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Many women are so confused by the words – “Business Plan”. What is it? Who do I show it to? Do I really need it? What is it really going to do for me?
A business plan is a written blueprint for your business. It describes a summary of what your business is about and it’s goals. It also outlines how your business will function. The term “business plan” was first developed by bankers who wanted a detailed report of how a business would result in profits before they would make a decision on lending money. Today, no business banker will even entertain a business loan application without a business plan.
In a nutshell, the answer is yes, you really do need a business plan if you really want to build a solid foundation under your home-based business.
I guess the reason so many women procrastinate in doing a business plan is because they think they have to come up with some imaginary figures and statistics about their business which is of course very scary for anyone. This type of plan is known as an Executive Business Plan. This plan is shown to banks, SBA and other lenders who you may apply to for a substantial loan. Usually, this type of business plan must show a 3-5 year projection of how much money your business would make if they should lend you a specific sum of money. Although you will need this type of business plan should you wish to expand your business, the most important thing for you to know now is where you will be in the next 3,6,9 and 12 months.
One of the best form of business plans to start out with is the “Working Business Plan”. This plan answers the 5 “W’s” – Who, What, Where, When and Why.
There is no pre-required length that a Working Business Plan should be. Just remember that you aren’t writing to impress, you are writing to address the important issues of starting your business. This plan is just for your planning purposes and can be expanded later on into a full executive plan.
The following outline will help you in processing your thoughts and writing your Working Business Plan.
1. Mission Statement – What is the goal of your business. What purpose does it serve.
2. Objective – What will the outcome be for your business as a result of your mission. (ex: K.G. enterprises will gross over $50,000 it’s first year with a 5% error margin on its documents).
3. Management – Who will run the business and what qualifications does the person have. What additional skills or resources are needed? What are the names of others that might be able to serve as mentors or help you in grooming your business for success?
4. Service/Product – What products or services are being offered? How will they be produced. If you are selling a product, how much of the product will you need in stock? Do you have the start-up capital needed to purchase the produce? If no, how will you raise the capital needed?
5. Customers – Who are your customers? What area are they in? Is this a service or product they will want to buy? Do a typical profile of a repeat customer.
6. Competition – Who are your competitors? Where are they located? What are their prices? What services or products do they sell? How could you do better?
7. Marketing – How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up – What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances – HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking – Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week.
Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. A good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week. Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
11. Sales The number of clients you service or products you sale will give you a true picture as to whether or not you are having success with your business. But first, you must have a measurable sales goal in achieving this success. Start by evaluating where you want to be in sales for the first 3 months, 6, months, 9 months or one year. By doing this you will be able to re-evaluate your business plan every three months and determine if you need to improve in marketing etc.
12. Starting Date – Set a starting date for when you want to begin your business or put into place this working business plan. Make sure you have printed material available for all services or products offered. Also evaluate and follow-up with yourself daily for the first month to ensure that you are following your own plan. After 30 days, follow-up on a weekly basis and then monthly from that point on.
13. Remember, no plan will work unless you are willing to put it into action!
About the Author:
Trina Newby is a Business Consultant, CEO & Founder of Women About Biz, a membership organization that provides small business resources, tools and networking opportunities for women.

Writing a Working Business Plan
By Trina Newby
Many women are so confused by the words – “Business Plan”. What is it? Who do I show it to? Do I really need it? What is it really going to do for me?
A business plan is a written blueprint for your business. It describes a summary of what your business is about and its’ goals. It also outlines how your business will function. The term “business plan” was first developed by bankers who wanted a detailed report of how a business would result in profits before they would make a decision on lending money. Today, no business banker will even entertain a business loan application without a business plan.
In a nutshell, the answer is yes, you really do need a business plan if you really want to build a solid foundation under your home-based business.
I guess the reason so many women procrastinate in doing a business plan is because they think they have to come up with some imaginary figures and statistics about their business which is of course very scary for anyone. This type of plan is known as an Executive Business Plan. This plan is shown to banks, SBA and other lenders who you may apply to for a substantial loan. Usually, this type of business plan must show a 3-5 year projection of how much money your business would make if they should lend you a specific sum of money. Although you will need this type of business plan should you wish to expand your business, the most important thing for you to know now is where you will be in the next 3,6,9 and 12 months. One of the best form of business plans to start out with is the “Working Business Plan”. This plan answers the 5 “W’s” – Who, What, Where, When and Why.
There is no pre-required length that a Working Business Plan should be. Just remember that you aren’t writing to impress, you are writing to address the important issues of starting your business. This plan is just for your planning purposes and can be expanded later on into a full executive plan. The following outline will help you in processing your thoughts and writing your Working Business Plan.
1. Mission Statement – What is the goal of your business? What purpose does it serve?
2. Objective – What will the outcome be for your business as a result of your mission. (Ex: K.G. enterprises will gross over $50,000 it’s first year with a 5% error margin on its documents).
3. Management – Who will run the business and what qualifications does the person have. What additional skills or resources are needed? What are the names of others that might be able to serve as mentors or help you in grooming your business for success?
4. Service/Product – What products or services are being offered? How will they be produced? If you are selling a product, how much of the product will you need in stock? Do you have the start-up capital needed to purchase the produce? If no, how will you raise the capital needed?
5. Customers – Who are your customers? What area are they in? Is this a service or product they will want to buy? Do a typical profile of a repeat customer. 6. Competition – Who are your competitors? Where are they located? What are their prices? What services or products do they sell? How could you do better?
7. Marketing – How will you market your business? How much money will you need to market your business? How is your competition marketing their business? Do you need business cards, brochure, stationery, fliers etc.?
8. Office Set-up – What are your daily office procedures, what will you do each day that will result in the sale of your service or product? What bookkeeping system will you use and how often will you input your information in the system? Do you need a bookkeeper? What supplies do you need? What type of furniture do you need? What office equipment will you need? Where will your office be?
9. Finances – HOW MUCH MONEY WILL YOU NEED FOR THE FOLLOWING?
$ Your Income
$ Advertising/Promotion
$ Bank Fees
$ Business Insurance
$ Business Lease/Rent
$ Internet (include website, hosting etc.)
$ Supplies
$ Postage
$ Printing
$ Telephone
$ Training
$ Utilities
$ Marketing/Advertising
$ Equipment
$ Furniture
10. Networking – Who needs to know about your new venture and why? What contacts do you need to have? Why do you need to know them? What can they help you with?
Contact Management
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. Good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week.
Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
Establish a good contact management system for yourself. Today, keeping a list of contacts on paper is not efficient. Good contact management software will be needed. If you currently use MS Office, you should have MS Outlook already installed and it will serve the purpose nicely. Other popular contact management software are ACT and Goldmine. Regardless of what contact system you have you must be willing to update your system at least twice per week. Evaluate how you will manage you contact system. Make sure to schedule this in your planner or palm.
11. Sales – The number of clients you service or products you sale will give you a true picture as to whether or not you are having success with your business. But first, you must have a measurable sales goal in achieving this success. Start by evaluating where you want to be in sales for the first 3 months, 6, months, 9 months or one year. By doing this you will be able to re-evaluate your business plan every three months and determine if you need to improve in marketing etc.
12. Starting Date – Set a starting date for when you want to begin your business or put into place this working business plan. Make sure you have printed material available for all services or products offered. Also evaluate and follow-up with yourself daily for the first month to ensure that you are following your own plan. After 30 days, follow-up on a weekly basis and then monthly from that point on.
13. Remember, no plan will work unless you are willing to put it into action!
About the Author:
Trina Newby is President and Founder of Women About Biz, a powerful membership-based network for Businesswomen. Let Women About Biz show you how to develop a working business plan and assist you growing your business.

I am 24. I play guitars (advanced) and the piano. I am good at programming and puzzle solving. I am pretty much everything a perfect computer geek needs to be. I am planning to start off a company before which I will need to get a feel of how marketing works on the internet. I would like to create niche blogs but I don’t see where I should start and what topic would be ideal for me. Could you suggest a way for me to get things going.

Small business financing provides the working capital that is needed not only for starting up, but also, for carrying on during the early years of any business. Financial backing, which can be found in a variety of areas, is accessible from small sums to large sums of money.

This type of funding includes loans and credit and is similar to the ones used to fund large businesses. The size of the loan or advance is just a bit smaller. Fortunately, a number of funding options are available to business owners, new and established, that will provide financial backing to all types of businesses as well as all types of credit.

Business Capital Search Engines and Small Business Financing

Business capital search engines are useful tools when it comes to locating a variety of financing options for small businesses. Of course, they can also be used to locate funds for any size venture. One of the benefits of using a business capital search engine to find business financing is the amount of time and frustration that it can save someone. Another benefit is that the search results provide more than one option for consideration, allowing the borrower to have flexibility in his decision making process.

Using this type of search engine is easy and relatively quick. Of course, you’ll need to input a few specifics to get started, so think about what your expectations are for your business before you start. You’ll need to know how much you want to borrow, separated into total amount needed and working capital.

Additional information that you’ll need includes answers to the following type of questions. Are you buying a business? Are you buying a franchise? Do you need funding for equipment? If so, what type of equipment? Are you buying real estate? What is its current market value? How much do you want to borrow for the purchase of the real estate? If course, different business capital search engines might word their questions differently or request additional types of information, but this is the generalized idea of what you can expect.

Small Business Loans

Certain types of small businesses can access equity loans to finance their enterprise. The lenders use the equity held in the business property including land, equipments, and products to secure the small business loan. In fact, shares in the company can also be used to secure a business equity loan. Companies that fall into this category would include businesses with a great potential for growth. The lender recognizes the promise of success and is more than willing to accommodate the needs of the business owner in exchange for some type of security.

Funding Startups for New Small Business Financing

Small business start ups can generally take advantage of something known as micro business loans. A smaller type of loan, generally between $5,000 and $35,000, the micro loan offers new enterprises an opportunity to locate financing that is affordable. Provided by non-profit community lenders, micro loans are short-term loans having terms of six years or less. This is a perfect timeframe for start ups since the first five years are critical in establishing a successful venture. The micro business loans allow the small business entrepreneur a chance to focus on his daily operations without the need to worry about working capital.

The Small Business Administration is behind this type of small business loans so they are sometimes referred to as SBA loans. Although each lender has a set of requirements for their small business loan borrowers, specialized training and planning details for the enterprise must be completed prior to the dispersal of the loan. This strategy further ensures the success of the enterprise by offering a bit of business savvy that helps to get the owner of the start up on his feet from the very beginning.

Alternatives to SBA-backed Loans: Options in Small Business Financing

A number of alternatives to Small Business Administration backed loans or SBA loans are available to those who either don’t qualify for this type of loan or who simply prefer to try something else. Credit card receipt advances, a relative newcomer to business financing, provides an immediate source of cash revenue that can be used either to start up a small business venture or to help out with everyday operations.

With credit card receipt advances, the lender exchanges the money for future credit card receipts. This practice is also referred to as a cash advance or merchant advance. One of the benefits to this type of financing is that even individuals with no credit or bad credit can obtain it. Any small business owner who brings in a minimum monthly sales figure of $2,500 can qualify to receive as much as $100,000. Of course, this amount varies according to the actual sales produced by the business. A fee does apply, but it is well worth the ability to access so much ready cash.

Another option that does not involve any type of loan or credit is the selling of accounts receivable. The accounts receivable of any business are one of its most valuable assets. This is an excellent way to finance your business since you do not accumulate additional debt. Selling accounts receivable invoices provides ready cash in the present even though the payment hasn’t yet been collected.

Small business credit cards also provide ready buying power along with a great deal of flexibility since these cards can be utilized in a number of ways. Small business owners can track their employee purchases to ensure that everything is on the up and up. Plus, small business credit cards can be used to pay off debts to vendors or reduce the direct outlay of cash. In fact, the responsible use of small business credit cards will improve the credit rating of the individual, offering a better chance at obtaining a business loan in the future.