Business Plan for a Small Business
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Is a Business Plan for a Small Business really necessary? Absolutely, if you want to succeed! All businesses should have a Business Plan; big or small. Even if you are planning to start an Online Affiliate Marketing Business, you will benefit from having a Business Plan.
The Plan will help you define your business and set goals, define your prospective customers and how you will best your competition, and keep your financials on track. Without a Business Plan in place, you will be going in various directions each and every day with no rhyme or reason. You will not stay focused and you will probably end up failing.
Your Business Plan will be your very own ‘How to’ guide for setting up and conducting your business over the next several years. It can be revised as you progress in your venture, applying any new information that you have learned. You should carefully and realistically construct it, referring to it often, especially in the beginning months of your new business. That is the best way to stay on track and achieve the goals that you set.
As an example, I use an Online Affiliate Marketing Business to explain the Mini Business Plan and what goes into creating one. The reasons that I chose that type of business for my example are:
- It does not require any money investment to start. If you have a computer and can type a little, you can start this type of business. The Mini Business Plan is designed for businesses that do not require any outside investors.
- An Online Affiliate Marketing Business can be operated in addition to any other business that you are intending to start, since it can be done part-time from your own Home. It will offer you another income stream which may help you during any lean times that you may experience when first starting another type of business.
- In time, you may decide to work on your Online Affiliate Marketing Business full time, since you can earn some really good money with it, and perhaps you may decide to sell your other business for a nice profit.
- You will be able to apply many of the things that you learn from your Online Affiliate Marketing Business to any other type of business, which will give you a leg up. These will be things like:
- Creating a website
- Choosing a website Host
- Working on your website
- Inserting Images and/or Videos on your site
- Acquiring visitors to your site
- Working with Business Social Media and learning how to promote your business
- Learning how to Rank well on Google and other search engines in order to increase the amount of visitors to your site.
- And much, much, more.
5. I am very familiar with the Online Affiliate Marketing Business, since I currently operate (2) websites doing that. My sites are:
I have learned everything that I know about Affiliate Marketing from my mentors at Wealthy Affiliate. They have a complete program that will teach you everything that you need to know, from building a website to earning great commissions. Just click on the link to see what they have to offer: Wealthy Affiliate
Any type of business will benefit from an online presence. It will give you an easy way to keep in contact with your customers, offering them specials, giving them new information about your business, and helping to keep them loyal to you.
For more information about Online Affiliate Marketing, see my Posts:
The Mini Business Plan is perfect for most small businesses. It is a Plan that is designed for your eyes only, if you will not require any investors for your business. The Plan will be less formal, yet it will contain all of the essentials needed to assist you. It will usually consist of 1 – 15 pages, and will include the following areas:
- The Business Concept – This is where you discuss the Industry that you will be a part of, your Business Structure (whether a Sole-Proprietor, Partnership, or some type of Corporation), your particular Product or Service that you will be offering, and how you plan to make your business a Success.
- The Marketplace Section – Here you will describe who and where your potential Customers are, what makes them buy and so on. You will also describe your Competition and how you intend to best them.
- The Financial Section – This area will include:
- Your Income and Cash Flow Statement
- Balance Sheet
- Break-Even Analysis
You will be creating both Word Processor Documents, and Spreadsheets for your Plan.
For Step-by-Step Instructions for creating your own Mini Business Plan, see my 3 part Posts:
- Part 1 is: How to Make a Business Plan for an Online Business
- Part 2 is: How to Make a Business Plan – The Information
- Part 3 is: How to Make a Business Plan – The Financials
Collectively, these 3 Posts will take you through the entire process of creating your Business Plan.
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