Last year, I embarked on a 30 day business challenge so I could build on areas that needed it as well as adding new things ( like newsletters which I will talk about in a later post). Last week, I talked about the first steps in this process, which are coming up with a name and researching legal aspects of it. This is a step that is ongoing for me as I need to research fees and requirements. ( When that happens, I will post about that as well). The next step in the process is creating a business plan.
A business plan is just as it sounds like. It is a document for tracking your success and what you need to do to get there. They generally track plans over 3-5years, and usually have a form where you can document your progress when you have reached that time period. For this task, there were basically two plans, a short-form (one-page) plan you use to map out success if you are not obtaining funding right away. There was also a long-form ( 9 page) plan which you would use if you are obtaining funding and that would be presented to your attorney ( It is always recommended that you seek the advice of an attorney when starting a business and seeking funding to make sure you are in compliance with your state laws).
Both plans are structured similarly, but only the longer form is legally binding. They basically ask for an overview of your business along with the services you provide. There is also a section about marketing to clients, as well as what your ideal client is for you.
Of course, the sections dealing with funding are important if you are obtaining it. You generally need to give a figure of where you would like be both now and several years from now, the number of clients you would need to get there and the type of funding again, to, be reviewed by an attorney.
My final outcome of this task, was just as for #1, not finished. I am not obtaining funding right now, so that section was left blank.
In my next post, I will talk about goals and how to maintain them.
A business plan is just as it sounds like. It is a document for tracking your success and what you need to do to get there. They generally track plans over 3-5years, and usually have a form where you can document your progress when you have reached that time period. For this task, there were basically two plans, a short-form (one-page) plan you use to map out success if you are not obtaining funding right away. There was also a long-form ( 9 page) plan which you would use if you are obtaining funding and that would be presented to your attorney ( It is always recommended that you seek the advice of an attorney when starting a business and seeking funding to make sure you are in compliance with your state laws).
Both plans are structured similarly, but only the longer form is legally binding. They basically ask for an overview of your business along with the services you provide. There is also a section about marketing to clients, as well as what your ideal client is for you.
Of course, the sections dealing with funding are important if you are obtaining it. You generally need to give a figure of where you would like be both now and several years from now, the number of clients you would need to get there and the type of funding again, to, be reviewed by an attorney.
My final outcome of this task, was just as for #1, not finished. I am not obtaining funding right now, so that section was left blank.
In my next post, I will talk about goals and how to maintain them.