You wouldn’t drive across country without a map. It’s even more important to chart your course when you’re starting your business. Of course, you need the traditional elements of a business plan like your company’s description products and services, strategy, market analysis, financial projections, etc. You also need to think about some other things like
- How will you cover your family’s expenses during the time it takes you to build your business? It takes a while for new businesses to turn a profit. Do you have a backup plan? Do you have enough savings or a partner who’s making an income and can bridge the gap? Do you need a part-time job or some contract work? It’s a good idea to have a minimum of one year’s worth of household expenses saved up. Think about a gradual transition. It’s a lot of work to start a business while you still have a corporate job, but it gives you security and peace of mind.
- How are you going to manage your time? When Margarita coaches women, these questions are aimed at them:
- If you’re a mom working from home, will you have child care?
- If you’re working full-time and starting a business, how will this impact your family time?
- How can you be most effective in tiny pockets of time?
- How we prioritize and make adjustments along the way? In addition to having a clear plan, you will have to be flexible. What will you do when new opportunities arise? How will you decide if you should incorporate them or stick to your original plan? How will you adjust if you’re not getting the results you originally thought you would?
- What’s your short-term and long-term business model? Over time, you will probably want to expand and have multiple income streams in your business. There are many ways to do this: you can leverage your time, you can have passive sources of income, affiliate income, or recurring income.
- What does your sales funnel look like? What products, programs, services can you create to attract people and then what’s the next step with each one of these offerings? For instance, a typical offer from coaches, consultants, and information marketers will offer something in a lower price point like an e-book for $27 or so. This is a relatively small investment for a lot of people so it’s attractive and also gives them useful information at the same time. You may offer a more extensive level of information – like of course, etc. – at a higher price point like $97 or $197. This process can continue to build. You want to have the next step so you continue your relationships with customers and continue to add value for them.
- How would you build your “know, like and trust factor”? You keep customers because they know, like and trust you. What is your strategy to do this when people visit your website? How will you transform them into customers? Do you have an opt-in form for the contact information? Do you have a freebie to get their contact information?
It’s critical to set very clear goals so that you know what you’re working toward in your business. Otherwise, it’s too easy to get distracted and lose sight of your goals.
