I may not be able to offer definitive proof, but I’ll bet that a business owner who has a business plan is thriving at a higher level than a business owner who is just “winging it.” You don’t have to look at a business plan as a document that will take you months and months to write. Look at your plan as a road map to your future success. Start it small, then build on it. The most important aspect is to “start it.”
Why do you need a business plan?
To make certain your idea is a good one. A business plan will help you put numbers to paper on whether your idea is feasible. Who will pay for what you’re selling. Who your competition is? What your profit margins should be, and even more. Getting this information down on paper is crucial to truly being able to determine if your idea can take flight – and earn you a living.
To give you a road map to follow. Developing a business means you need to have a plan in place to serve as your start up compass. Map out the first year before you take the leap. Know where to go for financing. If you need financing, you will need a business plan. Write down your particular skills and make note of those skills you will need to hire for.
A business plan will help you manage business growth. It would be a happy problem to have to have your business grow beyond your means to handle it on your own, right? If that growth happens and you’re not prepared you could make hiring mistakes or other mistakes that could kill the momentum.
The type of business plan you have will likely vary on the industry you’re in but at its most basic you need to have the items mentioned above written down to serve as your road map toward success!
There are myriad reasons that owning your own business might be right for you. There are also reasons, other than making money, that might make entrepreneurship something you should pursue.
Here are some of the many reasons I went into business for myself:
I’m the boss. Plain and simple. Sure, I have to answer to clients, but at the end of the day, I am growing my own empire and am in charge of my destiny.
You get to take credit, and sometimes blame, for what you’re doing. If you’re building a successful enterprise it’s all because of you, your hard work and diligence. You aren’t riding on someone’s coattails nor are they riding on yours. Embrace your successes!
Depending on the industry you’re in, you’re helping people. As a matter of fact, whether you’re offering goods or services, you’re helping people. Your clients look to you for their widgets or your advice and you give them your best. That is gratifying.
Your schedule is essentially your own. Owning a business means you can set your own hours. You may have the flexibility you never had when you were an employee.
Your bank account may grow. Some entrepreneurs make boatloads of money, others make enough to pay the mortgage and pay for family vacations. As an entrepreneur you have the ability to be the master of your own bank account rather than waiting for your employer to offer you an annual raise or a bonus.
What are some of the other advantages you’ve found from being self-employed?
You’ve either made a conscious decision to leave your current employment or you were downsized; either way, you are on the path toward entrepreneurship. What do you do now? We have some tips that can help your first year be as enjoyable and profitable as possible:
Write down your long and short term goals and work toward the short term ones immediately. Your vision will be quickly realized through your short term goals and that can give you the momentum to propel you forward.
Get a mentor or someone to be your “cheerleader.” This person may hold you to task as well as help you celebrate your successes. A mentor or coach can also help you get back on track if you veer off. It’s best to have someone who is not your spouse or significant other as your “cheerleader.”
Lack of organization can kill a dream. Operating in chaos is a sure-fire way to not realize your business dream. Implement an organizational system from day one. Find a system that works for you and stick with it. Don’t get overwhelmed by the choices. There is no right or wrong answer, other than the “right” answer is a system that works for you and that you will stick with.
Don’t wait until you’re operating in the red for months before you ask for help. If you see your profit margins closing and your bank balance depleting you need to ask for assistance before you have to shutter the doors. This “asking for help” could also mean bringing in team members to help you with tasks at which you’re not well-versed. For example if social media or accounting is not in your wheelhouse, hire a pro. Concentrate on your core strengths.
Have a plan in place to take a different path if you need to. Don’t get so married to a particular path on your business road map that you refuse to switch or change with the tides. Being an entrepreneur means you need to learn to make adjustments mid-stream.
Are some individuals “born” entrepreneurs? Maybe, but maybe not. There are business owners out there who have no family role models to emulate who are successful business owners. There are other individuals who come from a long line of entrepreneurs and who are happy being an employee. Whether you’re born into it or take to business ownership naturally, here are some signs you may want to consider to see if you might be an entrepreneur:
You’re always looking for a way to build a better widget.
You have confidence and get the job done even if it looks like nothing is going right.
You have passion to pursue what you love.
Taking “no” for an answer isn’t in your nature.
You are a connector and can connect individuals from disparate industries and find synergy.
You’ve always wanted a commute in which you could wear your bedroom slippers!
You simply were not a good employee. You know who you are if you fit that description. You were bored. Couldn’t hold a job. Moved from position to position. It was because you had the entrepreneurial spirit and probably didn’t even know it.
If you’re struggling to find your place with your employer, perhaps your place is being your own boss!
Business owners are faced with many demands and with competing tasks that need to be performed and finished. Right. Now! We know. We also know that if you have a staff who is competent and engaged in your endeavors you need to work with them to provide coaching and encouragement and assurance that you’re all working toward the same goal. Your success is their success and vice versa.
To effectively coach your employees you will need to formulate questions and provide opportunities for your employees to engage. Empowering your staff– whether on site or virtual means providing them the tools to not only perform their tasks but to feel free to meet with you if they need resources or assistance.
Here are some ideas you may want to implement for your workplace coaching sessions:
Approach the delegation of tasks as an opportunity to offer customized opportunities for staff to show you what additional skills they may have.
Don’t assume that your staff knows — or doesn’t know — something. Approach your meetings with an open mind and without assumptions.
Make yourself available to your staff for regular meetings and phone calls and let them know when you have open office hours for anything that comes up between regularly scheduled meetings.
If there have been major changes in the workplace or workforce, plan for debriefing sessions. These are also ideal once a major project has been completed. Talk about what worked, what didn’t and what everyone learned.
Make certain your staff knows they have your blessing to do peer coaching. It has to be a two way street between the coacher and the coachee. This is a great way for your staff to grow and learn from one another.
How well-defined is your employee coaching? Do you think your employees need more, or less, from you than they are receiving?
Co-working or co-work spaces are becoming one of the latest buzzwords and ways of work in many industries. Co-working spaces are those areas in which entrepreneurs gather to work. It is a way to get a space outside of a home office and it also offers the feeling of “working with a team” or in a team environment even though all who use the co-working spaces are pursuing their own business endeavors.
When you’re trying to decide if co-working is an option for you here are some items to consider.
Ask what amenities the co-working space provides. Some offer a kitchen space, access to internet, a meeting room or two, office equipment and private offices.
Do you often need a place to meet customers and you don’t want them to come to your home or you’re looking to elevate your business profile to one that is more professional than meeting at the local Starbucks? Then a co-working space might be for you.
Do you have to make a long term commitment or can you drop by and pay a rental fee and have a space for a day?
Are you looking for ways to grow your own business network? A co-working environment might offer that. Remember, though the individuals at the co-working space might just be there to work without the distractions of a coffee shop or their house and may not be amenable to chatting and networking.
Look for a co-working space that fits your personality and your work style. Some may be loud and the look industrial. Others may have a more corporate look and feel that may not mesh with your creative, artsy business.
Before you make a commitment to a co-working space, check it out for a day. Ask what the ongoing fees are and whether it’s less expensive to pre-pay. Do you have to pay for any of the amenities – making copies, having coffee, using the internet, etc. As with anything you do in your business, prior research makes sense so you can discover whether it’s a fit for you and your unique business.
