In today’s episode of The Small Business Show, we will be delving into the process of creating a solid business plan with Melinda Emerson, America’s number one small business expert, CEO of Quintessence Group, and Best-selling Author.
The first step in creating a successful business plan is to understand your purpose, values, and mission. This should be the reason behind why you want to start this business. It is important to research and talk to the right people before launching your business. Additionally, it is recommended to save money for at least 12 months before starting your business.
Once you have determined your purpose and saved money, the next step is to figure out how you will finance your business. While banks generally do not lend money to startups, most startups are funded using personal savings. It’s important to also consider how your business will operate and determine if you have the necessary skills or if you need additional training before launching your own.
Finally, it’s crucial to have a clear understanding of your marketing plan and target audience. You need to understand where potential customers go and what they like in order to build an effective marketing strategy. Melinda Emerson advises entrepreneurs to differentiate their businesses from their competitors by focusing on how they can specially serve their customers. Additionally, entrepreneurs should prioritize realistic sales projections with a goal of at least a 20-25% increase in revenue on an annual basis.
It’s important for entrepreneurs not to include their “super secret sauce” in their business plans such as their actual IP or anything they have pending patents. In conclusion, creating a solid business plan requires careful planning and research but with the right guidance from experts like Melinda Emerson, entrepreneurs can set themselves up for success from day one.