Chapter 9: Yearning to Be on Your OwnAll right, potential entrepreneurs, now that we've looked over the roadblocks and obstacles, let's..
Step 3: Create an Action PlanFirst, write a vision statement. How do you define success? What makes your business unique?
Then, you'll write a business plan. This is a necessary step when you apply for funding. You'll need:
- A company overview. Projections of your progress, the type of business you're running, the structure of the company, your tax situation, your legal requirements, and your insurance needs are all part of this.
- An executive summary. A snappy overview of your company, this should discuss your market, your product or service, your target clients, your strategy, your management, and your finances. Consider writing it last, even though the book lists it second (I guess it goes second in the packet once you're done).
- A marketing plan. How, exactly, do you plan to make money? What are you selling, to whom, where, for how much? Who is the competition? How are you promoting yourself? How are you keeping clients happy?
- A management plan. How are you spending the money you make? How are you structuring and operating your business? What's your business's name? What equipment, utilities, inventory will you need? Do you need employees? What kind, how many, how much will you pay them? What kind of records will you keep and how will you keep them?
- A financial plan. How much will it cost to open, and where will you get it? Detail every single cost. How soon will your business break even?
But once you go through the list, you'll be well on your way to a new business! And next time, I'l be well on my way to Chapter 10!