New Year, New Business Goals

The beginning of a new year is a time for self reflection and goal setting. Whether you’re an aspiring entrepreneur thinking about taking your first step or you’ve been running your own business for a while, now is the time to create a plan for what you want to achieve in 2023. Creating a business plan is a great way to crystalize your vision, hold yourself accountable, and make sure you're setting yourself up for success. Last year Jacqueline Reses and I wrote “Self Made Boss: Advice, Hacks, and Lessons from Small Business owners”, a collective guidebook of tips and tricks from successful entrepreneurs.?

This book has already helped thousands of business owners. Below are a few reader reviews from Amazon and Goodreads:

“The book should be on the shelf of every small business owner and at arms length reach to jump to the chapters that are relevant to them. The book is meant as a resource. Read only the sections that are relevant to you. Sort of like an encyclopedia or user manual.”

“I thoroughly enjoyed reading this! If you are someone like me who is skilled and experienced in their trade but doesn’t know the steps or information regarding starting up and running their own business, it’s worth the read!”

“As someone who started a business with $20k at age 22, this is the book that I wish I had! The authors compile amazing, instructional and inspiring stories from entrepreneurs from all over the world. If you are looking for actionable insights that will make you a better business builder, read this book!”

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As you plan your entrepreneurial journey for the year ahead, be sure to create your own business plan. In the book, we cover how to create a business plan. Below is a short excerpt. If you’re interested in learning more, you can purchase the book at your local bookstore, Amazon or listen on Audible . Over the next few weeks I will be sharing more tips so please follow me on LinkedIn to learn more.??

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Outline your vision and articulate your goals by writing a solid business plan.

Let’s not sugarcoat it: starting a small business is risky. You have about a fifty-fifty chance of surviving the first five years; in fact, one small business in five will fold within its first year. To prevent this, it’s absolutely critical to think through your venture systematically. And that’s what a business plan is for.

Now, a business plan is crucial if you’re looking for a grant or a loan. As an outward-facing document, it can help you convince people that you’re taking the venture seriously and that you know what you’re doing.

But even if you’re not looking for external funding, it’s a great idea to write a business plan anyway, even if it’s just for yourself. A business plan is your chance to present your vision for what you’re building and outline your plans for achieving your goals. Simply put, it’s the blueprint for your business. And the act of writing a business plan requires you to research your industry and think objectively about what goals you’re aiming to achieve. The thought process behind it will positively influence your entire business and get you started on the right track. So don’t procrastinate on this one – it isn’t just busywork!

So how do you do it? Fortunately, you won’t need to reinvent the wheel every time – it’s a pretty formulaic process, and there are plenty of resources online – and in the library – for the specifics of how to do it. But here are some tips to get you started:

The beginning of your business plan, the executive summary, is your chance to tell your story vividly and engagingly. In it, briefly run through what the rest of your plan lays out in detail, with particular focus on the problem, solution, and audience. Pro tip: the executive summary will go first in the document, but it might be easier to write it last. But whenever you choose to write it, remember – to convince your readers, the executive summary has to be punchy!

Then, for the rest of the document, get much more concrete and objective. Write like a banker, not a poet; back up your claims with evidence and statistics, and don’t make claims you can’t prove – that you make the best sub sandwiches in town, for example. Be selective with your information and be sure to present yourself and your team in the best possible light.

If you’re aiming your business plan at investors, it’s a good idea to hire an accountant to help you make realistic financial projections and to put everything in the format your audience is expecting. And don’t send gimmicks along with the business plan! Investors will gladly eat the baked goods in your gift basket, but the money you spend on those treats isn’t a smart expenditure – they’re unlikely to sway anyone, and they might just make you look less than serious. Just stick to the facts instead.

What’s important is that you succinctly articulate the problem or need you’re looking to address, and why anyone would pay for your solution. Is your potential business not just feasible, but attractive to potential customers? Answering this question for yourself and for potential investors is at the core of a solid business plan.