In this episode of The Small Business Show, we’ll be delving into the world of creating a solid business plan with Melinda Emerson, an expert in small business development. As the CEO of Quintessence Group and a best-selling author, she shares her insights on planning 12 months before launching your business.
To start off, it’s crucial to understand why you want to create this business in the first place. Your purpose, values, and mission should guide your every decision as you build your company. After all, it’s about creating something that aligns with your passion and goals.
The next step is to determine how you will finance your business. Banks typically do not lend money to startups, so most entrepreneurs rely on their personal savings to fund their dreams. However, there are other options out there such as crowdfunding or seeking investors.
It’s also important to consider how your business will operate. You need to assess whether you have the necessary skills and knowledge to run it successfully. If not, consider working for another company similar to the one you want to start before launching your own. This will give you a clear understanding of what’s involved and help you develop a better plan for success.
Finally, don’t forget about marketing! You need to know where your potential customers go and what they like so that you can tailor your marketing strategy accordingly. Emerson emphasizes that if you can differentiate yourself from competitors in the marketplace, then potential customers are more likely to choose yours over others. And always keep in mind how realistic your sales projections are – even aggressive ones can help set realistic budget goals for an annual basis and beyond.
Remember: “You really want to think about how you will specially serve this customer.” – Melinda Emerson
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