not like a New Year's resolution. That is just a wish, an annual ritual we use to lull ourselves into thinking next year will be different. But just wishing and hoping for something isn't going to make it happen. You need to have a target to shoot for and a plan to get there. That's where goal setting comes in. 

When planning your goals, first establish the time frame. They could be lifetime goals, 10 year, 5 year, 1 year, 6 month, 3 month, 1 month or weekly goals. I have a 5 year plan and a yearly plan that I use to set up monthly goals. I also have ongoing goals, such as exercising 3 - 5 times a week.

Be specific when you write your goals. Don't just write down "I want to lose weight" or "I want to increase my client base." Write "I will lose 60 pounds by December 2013" or "I will have my new Training for Trainers website online by August 1, 2013" (which is actually MY newest goal!).   Make sure your goal statement is positive. Don't say, "I don't want to be fat." Say "I will be a healthy weight by July 2013."  Instead of saying "I don't want a job" say "I will start a home business by January 1, 2014."

The achievement of a worthwhile goal can seem overwhelming at first. The easiest way to proceed is to break your goal down into smaller steps. Start with the first step then move onto the next. When making your plans, a good way is to start is from the end part and work your way to the present.

Measure your progress. After you complete a step, check it off. Watching steady progress is a good motivator. For example, while working towards my weight loss goal, I can mark off milestones of 10 pounds or 20, 40, and finally 60!  Each day, as I build a page of my new website, I know I am one page closer to reaching my goal.

Don't be discouraged by setbacks. All successful people experience setbacks, disappointments, and failure along the way. That's just part of the process. That's part of learning. Many times these act as course corrections to get you back on target.

There are several success principles used in goal achievement. One is properly programming your mind. You need to review your goal morning and at night before you go to bed. Have your goal written on a 3 x 5 card so you can review during the day. At night, ask your subconscious mind for solutions to problems, and methods or tools for helping you achieve your goal.

Another important principle is that of persistence. No one has enjoyed great achievement without persistence. Do something everyday towards your goal. A day's action puts you one step closer to your objective. Doing something everyday creates a momentum that is hard to stop.

When it comes to achieving your goals, you need to think of yourself as an unstoppable force moving relentlessly toward your objective. Keep moving forward, one step at a time, and before you realize it, you will be marking another goal as "Accomplished!".

21 Ways to Make Money Speaking

When I heard that my friend Felicia Slattery had a new book out, I knew I had to have it. Everything she offers is of such immense value, I was sure that this would be no different. And I was right. The book is everything I expected.

I have been speaking as a trainer and coach for several years and I must admit I even discovered some exciting new ideas in this book. If you are a new speaker, this book will be an invaluable tool in helping you learn to build an income as a speaker.

The book is amazingly easy to read in spite of being packed full of information. I read it through the first day. Now, I am going back through it and picking out the ideas that I want to incorporate into my own business. I suggest you take the time to read it thoroughly the first time. Have a highlighter with you so you can highlight the ideas you want to use. One of the fabulous things about this book is that it is filled with ideas you can use now. Today. So you will want to take note of them so you can put them into practice. 

Not only does she give you ideas for making money as a speaker, but most of the chapters provide a list of resources to help you get started. No searching for the information or tools necessary. Felicia leads you right to them.

21 ways to make money speaking. Each one described so you know exactly how to do it. With resources to help you get started. And guidance from one of the best professional speakers and coaches in the business - Felicia Slattery. If you have ever dreamed of making money as a speaker, this book will give you everything you need to succeed. Pick up your copy and get started speaking. Now! Today! 

7 Reasons to Start a Business

If you don't have a business yet, there has never been a better time to start one. Thanks to the internet it is now cheaper and easier to get up and running than ever before. And thanks to all of those who have gone before you, there is more help than ever before.

There are plenty of reasons to start your own business.  So if you are still unsure, see if you fit any of these scenarios.

1.  You are currently unemployed.  Let's face it.  Yes, the economy is improving.  But companies are still hesitant to hire new staff.  Add to that the fact that as boomers, many of us face age discrimination.  They don't call it that, since it's illegal, but that's what it is nonetheless.  Instead, we find we are "overqualified" for many jobs.  Or that we just don't fit the "company vibe."  (Seriously.  That was the term they used - company vibe).  Or they just don't call at all.  If you are currently unemployed, you certainly have the time to start a business.  We can help you find the idea.  All you need is a space to work and the motivation.  If this sounds like you, now might just be the time to start a business.

2.  Tax advantages.  There are plenty of tax advantages for entrepreneurs - even home based business owners and network marketers.  I deduct portions of my internet bill, my cell phone, travel, and much more.  I am not a tax expert so I won't tell you what is legal and what isn't.  But the tax breaks for a business may just make it worthwhile for you to start one of your own.  Contact a tax professional for advice.

3.  To boost your finances.  If you currently are employed and have no desire to leave, but could use a bit more money each month, then starting a business may be the answer.  Many businesses can be run part time from your home.  I should know.  That's how I started.  You may even be able to one day make enough to replace your job.  Which brings us to reason number 4...

4.  Freedom.  I missed many of my children's special moments growing up because I was at work.  Birthdays, holidays, vacations, concerts, sporting events, field trips.  I left them with strangers when they were sick because I had to go to work.  I've gone to work when I was sick myself, because I couldn't afford to take the time off.  The freedom of being my own boss is worth more than I can describe.  It's too late for my children, but I have all the time I want for my grandchildren.  If you long for the freedom to set your own schedule and call your own shots, then it may be time to start a business of your own.

5.  Financial independence.  I can't guarantee you will become wealthy by starting a business.  I'll be honest - many businesses fail.  But when you work for someone else you know you will always make a certain amount of money and nothing you do can change that unless you work more hours or manage to get a raise or promotion.  When you own your own business, there is no limit to what you can make if you learn how to build a successful enterprise and are willing to do the work necessary to get there.

6.  You can leave it to your children.  I admit it.  I look at the state of our country and the world today and I sometimes wonder what type of life my children and grandchildren will live when I am gone.  Will they have good jobs?  Will they be able to afford a decent home?  By teaching them how to run my businesses, I can leave them a legacy that may not guarantee their future success, but could provide them with everything they need in the future.

7.  Pad your resume.  In a recent survey, 28% of future employers said they preferred seeing starting a business as a way to fill in any gaps in employment.

Do any of these sound like you?  Then join the "boomerpreneur" revolution.  Let's do this! 

 

Network Marketing Tip - Always Tell The Truth!

Network marketing has a bad reputation in some circles. It's been called a pyramid, illegal, a scam, a ripoff - and these are some of the nicer things said about it. And because if this reputation, it can be difficult to present your opportunity to others. You might be embarrassed or afraid because you think you know what your prospect is going to say. And indeed, they might reject you, laugh at you, and ask you questions you'd rather not deal with. How do you overcome this. I have only one suggestion - Always Tell The Truth!

There are pyramids and scams aplenty out there masquerading as legitimate business opportunities. And there are dishonest people who are so focused on making a fast dollar that they lie about the business they are in just to sponsor one more person. These are the things that have given network marketing it's bad name. The only way we will overcome it is if all true network marketers promote their businesses with integrity.

What can we do? First, always answer questions honestly. "How much are you making?" Don't lie and say you're making a fortune if you aren't. Tell the truth. If you aren't making any money yet and don't want to admit it, then turn the question back with a simple response that I was taught to use. "It doesn't matter what I'm making. What matters is how much you want to make."

"How much does it cost?" Again, tell the truth. I joined a company a few years ago when my sponsor told me it was completely free to join. What he neglected to tell me was that in order to get paid by the company I had to have a certain number of points which I would receive by ordering the product. The cost of the product was $145 and I was supposed to order every month. So in reality, it isn't free to join this business. It's $145 per month. Does that mean it's a bad company? Not at all. But I sure felt cheated for a while. I always tell my prospects that exactly what it costs to join and exactly what they have to do to make any money.

"How long have you been doing this?" Don't lie! If you've been doing it for years say so, even if you aren't making money. You can always explain that. When my husband and I first started network marketing, we signed up, paid our fee - and then did absolutely nothing for almost two months. Therefore we made absolutely no money. Then I quit my job to take care of my father and we decided we had better get serious about this. So I told my prospects, when they asked, the truth. I've been doing it for almost three months. If they didn't say anything, then I didn't say anything more. If they did ask what I was making, I used the response given in the example above. And if they knew I wasn't making much yet and wanted to know why I told them the truth. I hadn't been working my business. Sometimes they believed me and sometimes they didn't.

"Isn't everyone doing this already?" Be honest. When I signed up to sell Amway (yes I admit it!), it seemed like there was an Amway rep on every corner. It was sort of discouraging. Same with Melaleuca and Mary Kay. And it wouldn't have been a problem except that I had been assured by my sponsor that the area was still wide open. So if someone asks me this question, I tell them the company has been around for quite a while. The Arkansas team is huge. You don't have to market and recruit locally. I have teams in Dallas, Florida, Las Vegas, Canada, and Missouri and who knows where else. I have customers all over the country. So now my prospects know that they can do the same.

"How long will it take to make any money?" and "How much time will it take?" These two go hand in hand. If I hear one more person tell me I can be making thousands in a few months with no effort, I think I'll scream. Can you make thousands in a few months? Yes. Will most people do so? No. Will they do it without any effort? Absolutely not. It's a business. Not all businesses are created equal. However all businesses take effort. In my town there is a small bookstore and coffee shop run by a friend of mine. On the other side of town there is a Barnes and Noble with a Starbucks. Two "identical" businesses. Does my friend make as much money as B&N? Of course not! Does that mean all bookstores are scams? Do both stores have to work to make their money? Let's see - someone has to order the books, put them on the shelves, interact with the customers, advertise the business, do the bookkeeping, keep the store clean - and probably many more things I'm not even aware of. Sounds like work to me! The same is true with network marketing. I don't know how long it will take you to make any money. I'm not you. But I can promise you, you will have to work. Because if you don't I can make you one more promise - you won't make a dime no matter how long you wait.

These are just some of the questions that can easily lead to misrepresentations and lies. If you have to lie to bring a prospect onto your team, you probably don't want them anyway because they aren't going to help you grow. They don't get it now or you wouldn't have to lie and they certainly won't get it later on because they bought into something that didn't exist. What they will do is go out and tell everyone they come into contact with that your business is a pyramid, illegal, a scam, and a ripoff.

Your Business Concept

If you were going on vacation, before you pulled out of the driveway or boarded a plane, you would know where you were going.  You would know if you were going to stay in this country or travel abroad.  You would know if you were visiting a city or getting back to nature at the beach or in the mountains.  You may leave a few details open to be decided on the spur of the moment, but you would have a basic idea of what your vacation was going to be.

The same is true when starting a business.  Before you do anything else, you need a basic idea of what your business is going to be.  Why do you want your own business?  To have more money?  More time?  More flexibility?  How much money do you want to make?  Enough to retire from your current job?  Enough to have a financial cushion?  Are you unemployed and looking for a way to make a living?  Do you want to work from home or do you hope to have an office or shop one day?  Do you want to work alone or do you want partners or employees?  Is your business going to be strictly online? 

Before you start your business it's critical that you have a clear concept of your business.  This will help you as you write your business and marketing plans. 

If you follow my step-by-step guide to starting your business, then you will answer these questions as part of the process.  The first step is to examine your goals, your values, your strengths and weaknesses, your passions and interests and put these together to help you determine your business concept. 

You wouldn't get on a plane to go on vacation without knowing where the final destination was, would you?  Neither should you start out on a business venture without a clear idea of where you are heading.  Having a clear concept of your business will get you started in the right direction as you start building your business.  Use our guide to help you find yours.