Women Entrepreneurs Business Plan
As a woman, the thought of leaving your current position to pursue your dream of starting a company can be daunting. But with the right planning and preparation, you’ll be your own boss in no time. The first step to entrepreneurial success is writing a business plan. A business plan is a way to discuss your company, explore your finances, and set goals. Any entrepreneur coach will tell you that it’s imperative to have a quality business plan to obtain investors who will fund your company. Here are the main categories you should include in your business plan:
The executive summary should highlight the main points of your business plan. Although it’s usually the first section of the plan, it’s easiest to write this part last.
Here you will describe your company’s concept and goals. What is your philosophy? Foreseeable obstacles? What are your resources and where will you allocate them? If you have too many ideas floating around that it becomes difficult to hone in on one theme or philosophy, hiring a woman business coach can help. As a professional entrepreneur coach, they will help you sift through your ideas and pare them down to establish one cohesive plan.
Researching your competitors will help you determine how your company should operate. Who is your competition? How are they successful? In what ways can they improve their operations? By answering these questions you’ll be able to determine the best ways to get your company a step ahead of the competition.
The goal of every business is to make a profit. How are you going to keep your costs low while still producing a quality service or product? Be specific! Investors want concrete ways that your business will make money because when you turn a profit, so will they.
Strategy and Implementation: This section should include how you’re going to produce your product/service and who your staff will be. You’ll want to include the amount of time and money it’ll take you to prepare for your grand opening, how your management structure will work and what your hours of operation will be. Just like the financial plan, your investors are looking for specifics so don’t hesitate to elaborate on budgets, dates and staff details.
A business plan can be long or short, but remember that in order to ensure future success, you should have distinct goals, a budget and a lot of perseverance. So get writing and create a successful future for yourself!