How to Create a Business Plan (From Scratch!)
If you’re reading this, you’re probably thinking about starting your own company. Congratulations! That is so amazing and you’re going to do great, I can just tell. Starting a business has a lot of working parts. If you’re like me, the idea hit you out of no where and now you’re just trying to figure out where to start. There are so many resources for how to grow your business but not enough for those just trying to figure things out.
Step 1: Create a Business Plan
The first step towards creating a business is structuring a well thought out business plan. Luckily, we created an entire workbook just for you! This workbook is designed to help you create a plan when you’re starting from scratch! This workbook includes questions you might not even think to ask. First, you’ll need to work on your branding! Colors, themes, ideas and the hardest part for me was coming up with a name. I played word associate games for DAYS and the idea actually ended up coming to me in my sleep- go figure! Now I’m one of those crazy people who keeps a notepad next to their bed (in case genius strikes me in my sleep once again.)
Step 2: Get Financing
If you’ve checked out our business plan workbook then you should have created an estimated budget that you’ll need to launch the company. There’s several ways to go about financing your company but more than likely you’ll use more than just one method. You can pitch to investors, run a kick starter campaign for friends, family, and colleagues, set money aside, or get a loan. If all else fails, try having your own personal garage sale. You should get a business credit card to help you out with taxes when the time comes. This, in a way, will work as a loan! Try to find a credit card that has no interest for the first year, you’ll thank me later.
Not only will you eventually have to register your business as an LLC but you also may be required to get certain permits. For example, if you’re thinking of creating an e-commerce shop, you’ll need to get a sellers permit, in order to legally do business. Basically, you’ll need to cross your T’s and dot your I’s in the beginning otherwise you could get royally screwed over later on.
When the time comes to officially launch your company make sure that you have your website, social media, and business cards all in check! This is an exciting time that is sure to gain traction. People love NEW things, especially the press. So capitalize on your launch by having a press release sent out for your company! Big magazine editors will be less than impressed if you try to do a release later down the line. I used to work in PR and the most effective press releases were associated with new companies or newly launched products. You could be missing a big chance at exposure if you don’t.
Leave your 9-5 Behind
Finally when the time has come, pop that champagne and throw a party because you are ready to leave your full time job and rely fully on your business. Be sure to really evaluate if you’re ready to leave your 9-5! Nothing is worse than prematurely quitting your job for your own business. So have faith, have fun, and jump right in!
Looking to start your own business? Download our business planner workbook!