10 Steps to Starting a Business: Step 1 The Business Plan - All Up In Yo' Business
Published 2016-01-20
If you are starting a business but don't know where to start, start with the business plan. Now, I know that for a lot of business owners and aspiring business owners, making a business plan can be one of the toughest parts of starting a business. But this is exactly what the business plan is for; it is meant for those juices to start flowing in your head and to get you thinking about every detail of your business, so when you do start it you know exactly where you are going.
Your business plan does not have to be a static thing; it changes. Your business plan should forecast about 3 to 5 years out, but along the way you may need to make changes and modify that business plan. And that’s okay.
Here are a few of the most important items that you want to put in your business plan:
1. The Executive Summary. An executive summary is especially important if you are going to be seeking investors or a business loan to help finance your business. An executive summary should highlight the best ideas and the most important aspects of your business. For example, what makes your business unique, why is your business is going to succeed, and obviously a summary of what your business idea is. And it should really be just the most important parts of your business plan, that way if someone has just 30 seconds to read over your business plan, they can scan the executive summary and get the gist of what your business is about.
2. The Industry Analysis. This Industry Analysis will show what the market looks like in your business's industry, who your competitors are and their strengths and weaknesses, who your target audience is and their demographic, as well as who exactly you are going to be aiming for with your business.
3. The Marketing Analysis. Your business plan should also include a Marketing Analysis. The Marketing Analysis should describe how you plan on marketing your business and the types of marketing channels you are going to use, as well as any unique or special ideas you have for marketing your business.
4. The Operations Plan. Your business plan should also include an Operations Plan, which includes information as to what type of personnel you are planning on hiring and some of the processes you will need to follow in the execution of your business. The Operations Plan is also a good place to include some of the milestones or goals you are hoping to accomplish.
5. The Financial Plan. Finally, you will want to include a Financial Plan that highlights what your budget is going to look like: how much money you are starting with and how much money you think you’ll need just to get the business going. Try to budget out what your business is going to need, make some financial projections for your business, including what you think you can make within a given amount of time and what you expect to bring in and spend. Also include information on pricing, i.e., how you are going to price your products or services and how that pricing compares to some of your competitors’ pricing.
Contact Aiden and learn more at www.180lawco.com.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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All Comments (21)
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Thank you. Thank you. Thank you Aiden. You are so informative, helpful & easy to follow. You're the Bomb!!!
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i loved this video because a lot of videos on starting business people give you the run around and you were very straight forward im in the process of starting my business
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Okay truth be told the title, All Up in Yo' Business" got my attention, but what made me stay and sub was you got to the point. YES I wish more would do that and you come across as down to earth and genuine. Good job and I will be coming back.
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glad i found your chanel. The company I work for has been floating the idea of me buying the buisiness in 5 years or so so i'm educating myself as much as possible to decide if its the right thing to do for me. Little suggestion, with these multi-video series, you should make a playlist for it, making it easier to find all of them, and navigae between them.
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Listen! I am reading NOLO on how to create a business plan and it's a lot of enough but darn good book. You have made this so simple. Thank you!!!!!
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Thank you for putting this series out. The videos have substantially helped me in collecting the bones and fleshing out my business.
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Excited for the rest of this series. I’m looking to go after a segment that I am familiar with but I have little official business experience. Thank you for a great resource and I look forward to watching the other 9 videos this weekend/when I can
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Love your videos. I'm currently going through all of them as I mastermind my business pursuit. :)
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Straight forward and to the point. Love it.
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Love this and I’m so glad I found your channel
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Great video. Straight to the point. I have subscribe to your channel and will be following you along my journey establishing my business.
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Thank you! This series is very informative.
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Also remember when crating your business plan, bank accounts, EIN. etc that you specify in which state and city you plan to do this. The laws vary from state to state how this can be and should be done. Also when looking for templates for your business plan or aid that you make sure to specify the state as well.
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Thank you for making ALL your videos, i've found alot of valuable information and advice youve provided in your videos very useful. im out of Buffalo, ny and have been planning(Dreamland) 2 separate companies for along time. ive been blaming it on the lack of start up funds and the know how. but thats B.S. either do it or forget about it thats where im at. so thanks for the info
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Thank you for this video list! This is really a good educational video regarding setting up LLC. I can't thank you enough!
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Aiden! You rock!!!
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I'm looking forward to the next video ;-)
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great one
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omg u r awsome, and so beautiful and it's all FREE 😍😍 🙌🙌
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I think that was awesome! Wish you would teach that at koocam. I would definitely pay to learn that from u to get suitable tips.
