S2 E11: How do I create a business plan?

– Hi, this is Bryan Woodhouse with the Center for Entrepreneurship here at Madison College. We’re committed to providing resources, ideas, and inspiration for you to grow or launch your small business. And this is this week’s 2-Minute Trep-Tip. Enjoy. (upbeat music) – Hi, I’m Jill Huizenga. – And I’m Shana LaFore. – We’re here today from the Madison College
Center for Entrepreneurship. – Today’s 2-Minute Trep-Tip
answers the question, “How do I create a business plan?” – Starting a new business can be both a reward and a challenge. There are many aspects to consider. The reality is that many startups fail within the first year because of lack of proper planning and research. Planning is one of the
most critical aspects that can help lead to a
successful business start-up. Planning serves as a map, and those who plan often times double their chances of success. Planning does not automatically
equate to success. Not having one can be detrimental. – That brings us to our three tips. First is business mindset and
this is really the attitude and thought process leading you to gain as much business sense as you can. The initially planning
phase of starting a business entails a lot of time,
dedication and research. Lots of research. It’s not always fun, and
can feel daunting at times. It’s important to stay focused, organized, and remain open to feedback
during this process. Learn and foster growth mindset so you can roll the ups and downs
of business ownership. It’s very important to
prepare yourself mentally, emotionally, and financially
for the unexpected. – Which leads us to number
two, the financials. This section of planning is
oftentimes the most difficult as much of the financials
are based on projections, which are based on research. Things like revenue
projections, estimated expenses, and net profit are just a
couple of layers to consider. While this part of
planning can be difficult, it can also be the most interesting, because it should tell
you when you will profit, and it should allow for an overview of your financial snapshot especially that first year in business. – And number three, getting the word out, A.K.A marketing. This is part of business planning that far too often gets
too little attention. There can be an unrealistic expectation of if I build it they will come. You can have the absolute best product or service on the planet but if nobody knows about it then you’re not gonna make any sales. There’s so much that goes into marketing from understanding your
ideal client profile, to knowing exactly where
to find your clients so you’re not wasting time and money marketing to the wrong people. And you need to put energy into analyzing your marketing efforts so
you can do more of what works and less of what doesn’t. Not to mention your brand strategy informs every aspect of
your marketing campaign. There’s really a lot to consider. It’s important to have a detailed marketing strategy on paper as part of your business plan. – So there you have it. These are our top three starter tips for preparing to write your business plan. There’s a lot more that goes into this and we’re more than happy to help You can come visit us at the
Center for Entrepreneurship. We have tools to share with you. There’s also a technical diploma for small businesses entrepreneurship and two certificates, Business
Planning and Entrepreneurship that are geared towards helping you develop your business plan. Thanks for tuning in,
we’ll see you next time on the 2-Minute Trep-Tip. (gentle upbeat music)

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