Have you ever woke up one day and thought to yourself, “I’m going to take a trip across the country.” Then, you pack your bags, get in your car, and start driving. As you travel with a full tank of gas, you have no GPS, no roadmap, and no guide. How long will it take you to reach your destination of how likely is it that you will find your way?
If you are serious about your business and the success of it then you need a basic plan. This does not mean an idea that is stored in your head for safekeeping. A plan is something that is written. It is detailed and practical and you have written down ways to generate a profitable outcome.
When you create a business plan you are explaining the purpose of your business, who you are, the services you provide, why your business is important, who your customers are, and how you gain income. If you need startup money or a small business loan, a realistic plan is a necessity. You will not find appropriate funding by walking into a bank or financial institution and giving a verbal description of your business. A loan officer or investor wants to see that you’ve thought things through and that you have a strategic road map for success.
What is your mission statement? What goals do you have? Who are your competitors? Do you know what a cash projections statement is? Do you have a projected profit and loss statement? Do you know where your business will be in five years? Do you have a marketing plan?
Your business plan predicts your success. Depending on the type of business you plan to operate a simple few page plan may be enough or other plans may be several pages long. The first task is to research the market that you’re interested in and find other similar businesses. Learn how they’ve maintained operation and find a plan that works best for you. SBA.gov is a wonderful resource to learn about business and how to get started, including a library of FREE courses. Also, don’t hesitate to reach out to our Girls L.E.A.P. coaches and learn from all the products and services that Girls L.E.A.P provides.