08 Dec

Entrepreneurship for Life Coaches, Part 5

picture of table with hand on a computer and notebook in the foreground

This post is part 5 of a series I am offering to coaches that are new to entrepreneurship and are setting up an online business for the first time.

Next Step: Creating a business plan

It’s good to have what you are doing on paper, especially for a business. A business plan is basically a formal outline of all the aspects of your business. It covers the who, what, why, when and how. It’s a good written exercise that will not only help you structure your business but also provide an outline for banks or investors should you choose to seek a bank loan or funding.

“In its simplest form, a business plan is a guide—a roadmap for your business that outlines goals and details how you plan to achieve those goals”.

-Tim Berry, BPlans.com

For big businesses, a larger more comprehensive report is often required. But for small businesses, it’s considered more of an “action plan” outline.

It’s good to remember that not all aspects of a traditional business plan may be applicable to your business venture. If banks or investors need additional information, they’ll be sure to ask for it.

What do you put into a Business Plan?

“What’s included in a business plan, and how do you put one together? Simply stated, a business plan conveys your business goals, the strategies you’ll use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsibilities), and finally, the amount of capital required to finance your venture and keep it going until it breaks even”.

-An Introduction to Business Plans, Entrepreneur.com

 

A Few Key Parts to a Business Plan

Summary:
An overview of the business idea you have in mind.

Cash flow:
“Complementing the balance sheet and income statement, the cash flow statement (CFS) – a mandatory part of a company’s financial reports since 1987 – records the amount of cash and cash equivalents entering and leaving a company”.

Find out more in this article about Cash Flow Statements by Reem Haekel on Investopedia.com.

Market Forecast:
“The main goal of market measurement and forecasting is to serve as an aid in the decisions that marketing management has to make”.

More info about The Importance of Market Measurement and Forecasting, on Article1000.com.

Sales Forecast:
This is basically about how much you plan to sell – how many products? How many sales? What portion of the market will your garner?

More info on how to estimate expected sales of a product prior to having launched it on Quora.com.

10 Things to Consider When Creating Your Business Plan

  1. How would you summarize your business?
  2. Who will you be offering your product/services to?
  3. What is your customer’s need?
  4. What solution you are offering for that need?
  5. What kind of market research did you do?
  6. How will you get access to your future clients?
  7. How will your business be initially funded? Is that sustainable? For how long?
  8. What are you marketing and sales strategies?
  9. How will you grow your business?
  10. Do you have an exit strategy for the future?

Tips When Creating a Business Plan

 Don’t get stuck – be flexible and open to changes as needed.

Keep reading, growing and adapting as your business develops.

Decide which tasks you can do yourself and what you can outsource.

Consider other ways to bring in revenue, like: freelance writing, blogging professionally, writing a book, creating webinars, starting a podcast, or offering workshops and trainings, or maybe moonlighting in another industry until your business generates income. 

Practice positive self-talk daily!

 Your affirmation checklist:

 I can create a workable business plan with ease!

 There is an abundance of money and resources in the Universe.

I’m taking one more step towards building my business.


RECOMMENDATION: If you find, after reading this, that you are stuck or just frustrated with your idea, or don’t’ know how to get started, you might want to think about hiring a Life Coach. I know, it’s yet another thing that costs money, but I’ll share something with you – surprisingly I have found it to be the one thing that has been invaluable in building the foundation and success of my business. My personal coaching is what has made my business successful. As a coach I have worked with many coaches to either them turn their idea into a viable business or help them launch their business. I can offer you a working relationship where you gain insight, accountability and a can develop your own strategies to build your business. Don’t be afraid to invest in yourself, even for a short time. You are your business!


 Resources

 Books:

How to Write a Great Business Plan (Harvard Review Classics), William A Sahlman

Gutsy Glorious Life Coach: How to Turn Your Life Coaching Practice into a Soulful Money-Making Business by Lin Eleoff, Esq. 

Blog Posts and Articles:

What is a Business Plan? on BPlans.com.

Business Plans: A Step-by-Step Guide on Entrepreneur.com. 

Build Your Business Plan on SBA.gov.

Tools of the Trade, AmyPorterfield.com. 

8 Common Business Plan Mistakes on BPlans.com.

What is a Cash Flow Statement? on Investopedia.com.

The Importance of Market Measurement and Forecasting on Article1000.com.

Balance Sheet Definition and Examples on TheBalance.com.

Videos:

Business Model Canvas Explained by Strategyzer on YouTube.com.

Additional Resources:

How to Get Your Business Funded on BPlans.com

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