The Inside-Out Business Plan™ -- Your Small Business Plan in 10
Easy Questions
By Terri Zwierzynski
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 sticky 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. Your 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!
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Terri Zwierzynski is a coach to small business owners and Solo
Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas)
at http://www.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
www.FastLaneDreams.com .
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