Writing a business plan for your Solo Entrepreneur business doesn't have to be a daunting project. If you can answer 10 straightforward questions about your business, you can be ready to go.
The key to success is to answer all of the questions in enough depth that if a friend asked you to invest in this business, you'd say yes. Most importantly, make sure you record your business plan somehow...whether you write it by hand, type it into your computer, or put it on stickie notes on your wall. Keep it someplace handy where you can refer to it when you are making important business decisions. And, make sure you review it monthly--or, even better, weekly--and update it at least annually.
1. Your Dreams: What do you want your business to provide for you? (think time, money, freedom, who you work with) Be specific--how much money, how many hours, when do you want to "retire".
2. Customers: Who are your customers and what do they want/need?
3. Products and Services: What products/services will you provide to meet customer's needs?
4. Markets: Where are your customers and what do you know about them as a group? "Where" might be geographic, it might be what kind of places they hang out, or where they go to find products or services like yours. What is their age, income, gender, hobbies, family structure, etc.
5. Your Style: How will you reach customers and what will you say? Your methods of reaching customers needs to match with where your customers are--and with a message that they can relate to.
6. Competitors: Where else are your customers likely to get this need met? Find out all you can about how your competitors price, market, and provide service.
7. Your Uniqueness: How will your product/service meet customer's needs differently than your competitors? Consider how your personal uniqueness impacts that.
8. Your Abilities: Of the skills necessary to run your business, what do you do well, and what do you need help with?
9. External Resources: What people/technology/services will support you in the skills you need help with?
10. Fulfilling your Dreams: How will your business provide the kind of working environment you desire, both in how much time you spend, how you perform your work, and how much money you make? Here's where the rubber meets the road--make sure you can show how you will sell X amount of product or service at Y price, cover your expenses, and reach the goals you set in 1. above.
Once you can answer all these questions, have it reviewed by some trusted, experienced professionals who will give you objective feedback. Consider a business coach, as one such resource!
Copyright 2004, Terri Zwierzynski - Accel Innovation, Inc.
_________
Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at http://www.terriz.com.
_________
***** Find more articles like this at http://www.terriz.com. ? Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter, and find other online training opportunities. *****
Top 3 Ways to Maximize Your Small Business Server Consulting... Read More
Have you ever heard the phrase, 'PREPONDERANCE OF PROOF'?I recently... Read More
Many physical therapists in private practice have the appearance of... Read More
If you own a mobile service or home based franchise... Read More
Let me get right to the point. The single most... Read More
Ok, you have successfully accomplished your dream of being the... Read More
Many years ago, I had warned the carwash industry of... Read More
We all know how glorious those first warm days of... Read More
The following tips have come from a wide variety of... Read More
How many hours do you work a week? When was... Read More
Early in my career, I wrote an article for a... Read More
How much is your time really worth? Is it worth... Read More
If you interviewed business owners of failed businesses, a majority... Read More
If you are a motorcycle detailer and need to expand... Read More
How do window cleaning franchise businesses start? It is a... Read More
The book, "Become the Squeaky Wheel," by New Hampshire author... Read More
Starting your own e-commerce business can be quite the adventure.... Read More
As small business managers, we juggle limited resources in a... Read More
There are both fixed and mobile detailers. Consumers often will... Read More
As a home business proprietor, you may already realize why... Read More
One major issue not being addressed right now in the... Read More
Before you read any further in this article, I'd like... Read More
Business owners rarely go into business to deal with the... Read More
In the first article we mentioned the main characteristics that... Read More
There are many choices when thinking about a small business... Read More
Q: Is the online world the best place to sell... Read More
Would it help you as a real estate investor to... Read More
If you really want to earn more money with your... Read More
Send handwritten notes. That applies whether you're a guy or... Read More
Why give freebies?We have all seen freebies at trade shows... Read More
Starting your own e-commerce business can be quite the adventure.... Read More
1. Know Where You're Going ? Coach Herb Brooks had... Read More
One of the biggest fears people have about starting a... Read More
Q: I'm curious. What is the dumbest business question you've... Read More
You bet a name is important. Many small business owners... Read More
In a world full of complications sometimes we overlook the... Read More
You want to know more about making money with your... Read More
In franchising an individual desirous of their own business will... Read More
The Service-Disabled Veteran-Owned Small Businesses (SDVOSB) is a program that... Read More
Great question!Freeing your time is an indisputably key element in... Read More
Your grandfather probably told you to "learn something new everyday".... Read More
Administrative and clerical tasks are the bane of every industry.... Read More
I am simply amazed at the problems some of my... Read More
Where do you find more customers?How do you compete with... Read More
Gather round while I tell you the story of Kennebec... Read More
With all the cabinet refacing business opportunities out there, you... Read More
If a customer owes your local business money, it's hard... Read More
Do you operate your business as a series of projects,... Read More
Are you -- like 70 percent of small business owners... Read More
There are many factors to be considered when you are... Read More
Small Business |