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What Should Be In Your Business Plan?
By Karyn Greenstreet |
copyright © 2006, by Karyn Greenstreet. All
rights reserved. Many people quake in
fear at the idea of writing a business plan. They imagine in their mind a
100-page document full of charts and financial figures. While it's possible
to create a business plan of that magnitude when trying to get capital for
your business, a typical business plan for self-employed people should be
less than 10 pages.
The purpose of a business plan, for a self-employed person who is financing
his own business, is to have a central repository for all strategic thinking
about the business for the coming year or two. Here's what should be
included:
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Your
business idea in three sentences.
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Your target
audience.
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The
challenges that your target audience faces.
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The benefits
of using your products and services to meet those challenges.
-
Your company
brand and image.
-
Your
projected revenue and expenses for a year.
-
If you
project more expenses than revenue for the first year, a statement about
where the money will come from to pay for those expenses.
-
A list of
your major competitors, and how you are different from them.
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At least six
marketing techniques you're planning to use over the coming year, when
you plan to implement them, and what results do you expect from them.
-
A list of
people who you will need to hire to implement your business plan or
marketing plan (unless you have the business skills and time, yourself,
to do all the work).
You should review your business plan, and update it,
annually. I recommend reviewing the marketing section of your business plan
quarterly, so that you can gauge the success of your marketing campaigns.
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Karyn Greenstreet is a Self Employment expert and small business coach. She
shares tips, techniques and strategies with self-employed people to boost
clarity and focus, create sustainable motivation, and increase sales and
profits.
Visit her website at
www.PassionForBusiness.com
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