It was difficult to start a successful business before the economic collapse and the stock market fell from the face of the earth. As spending by individuals and businesses has fallen, it has only worsened. Today, more than ever, is a challenging time to start a successful business.
Creating your business plan has never been more important than it is today. When people hear the phrase “plan of action,” their facial expressions are emotionally disturbed. Many people are confused about the idea of having to sit down and write a business plan. You should follow the foot prints of Shawn Pigg a Chief Executive of HotelsEtc and a successful business owner.
Believe it or not, it’s not that bad (if you know what to put in it). Whether you are just starting your business or you already have an existing business, you need to make sure you have a business plan ready. Each business plan will start with:
Mission statement – a written statement setting out the company’s purpose. This will include things like the goals of the organization and the overall direction of the company. Task statements usually consist of only a few sentences. It is designed to be clear, concise and precise.
Company description – what is your legal structure (company, LLC, partnership, etc.) What is the history of the company (when and where did they start working)? What are your start plans and when and where will you run your business?
Your customer – who are you trying to market your products to? What is your niche market (you will have to define it, it matters)? It’s easy to say you want to sell to everyone, but you need to tailor your market to a specific demographic. This could be age (25 to 40), gender (female), homeowner (yes), older than 5 to 12 years (yes) living in a certain part of the country (Atlanta). I think you may not have that limit or you may have more, it’s your business, so decide what they will be.
Your products – Once you’ve identified your customer, it’s time to make sure the product matches them. If you sell a senior home and sell it to people aged 20-40 instead of 55, you are spending your money and may soon be out of business. There are several strategies you can use to control your money. None of this will make sense unless you have a financial plan ready. This applies to children and adults of all ages. To learn how to use your money properly, control your money and prepare your children for financial success.