Monday's Biz Tip: Business Plan Needed

Person: I just started this Photography business, here is my business card.

Me: Oh great! Awesome! Do you have a website? Do you have a portfolio? So, I can look at your work?

Person: No, I just woke up one day and thought I would start this company.

Me: Blank face! So, you bought this expensive equipment with no plan of action. No experience.  Got business cards made and everything. With no, real plan? 

Don’t be like this! If you have talent. You could possibly get away with this…b/c you will probably have a fan based already - b/c people will know you do good work; by what they have seen you’ve done in the past! Your track record! However, if you have nothing to show for what you’re trying to do AND no experience at all. Um, yeah – how is that going to work? Especially when you don’t even know how to work the equipment! Who would hire you!? I would not! I wouldn't want to even waste my time or money with you! 

Put together a business plan for any business, you want to start! It doesn’t have to be 30 pages BUT put something together like an outline. As to what you expect to accomplish, your process, etc. It will help you! All business these days, should have a web presence! So, make sure to have a web site! Before, you get your business going, esp. if it's in photography, videography, marketing/advertising, etc. Have some examples of your work! So, people know you, know what you're doing, etc. 

When I go to get my hair done by someone. I like to see their previous work, before I let them touch my hair! 

Below is an example of what your Business Plan should include:

  1. Company Description: Legal establishment, history, start-up plans, etc.
  2. Product or Service: Describe what you’re selling. Focus on customer benefits.
  3. Market Analysis: You need to know your market, customer needs, where they are, how to reach them and your competition etc.
  4. Strategy and Implementation: Be specific. Include management responsibilities with dates and budgets. Make sure you can track results.
  5. Web Plan Summary: For e-commerce, include discussion of website, development costs, operations, sales and marketing strategies.
  6. Management Team: Describe the organization and the key management team members.
  7. Financial Analysis: Make sure to include at the very least your projected Profit and Loss and Cash Flow tables.