Business plan basics should be part of every homeschool curriculum, especially if you have a budding entrepreneur under your roof. The right plan will set a firm foundation for growing possibilities.
There is more to starting a business than just opening up the doors. It is important that you find something that you are passionate about and mold it to meet the needs of others. After that, starting a business is as easy as the alphabet.
Business Plan Basics
- A – Action Plan. This will help you keep focused when you are facing the chaos that can come with opening a business. It is the guide of what you need to do and when you need to do it.
- B – Budget. If you don’t already have an idea of what things will cost, then you will not know what you need to do to make a profit. You have to have some monetary awareness – or else find a partner that does.
- C – Current Situation. It is important to know what is going on in the industry you are about to enter. Know the trends that are taking place, where the hot spots are, and the best way to contact your target audience.
- D – Do. Don’t just stand around hoping that the business will take off. Do network at Chamber of Commerce meetings, Town Hall meetings, or any meetings where there is a large gathering of people. Do try to get the local media to include you in their stories. Do ask friends and family (and strangers if you are brave enough) to send business your way. The most important thing is that you DO something.
- E – Executive Summary. It is important that everyone involved in the business knows what their job is. If it is just you, plan ahead for the day when you can expand. This will also help you keep up with what you need to do each day.
- F – Files. Keep great records of everything you are doing and keep them in order. File folders of every shape and form are a good investment and should be included in your startup costs.
- G – Goals. Aim for the future. Make a one month plan, a one year plan, and a five-year plan. With each goal you meet, aim for a new one. Keep yourself motivated so your business can reach its full potential.
My son said he wanted to start a business. I provided the basics and encouraged him to fill them out. It was more work than he wanted to do at that time.
Years later, he came back and asked for those business plan basics again. This time he filled them out and followed up with a meeting with an SBA counselor.
You never know what will come from a desire to launch a business or grow a dream. The more you help set a firm foundation, the better chances something substantial can grow.
It doesn’t have to be complicated to be powerful. When you follow the ABCs of starting a business venture you’ll have a foundation for your empire to expand.
Invest in the business plan basics to get things started right.