Tag Archive: business plan


Start Up Costs

An entrepreneur should not go broke starting a business. Make sure you buy only the essentials for your business. Look for deals and discounts wherever possible.  This is a list of expenses may apply to your home business

  1. Legal fees -Local business licenses and trademarks.  Do your research and find what licenses are required for your business type. Register your business name. You may also want to trademark your name. Check www.legalzoom.com for online legal services
  2. Website and Logo- If you are not a designer, hire a professional.  Your website and logo attract customers and represent your image. Check out www.diva-designz.net. The company offers a full range of web and graphic designs at reasonable prices.
  3. Advertising – Use social media in the beginning to keep costs down (Twitter, Facebook, Myspace…). Do an internet search for free online ads. Tell family and friends. Make flyers and business cards or use www.vistaprint.com. They sell a range of low-cost advertising and promotional products for business and personal use.
  4. Office supplies- Purchase the basics such as pens, computer paper, paper clips and even file folders to keep records organized.
  5. Accounting- It is imperative you keep accounting and tax information in order.  Accountants make sure your business starts out in a good financial position. Consult a professional before you launch. Check out www.yoursimplebookkeeper.com. The company provides affordable virtual bookkeeping and accounting services for small businesses.

Cash is the last key. Make sure you have money in savings for unexpected expenses. A successful business woman will have all of these in place.

Your Business Plan

You have an idea. Now what? You need a business plan. Your business plan is your dream, idea, plan, product or service on paper. Not all business owners have them, but to be a success your vision should be in print. If you are looking for funding from a financial institution, a business plan is a must. The lender will need to know if concept is valuable and profitable. There is no standard content for a plan, however there are a few topics the plan should cover.

*Executive Summary–The basics. What is your vision?
*Company Summary–A detailed description of the company. Include a short history of your industry
*Business Description–What do you offer? What makes your idea stand out?
*Market Analysis-This is your market size, how the business will grow, your profits and more
*Strategy and Implementation-How will you make money with your product or service?
*Management Summary-Who are you? What is your background
*Financial Plan-Your budget and financial statements.

I know this seems like a lot, but the internet has an abundance of beneficial information. Sites such as http://www.score.org offer business plan templates for several business types in PDF, Word and Excel versions. Bookmark SCORE.org. SCORE offers free online and in-person advice to entrepreneurs.

A business plan takes time, but this is essential for your business even if you are not seeking financial help.

The reason most people never reach their goals is that they don’t define them, or ever seriously consider them as believable or achievable. Winners can tell you where they are going, what they plan to do along the way, and who will be sharing the adventure with them.
–Denis Watley

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