Here is the second vlog! It took me a little longer to get posted than I wanted but it's here. This episode is all about business planning - well the highlights of it. There is a rough transcription at the below the video just incase you miss anything. Enjoy!
Business Plan in Under 4...I mean 5 minutes
Your mission: 1-2 sentences that really capture the essence of what your business. Think of what you'd like your business to represent. As much as it pains me to say it: Starbucks has an amazingly well crafted one.
Your company: more than 2 sentences. This is the description of what your company will do. Markets it will serve, products or services provided, and how it will be structured. Possible funding needs and start up costs should be mentioned as well too.
What you do and who do you serve: Market analysis is important because it gives you and prospective readers an idea about the marker you are entering. As a business owner you should have a pretty good idea of what your competition is before you enter the market. Focus on strategy and implementation.
Your Team:Are you solopreneuring it or will you have a team to help you. What is the structure of that team? What are everyone's credential or relevant experience. What are the roles and the largest responsibilities of each of the roles.
This is a big one. You need to have as accurate as information as possible here knowing that you might not actually have spent or earned anything. don't worry on projecting vaguely 5 or ten years out. Just focus on making the first 2 years as realistic as possible. this is where having a solid understanding of your market, pricing and buying patterns will come in very handy. Outlay all of your expense, possible cash revenues and costs to start up. Don't forget to budget for the unexpected. In your financials you want to budget for at least a few months of expenses there's no guarantee that you will be raking it in out of the gate.
Somethings to keep in mind -
- Benchmarks need to write with goals in mind and estimated times to completion
- Focus is huge. This is not the place for flowery or creative language. VIP's reading this will not have time to try to decipher complex metaphors.
- How cash will flow. More then just listing expenses you need to outline where cash comes in and where it will go. Every penny needs to be accounted for.