Monday Challenge: Writing a Business Plan: Week One

pcwoodcraft

Fountain Pen from PC Woodcraft and Pens

Do you have a business plan?

“I’m just a hobbyist, so I really don’t need a plan.”

“I don’t need a business plan. I just want to make stuff.”

“Yes, my business plan is to make money.”

No, I mean do you have a written business plan? A roadmap for your business?

“Like I said, I’m just a hobbyist.”

“I don’t have time to write it down. I’m busy making stuff.”

“I keep up with my profit. That’s all I need to know.”

Do any of these answers sound like you?? (I’ll admit. #2 sounds familiar to me.) If so, let’s look at why having a written business plan is important.

A business plan will:

1) help clarify the purpose of your business (and yes, hobbyists, you DO have a business)

2) provide a roadmap for your business

3) help you focus your efforts

4) provide a way to measure performance and track business growth

5) help define your target market

6) allow you to effectively compete in the marketplace

7) allow you to make financial projections and determine business profitability.

Overall, having a business plan will increase your chances of success with your business. Don’t believe me? Ask Donald Trump.

Plan for Success. Solo practitioners are probably the worst offenders of this. Without a plan, it is a plan to fail. It is too easy to become distracted, or find the newest thing to promote. With a business plan, there is a direction and a focus.

So, let’s get started with writing a business plan. We are going to eat this elephant piece by piece! (We will start with a piece of the trunk.)

journal

Journal from Wolfies Bindery

Week One: Go ahead. Yes, now. Open a new document in your word processing program and name it Business Plan. (or, grab your journal and a pen) Write one or two sentences describing the purpose of your business.

Examples:

The purpose of my business is to generate a profitable income by working independently doing what I love.

The purpose of my business is to generate enough income to allow me to replinish my supplies and continue my hobby.

The purpose of my business is to lose money so my husband and I can report a loss on our yearly income tax statement.

________________

For help with your purpose statement, or to share yours, go to this thread.

Next week: Business Roadmap

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