Want to Start a Business or Grow One? Build a Business Plan

in #thealliance7 years ago


Source: Pixabay

I always encourage people who don't have their own businesses to start a business. And for those who have a running business, I encourage them to grow that business and turn it into a franchise. I believe the entrepreneurial path is the path of success over the next five years. People who have jobs, I advise them to keep those jobs as long as they are paying their bills, but to start their own business on the side and gradually transition themselves from their day jobs to those businesses when the right moment comes.


Source: Pixabay

Whether you want to start a business or you want to grow a currently running business, you need a business plan. Putting a business plan together is not rocket science. It's simple and easy to do, but it has a process that you need to follow. I recommend that you do a feasibility study first before putting this business plan together. If the result of the feasibility study is a GO, then you construct your business plan. I'll be talking about feasibility studies and how to conduct them in another post, but now, I'll lay out the components of a "Business Plan". There are 15 simple points that make up a "Business Plan". You get those 15 points right, you have a business plan. Here you go:

The Components of a Business Plan (15 Points):

  1. Title Page and Table of Contents.
  2. Company name, address, website, phone number and social media sites.
  3. Name(s) and Title(s) of all key people in the business.
  4. The Executive Summary (not to exceed two pages including a brief description of the business, its products and services, the customer problems they solve, and the company’s competitive advantage).
  5. Mission and Vision Statements.
  6. A brief Company History (unless it’s a start up. Company history includes past achievements, main projects, names of some of the corporate clients)
  7. Business and Industry Profile.
  8. Business Strategy (The strategic goals of the company and how it's working on achieving them)
  9. Description of Firm’s Product(s) or Service(s).
  10. Brief overview of the market for your products and services and the marketing Strategy (Including both offline and online marketing strategies)
  11. Competitor Analysis.
  12. Owner(s)’ and Managers’ resumes (With a Brief description of the managerial and technical experience of key people)
  13. Plan of Operation (How the company is currently running or the projected operational plan for a start-up)
  14. Current (or projected) Financial Statements.
  15. The Investment Proposal (If the company is soliciting financial investments)


Source: Image

I know many Steemians are having the goal of transitioning themselves from whatever jobs they are currently having into being full-time Steemians when they are able to generate enough income from Steemit that would cover their monthly bills. I too have this goal. This is a very important goal to have. My proposition here is to keep working on that goal while still considering either starting your own side business or invest in a start-up or a running business that click with your passion. The reason for doing so is not to put all your eggs in one basket and to have multiple sources of income. Even if you successfully became a full-time Steemian and you have good income generated from Steemit, you can still be a multi-level investor and entrepreneur if you know how to manage your time. That's what successful investors and entrepreneurs do. I wish you all great success and financial abundance.





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Hi, @nuridin ---> I'm dropping in today to tell you I enjoyed your recent post, If You Spill The Coffee -- Say I Am Sorry! so much I included it in my personal curation project The Inbox Runneth Over. You can find your post showcased at this link. Stop by when you have a minute and see what else I found along the trail. Your companions here are all interesting in their own way.

I know ... it's been a while. Life and Steemit don't always keep the same schedule. Sometimes it takes me a few extra days to notify my Inbox authors on their actual blog that they were included in my project. But I do note and tag them in our Discord group when I announce a new Inbox issue. Look for future acknowledgements to appear with you tagged in the announcement of publication in the railway post office channel. (Running behind in getting comments written is pretty much standard for me. There are just not enough hours in the day.)

Anyway ... to reward your exceptional work, I have arranged a small financial boost for you. Unfortunately, Steemit's restrictive 7-day payout policy means I can't reward the real winner ... so I have put it here. If you live long enough it will eventually be all yours!!

You'll see a vote for about $.75 done by nasgu in your list. That's from me. I want inclusion in Inbox to be a "rewarding experience." So this vote is for that post I mentioned at the start. I've put another tiny upvote from my personal account on this post "for record-keeping purposes." It's not meant to be a measure of my respect for your work. That other vote I brought here is meant to do that.

(I know it's odd to leave a vote on one post that is intended for another but that one is too old to work with now. This is one of the greatest aggravations I have with Steemit. If a good post is worth something on Day 6 ... it may also be worth something on Day 30, Day 270 and Day 365. Anyway, I hope you follow what's going on here. This upvote is for your older article -- now expired.)

Also, some recent developments in Steemit have made my ability to do this work and reward it this way much more difficult, but we work with what we have. I won't let it stop me. Keep putting out quality posts, and I'll keep finding creative ways to encourage it. As I tell my husband when he yells at our pets, "It helps if you're smarter than the cat."

The-STEEM-Engine

Thank you very much @enchantedspirit I'm glad to read your comment. Thanks for letting me know about my chosen post and your efforts in curation and helping out the community. I really appreciate it :)

I love this. This is going help people who have no clue has to how to write a biz proposal. Kudos. Keep it up

Thanks a lot @akintunde ... Yes, I hope it can. I really want to push entrepreneurship among the people here in steemit.

good post

Thank you ya taghreed :)

This is quality information, the 15 point rule will help people starting their businesses to secure loans for their start-ups! Very helpful post @nuridin. Peace.

Yes, glad you find value in it... I usually push for partnerships and equity investment rather than loans from banks or other financial institutions... People who have equity in a business usually get more return on investment and they are more humane when things go bad with the business rather than just asking for their loaned money brutally.

That makes sense, that's true.

This is not your typical post but out of 15 points I see mission and value a long lasting decision.

They do come first before you set any strategic goals or set operational plans.

Brilliant post. Detailed business insights. Loved it. Regards Nainaz.
#thealliance

Thanks nainaztengra :)

How to go about it

How to go about what?

Could use some income from Steemit to invest in side businesses?

Yes, of course you can do that.. Actually you should do that because the income coming from Steemit is active income while the income that comes from side businesses can be passive income. Investors go for passive income and successful entrepreneurs know how to convert their active income into passive one.


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Nicely laid out and solid guidance

Thank you @tattoodjay :) I hope it can help some people who want to start a business.

I think it was good advice

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