10 Steps to Starting a Business: Step 1 The Business Plan – All Up In Yo’ Business

Hi everyone. I’m attorney Aiden Kramer with
The Law Office of Aiden H. Kramer in Colorado, and you’re watching All Up In Yo’ Business.
And I am so glad you’re here! I know a lot of you stumble upon my channel and my videos
because you are thinking about starting a business. Maybe you have a great idea and
a great concept for a business, and you are just not sure where to begin. You don’t know
exactly how to start this fantastic business idea that you have. So that gave me this idea
for a series of videos of the 10 Steps to Starting a Business! The first step to starting
a business is a business plan. Now, I know that for a lot of business owners and aspiring
business owners, making a business plan can definitely be one of the toughest parts of
starting a business. It can seem very daunting to have to think about every aspect of this
new business when maybe all you have so far it an idea. But that is exactly what the business
plan is for. It is meant for those juices to start flowing in your head and get you
thinking about every detail of your business so when you do start it, you know exactly
where you are going to go with it. The business plan doesn’t have to be one static thing.
It changes. You want to forecast all of these things that I am going to talk about 3, 4,
or 5 years out. But along the way, you are going to make changes and you are going to
modify that business plan. Here are a few of the most important items that you want
to put into your business plan: First, you want to put an Executive Summary. An Executive
Summary is especially important if you are going to be seeking investors or a business
loan to help finance your business. They are going to want to see your business plan and
the Executive Summary is what they are going to pay the most attention to. The Executive
Summary should highlight the biggest aspects and ideas of your business. For example, what
makes your business unique, why your business is going to succeed, obviously a summary of
what your business is, and it should really be just the most important parts of your business
plan so that if somebody only has 30 seconds to read over your business plan, they can
scan the executive summary and get a good idea of what the business is. Your business
plan should also include an analysis of your industry. What does the market look like in
the industry that your business is going to be in? Who are some of your competitors and
what are their strengths and weaknesses? Who is your target audience? What is your audience’s
demographic? Who exactly are you going to be aiming for with your business? Your business
plan should also include a marketing analysis. How do you plan to market your business? What
are some of the marketing strategies and channels that you are going to use? Any unique or special
ideas you have for marketing your business? Those should all be included in your marketing
plan. Your business plan should also include an operations plan. What type of personnel
are you going to hire? What are some of the processes that you are going to need to follow
in the execution of your business? And the operations plan is a great place to put some
of the milestones that you are hoping to accomplish. If you want to reach a certain goal or a certain
milestone by year 1 or year 2, put that in there and that will help keep you on track
to reaching those goals. And finally, a financial plan should also be included in your business
plan. What is your budget going to look like? How much money are you starting with? How
much do you think you are going to need just to get the business going? Try to budget out
what your business is going to need. Make some financial projections for your business:
what you think you can make within a given amount of time, what you expect to bring in,
and what you expect to spend. This is another great place to put some goals. If you hope
to reach a certain amount of income by a specific date, put that in there! That will help pull
you towards that goal. Also include information about pricing. How are you going to price
your product or your service? How does that compare to some of your competitors pricing?
Put all of that in the financial plan. So, the business plan, again, is meant to be a
roadmap and to help guide you along while you are starting and growing your business.
It can be altered, it can be changed, maybe your goals will change, or maybe you try something
out for marketing and you find out that doesn’t work? That’s okay, scrap it and try something
else. But absolutely the most important step when starting a business is to have a plan
of attack for the business, and that is what your business plan does. There is a lot of
information online about how to write a business plan. A lot of business plan templates are
available and there is a lot of free information out there if you need assistance with writing
your business plan. If any of you have had experiences or successes or pitfalls when
you were writing your business plan or as your business started to grow and changing
that business plan, I would love to hear some of your comments and some of your experiences
with your business plan! If you are in Colorado and your are seeking some assistance with
your business and your business plan, feel free to contact me. My phone number and email
are below. Be sure to subscribe to my channel and to stay tuned over the next few weeks
for the remaining steps in the 10 Steps to Starting a Business. Thank you all so much
for watching! I’m Aiden Kramer, and I will see you next time!

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51 thoughts on “10 Steps to Starting a Business: Step 1 The Business Plan – All Up In Yo’ Business

  1. I just discovered your awesome videos and even passed them onto a friend! I'm currently writing my business plan for an E-2 Visa application for my Coaching/Training Business. Any info you can give on E-2 Visas would be great!

  2. Great video, thanks. Do you work only out of Colorado? I heard what you said but thought I would ask to be sure.

  3. 1st off let me tell you that your awesome your videos are great full of info in a 10 min time frame and the editing is good that's really cool I subscribed months back and have watched most of them since then I've got my certificate back from Secretary of state for my company FLAWLESS L.L.C. it's a on location car detailing service single member with just me as a employee after I heard back from Secretary of state I got my ein and most questions have to do with irs forums which ones to fill out and how to do payroll taxes since it's just me do you know if a cpa will just help me out with the basic forums with the irs and then let me take over payroll ? I got so many questions I wish I could go to your office and talk with you but it's a long drive from Bismarck North Dakota to Denver please reply back thank you

  4. Thank you. Thank you. Thank you Aiden. You are so informative, helpful & easy to follow. You're the Bomb!!!

  5. I think that was awesome! Wish you would teach that at koocam. I would definitely pay to learn that from u to get suitable tips.

  6. glad i found your chanel. The company I work for has been floating the idea of me buying the buisiness in 5 years or so so i'm educating myself as much as possible to decide if its the right thing to do for me. Little suggestion, with these multi-video series, you should make a playlist for it, making it easier to find all of them, and navigae between them.

  7. Thank you for making ALL your videos, i've found alot of valuable information and advice youve provided in your videos very useful. im out of Buffalo, ny and have been planning(Dreamland) 2 separate companies for along time. ive been blaming it on the lack of start up funds and the know how. but thats B.S. either do it or forget about it thats where im at. so thanks for the info

  8. Hi Aiden!

    I am so overwhelmed with the Business start up information, I am interested in becoming an independent contractor for call centers. I currently work from home as an employee but would like to branch out to self employment. Is this something that requires a DBA? I have no clue where to begin, please help!!! lol

  9. hello im Bernard from Ghana i want to set up a business but im stuck with the business plan can you please help me out

  10. i loved this video because a lot of videos on starting business people give you the run around and you were very straight forward im in the process of starting my business

  11. Thanks so much. I have run my own business for 10 years and never needed to write business plan. But this is a new business and I want this one to be much more succesfull

  12. For a moving company i don't know how to write a business plan. for me i feel like its put the name out there and make some moves. I know i wont be making 6 figures the first year but i hoping the year after will be pretty close. Any ideas on how to draw up a business plan for a moving company?

  13. Listen! I am reading NOLO on how to create a business plan and it's a lot of enough but darn good book. You have made this so simple. Thank you!!!!!

  14. Hello. love your videos. My question is about the very first thing you should do if you have a home office, is it okay with a LLC to use a UPS store to have your mail go there as i do not need to have my home address as public knowledge. Anyone Know?

  15. Excited for the rest of this series. I’m looking to go after a segment that I am familiar with but I have little official business experience. Thank you for a great resource and I look forward to watching the other 9 videos this weekend/when I can

  16. Okay truth be told the title, All Up in Yo' Business" got my attention, but what made me stay and sub was you got to the point. YES I wish more would do that and you come across as down to earth and genuine. Good job and I will be coming back.

  17. Hi Aiden I am a "soon-to-retire" firefighter and want to be in business for myself. I trim trees, sell my own firewood , teach drum lessons and Chauffeur with my personal vehicle. My Name is Greg and I want my Business to be "Gregory David Services". Can I do an LLC that encompasses several different services or does each business need to be a separate entity. Thanx, and I love skiing at Copper Mntn 🙂

  18. Thank you for putting this series out. The videos have substantially helped me in collecting the bones and fleshing out my business.

  19. Lovely Aiden, I have a question for you. DO I get a business bank account first or should I get the business registered before I open a bank account? i'd appreciate any and every tip you may give me. Thanks

  20. Great video. Straight to the point. I have subscribe to your channel and will be following you along my journey establishing my business.

  21. I've been self-employed for over 30 years, establishing more businesses that I can literally remember, and have never written a business plan.

  22. Also remember when crating your business plan, bank accounts, EIN. etc that you specify in which state and city you plan to do this. The laws vary from state to state how this can be and should be done. Also when looking for templates for your business plan or aid that you make sure to specify the state as well.

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