A Note From Monique

Meeting up with my fabulous client, Belinda Smith of BelindaSmithCreative.com.  She is an award-winning songwriter, singer and mentor in Nashville, TN and just a joy to work with!  This was taken at our Gold Mastermind retreat in Asheville, NC in January 2012.

Monique

Featured Article: Do You Need a Business Plan?

Well, it depends. If you have big plans for your vision, and want to grow from your start-up idea to a mature six to seven-figure business, then the short answer is: YES!

That said, a business plan doesn’t guarantee your success. But, here’s the thing: most of the businesses that do make it had business plans at the get-go. And one thing’s for sure: without a business plan it is really, really hard to get anyone to invest their money or time in your idea.

A business plan is not just for raising money, so even if you have all the cash you need, you still might want to consider writing one up. Why? For a couple of reasons. It’ll go a long way in attracting the A-level talent you want on your team AND it will help you clarify and focus, two of the essential components needed for effective implementation.

So, you might be wondering what-all is involved in creating a business plan. Here are some common questions I’ve gotten from my clients.

Just the thought of doing this makes we want to curl up under the covers. Can I hire someone to do it for me?
No, no one can do it for you. This is because no one knows your business like you do. No one is as passionate and dedicated to bringing your vision into the world. That said, you absolutely can hire someone to guide you through the process. There’s no need for you to re-invent the wheel.

How long will it take?
A comprehensive, complete plan takes anywhere from 150-300 hours of YOUR time, and 15-30 hours of a consultant/guide’s time, depending on whether your business model is service-based or product-based.

What is a business plan exactly? What’s included in a business plan?
Right now you probably have about 25% of the business plan completed (and you didn’t even know!) The trouble is that it’s in about twelve different places, like emails, press releases, resumes, marketing brochures, grant proposals, job descriptions, and your head, just to name a few. A business plan gets all of those disparate materials into one place and brings them all in under one umbrella.

The plan will spell out the significant problem you can solve and how you are going to provide that solution. The document itself should be as short as possible, while still being thorough. To give you an idea of what-all it covers, here is an outline showing a typical break down.

1. The Executive Summary

2. The Industry and the Company and Its Products or Services

3. Market Research and Analysis

4. The Economics of the Business

5. Marketing Plan

6. Manufacturing and Operations Plan

7. Management Team

8. Critical Risks, Problems and Assumptions

9. The Financial Plan

10. Proposed Company Offering

This gives you a brief overview of what’s involved in putting a business plan together. As always, I love to hear from you. Please feel free to use the comments box below for any questions or, well, comments, that you might have.

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