In this episode of The Small Business Show, we delve into the art of creating a solid business plan with Melinda Emerson, America’s top small business expert and CEO of Quintessence Group. We also explore some key takeaways from her best-selling book, “Become Your Own Boss: How to Start and Grow a Successful Business.”
According to Emerson, planning 12 months before launching your business is crucial. During this time, you should research your market, connect with the right people, save money and most importantly, understand your target customer.
The first step in creating a successful business plan is to identify the reason behind why you want to start this business. This is where your purpose, values and mission should come from. Emerson emphasizes that entrepreneurs must have a clear understanding of their purpose in order to create a sustainable business that aligns with their values and goals.
Next, entrepreneurs need to figure out how they will finance their business. While banks generally do not lend money to startups; therefore, most startups are funded using personal savings. It’s important for entrepreneurs to have a clear understanding of their finances before starting their businesses.
Once you have identified your purpose and financing options, it’s time to think about how your business will operate. Entrepreneurs need to determine if they have the necessary skills and knowledge required to run their businesses successfully. If not, Emerson suggests working for another company similar to the one they want to start before launching their own can help gain a clear understanding of the plan.
Finally, it’s important for entrepreneurs to understand their marketing plan and target audience. You need to know where potential customers go and what they like so that you can build your marketing strategy accordingly. Emerson advises that if entrepreneurs cannot differentiate themselves from competitors or cannot articulate what sets them apart from other businesses in their industry then potential customers may choose bigger known brands over them.
In conclusion, creating a solid business plan requires careful planning and research on all aspects of starting a successful small business venture including identifying your purpose, financing options