Here are the essentials of a summarized business plan:
1. Kick off your plan with a one-page description of your business. Give a brief history of the business and its ownership structure by focusing on:
– Who you are;
– What you do;
– Where you are.
2. Write a concise on-or-two-paragraph vision statement, which gives your answer to the question: "What do we want this company to become over the next five to ten years?"
3. Lay the groundwork for your 'brand promise' in a one or two paragraph description of what your company will be to its customers.
4. Provide a list of three to five core principles upon which you will build the business and stick to it no matter what.
5. Make a list of three to five long-term goals that translate your company's vision into specific, measurable, attainable, relevant, and time-specific objectives.
6. Take the next two pages to briefly answer the following questions:
– What do you know about your industry?
– What do you know about your competition?
– Who is your target consumer and what do you know about them (demographics, buying patterns etc.)?
– What is your unique value proposition?
– What is your big bold brand promise?
– Explain the message you plan to communicate to your target market;
– Explain the method you will use to deliver that message;
– How will you measure the effectiveness of your chose delivery method/s;
– Explain a proposed scope for adjustments.
7. Summarize your sales plan
– What is your overall sales process?
– What are the specific steps in your process? (eg.
How are leads generated? How are they researched/qualified? How do you get in front of your customer? How do you close the sale? How will you achieve the optimal sales cycle?
8. Outline the operational plan
– How will you produce the product and/or deliver the service?
– What are the logistics?
– What business process will you employ?
– What facility, equipment, and other resource needs are involved?
– How will you assure and measure quality and customer satisfaction?
– Who are the key players?
– What are their backgrounds and qualifications?
– What are their specific roles?
– How will the business be organized (org chart)?
9. Describe your people plan
– What personnel are needed now to accomplish your current goals?
– How will the number of people needed change with the projected growth of the business?
10. Provide the financial plan for the business. Include the following:
– Start-up costs, if applicable;
– Revenue projections with detailed assumptions;
– Three-to-five-year cash flow projections;
– Three-to-five-year balance sheet projections;
– Sources and uses of funds if you are raising capital.
11. End with the beginning and begin with the end in mind. Write a concise synopsis of the entire plan. Include a detailed strategic plan that highlights the strategies, accountability, and timelines for achieving the one-year goals of the business.
Launch and manage
the business
According to management expert Peter Drucker, "It's more important to do the right thing than to do things right." Once you have chosen your legal structure, you need to register your business with the appropriate government agencies. This may include getting a business license, registering for taxes, and complying with local and national regulators. Register your domain name and establish your online presence by creating a website and social media accounts. Your launch strategy should include creating buzz, generating leads, and building a customer base. Having a strong online presence is essential for the success of any business. Developing a user-friendly website will showcase your products and services. Provide valuable information to your target audience and facilitate the easiest and most hassle-free way to purchase and use your products and/or services.
In his book "Originals: How Non-Conformists Change the World", organizational psychologist Adam Grant argues that successful entrepreneurs are not the extreme risk-takers we often imagine them to be, but rather the more conservative individuals who are more apt to hedge their bets.
Grant's theory is supported by a 2013 study that suggests entrepreneurs may be best served by easing into the process. The study, published in the Academy of Management Journal, tracked a nationally representative group of about 5,000 American entrepreneurs over 14 years.
Researchers found that those who kept their day job while starting a company were 33 percent less likely to fail than the ones who went all in.
The researchers also conducted personality surveys, which found that those who did quit their day jobs tended to be "risk takers with spades of confidence," whereas those who kept their day jobs "were far more risk averse and unsure of themselves".
And while the cautious and conservative traits may not adhere to the commonly held belief that to succeed entrepreneurs must be "all in", it does align with the stories of some of the most brilliant people in business today. Some great examples of those who proved "don't quit your day job" can be smart advice include people like Phil Knight, Nike; Steve Wozniak, Apple; Sara Blakely, Spanx; John Legend: platinum recording artist, and Markus Persson, Minecraft.
Starting a business requires careful planning, research, and execution. The journey to a finished product/service rarely resembles a straight line. To become an entrepreneur without quitting your day job requires you to do the right thing rather than do things right. Identify a profitable business idea, develop a product/service offering, validate your product/service offering, write a business plan, launch, and manage the business.
How do you know when to quit your day job? Unfortunately, there is no easy answer to this question, as each entrepreneur and his or her business is unique. By following the steps in this article, you can be well on your way. Do not let fear hold you back from jumping in once it is feasible. You must take advantage of the opportunity of a lifetime in the lifetime of the opportunity. Do not let the ideal time slip away because you are too afraid. Take a leap of faith.
• Eliot Kelly is recognized as a serial entrepreneur, business coach and mentor and has been featured on CNN, BBC Three's Be Your Own Boss and an extensive list of magazines and articles. His five books have been translated in over seven languages and sold in twenty-nine countries, recently being shortlisted for Best Self-Help and Best Advice Books 2019 by The Author Academy. Contact him via his website at www.eliotkelly.co.uk, email at info@eliotkelly.co.uk and Twitter via @eliotkellyofficial.
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