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!

Comment here