Month: July 2018

How to Make Your Small Business Plan

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Writing your business plan is the new most important thing in your life. You can’t just fluff your way through this like it’s a think you have to do but don’t want to, you really do need to put some time and effort into this.

“Failure to plan is planning to fail” is the famous quote from Benjamin Franklin, and this couldn’t be truer when you’re planning your small business. The thing to keep in mind is that you’re not just making a plan, but sticking to it. Obviously, you need to be able to roll with the punches, but the basics of your plan need to stay firm.

What goes into a plan? This is probably the biggest concern you’ve got. There are many templates to help you get started. We would recommend you grab a pre-made one and modify it to fit your needs. Most coaches recommend you trim down absolutely everything that is not necessary, and make the plan as short as possible. This is to avoid any unnecessary confusion, and also any unnecessary commitments. You don’t want to have something in your plan that isn’t absolutely concrete and might hold you back.

Who sees a business plan? A lot more people than you might think!┬áInvestors, bankers, potential employees and business partners. The list can go on. Any time you’ll want to have anyone strategically involved in your business, you’ll want to have your plan handy. This isn’t limited to those that are going to give you money, but very well might start there. If you’re looking to get a loan from a bank, they will absolutely need to see and understand your business plan. If you’re trying to get investors, you can bet your business they’ll want to see your plan.

You might be questioning the potential employees part. True, if you’re opening a coffee shop your potential baristas might not want to see your business plan. However, if you’re looking for a foreman, project manager, or someone in an executive or managerial level, they may want to ensure the longevity of their career by verifying you’ve got a plan in place.

Lastly, customers may want to see your business plan. Why? Well, this again helps verify the legitimacy of your company. Especially if you’re starting out and don’t have any referrals to give, your potential customers will want to vet out to ensure the partnership will work.

Hopefully those help with the “Why” of business planning. Next up, we’ll help you build your plan from scratch.

Welcome to HDUFocus Business Reviews

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Today, we launch HDUFocus Business Reviews. We’re a collection of like minded individuals that will tell you what things are like in the business world. We have all run successful Small Businesses and we want to offer our tips and tricks to those of you out there getting started with your own business.

Given that Small Businesses make up over 99% of all businesses in the United States, it’s an important topic to speak about. Why not have all of your information in one place? The best part is – you’re getting your SMB news from a group of SMB entrepreneurs running an SMB right here online!

You can be one of the 28 million small businesses in the USA. There is a large risk when starting your own business, but there is also a lot of reward.

You get to be your own boss. This is both a benefit as well as a negative, depending on how you look at things. You’re responsible for every single thing, from paying rent in a building, buying equipment, vehicles, paying wages, buying inventory, and everything in between.

But, on the flip side – you get to hire and train a staff to do the work for you. You get to bring in the additional revenue after your expenses, so if you do things correctly, you can make a lot more money than if all of that was going back to someone else.

The most successful businesses solve a problem. You’re not going to open your doors and have people flood to you if you’re not solving a problem they have. If you’re a bakery – what problem are you solving? Maybe you’ve got a special vegan recipe, you’re in a location that you’ve found is far enough away, or you’ve got a famous endorser? You can’t expect wild success unless you’re solving a problem or filling a specific void.

That’s the first step to building a successful business. The second step is around making a plan, which we’re going to cover in our next post. Thanks for reading, and we’ll see you in our next blog article!