One-Page Business Plan
Whether or not we should have a business plan depends on who you speak with. Most entrepreneurs do not have any business plan; some believe it is not needed, while others are unable to prepare one. One thing I believe is that you need a plan. If you are seeking investors, you need a formal business plan. If you are using your sweat and limited resources, it is best to prioritize where the limited resource goes; in all cases a plan allows you to set goals and work towards them. Without a plan, whether formal or informal, you are going around in circles.
A solution to a short-term scenario is a One-Page Business Plan. A One-Page Business Plan gives you objectives and strategies to work towards specific tasks and can be expanded to a full business plan. There are many variations of a One-Page Business Plan, but the one I choose to adapt has the following sections:
Buy-Sell Agreement Defined
A buy-sell agreement is a legally binding contract designed to establish a set of rules or actions for the remaining business owner(s) to carry on the business, in the event one of them is no longer involved in the business – this can be due to death, illness, injury, retirement or a simple desire to ‘get out’. In other words, how the owners will interact with each other when certain situations occur.
This agreement creates certainty and a ‘game plan’ in case one or more of the partners are no longer able or willing to commit to the business.
Buy-sell agreements are generally structured as a cross-purchase agreement, promissory note agreement, or a share redemption agreement.
Tales of My Naming Experience
I remember it like it was yesterday. I was told growing up that all it takes is one business idea and the trajectory of your life can change for the better. I kept this statement in my heart. I knew I wanted to own my own business one day but had no clue what kind of business.
In the summer of 2012, after months of self-searching and creating my
vision board, I decided to turn my passion for baking into a business. “Yes!” I thought.
“I finally have a business idea. This is the one idea I have been searching for all these months.”
LinkedIn for Entrepreneurs: It Is Online Business Branding
Self-employment means you must build a brand and gain respect your own way both on and offline! LinkedIn is a handy tool to have, but many business owners underestimate its power to help.
LinkedIn is a social media tool with a professional twist. You must know how to work it! LinkedIn works if you work it and for an entrepreneur, LinkedIn is the place to build relationships - The best start to collaborations, clients, partners, branding opportunities, support, introductions, and community. Furthermore, LinkedIn doesn’t blur or miscommunicate the lines between your personal information and professional image. In fact, it does an amazing job of showing who you are behind the title and business and why people may want to take the opportunity to get to know you better.
BUSINESS BUDGETING 101
While the above items are important, an often-overlooked component when starting a business is creating a budget. Budgeting is key to financial success. A budget allows a business owner to determine sources and uses of cash. This helps determine how much money is required for startup costs on the business (securing a location, equipment, initial inventory, etc.) and the ongoing source or working capital. The budget will also help prioritize objectives, determining which costs are necessary to launch the business and which can wait until the business starts to grow.
HOW TO WRITE A GREAT BLOG
There are articles out there that tell you, in order to write a great blog post you need to write engaging content, with a strong headline that speaks to your audience but, what does that even mean?
No one tells you!
I am happy to share how to write a great blog post for your business.