Business lesson 110 - How to start your own business

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Hi kids!

Believe it or not, it is Wednesday!

I start my day this morning all hearts sore. I came to the realization that today will be our last lesson on “How to start your own business” .

We have now covered all the “C’s you need to look into before your start your business;

C – Concept ✔
C – Clients or customer ✔
C – Cash flow ✔

The only thing left for us is to put all the pieces of the puzzle together so that we can have that perfect business plan.

In the very first lesson we learned about a business plan.

It is a plan for your business, the steps you need to take for achieving your goal and in the end to make a HUGE success of it.

There are many ways in which you can put a business plan together. It all depends on;

1. What you want to achieve with it
2. The size of your business
3. Why you need it and
3. For who it is

If you are writing a business plan for yourself to help you with the planning of your new business it will be completely different to writing a business plan to obtain funds.

I have learned over the years that “less is more”. Keep it simple like Simon says BUT do it well.

We are going to put a simple business plan together on what we have learned in the previous lessons that will help you to plan for your new business.

What your business plan must consist of

We have learned how important it is to choose the correct name for your business. Once chosen it is not easy to change it.

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This is the section in which you must capture the attention of those who will be reading your business plan. It consist of an overview of your business and the concept behind it.

If the business plan is only for yourself it must be written in such a manner that you are actually convincing yourself that it is a good business.

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The business description gives an overview of the business, where it will be operating from, includes the mission and visions of the business and the product you will be selling or the service which you will be rendering.

We did not discuss visions and missions in any of the training sessions as only you will know the kind of business you would like to start and what your goals will be.

Of importance when you write this section is that you must be realistic. Remember that saying; “Rome wasn’t built in one day”. Exactly!

In this section you will address the opportunities that you see in the market for your product or service and how you think your business can solve it.

Remember those analysis we did about clients or customers? This is then also where you will add them.

1. Target market
2. Demographics
3. Need
4. Budget
5. Loyalty

Marketing – is the way in which you attract potential clients or customers to your business. In other words how you will be advertising your product or service

The 4 P’s for marketing - Product, Price, Promotion, and Place.

Marketing for any business is crucial therefor I’ve spend a lot of time on giving you strategies and tips.

It is now up to you to think about the marketing you would like to you. Marketing, that can build your small business to a giant business.

Sales strategy – is the way in which you convert these clients or customers into real clients or customers so that you can make money.

The 3 P’s for sales

• Product, People and Process

Marketing and sales goes hand in hand. You can be a boffin in marketing but if you cannot convert a client or customer to take that next step you will find it very difficult to run a successful business.

Think out of the box and put those ideas to paper!

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Do you have any ideas on how you want run your business? You will have make some time and think about the answers before you commit to them.

➜ What is you role going to be?
➜ Do you need an admin team?
➜ Do you need a sales team?
➜ What is the roadmap for your business?
➜ How are you going to achieve this?

Again, as only you know what you are planning only you will be able to answer these questions. Take some time and think carefully the operational and management side of your business.

In this lesson we took a closer look at the financial side of the business.

1. Start-up cost
2. Your revenue model
3. Profit and loss statement
4. Balance sheet
5. Cash flow projections

This is the last section of your business plan. Not the least important though.

When you complete this section you will soon know if it is a “must have business” or a “I know I can make it work” business.

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Homework:

Class, NO HOMEWORK!

When you have a great business idea you don’t want to share it with everybody. If you do you will find someone else making a success of your business idea before you.

For those of you who wants to do a business plan for the business you have in mind, you know where to get hold of me. It will give me the greatest pleasure to have a look at it and to give you some advice.

And for those who want to great a business plan as a post, go for it! I will for sure respond on it.

Good luck to all the entrepreneurs out there! Believe in yourself and you are halfway there!

Links to our previous lessons

Link to Lesson 101
Link to Lesson 102
Link to Lesson 103
Link to Lesson 104
Link to Lesson 105
Link to Lesson 106
Link to Lesson 107
Link to Lesson 108
Link to Lesson 109

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