At my shop the other day, I was asked about a business plan. Did we write one before we opened our gift shop or did we have one put together for the coffee shop, etc.
Being the ridiculously literal person I can be, my mind visualized every business plan format I had seen before and winced a little. Those formats weren’t my style. I’ve looked at different types multiple times, each time determined to buckle down and create one “properly”, but I’ve never actually done it.
And then it occurred to me, just because my format doesn’t fit into a typical business plan blueprint doesn’t mean I don’t have a business plan.
How to Get Started
I couldn’t help but think perhaps you might be a bit like me in feeling overwhelmed by a business plan. I know many people who thrive on them. They’ll tell me they wrote a forty page business plan before they even got started on their business.
Don’t get me wrong, that sounds amazing. To have such a clear picture and idea and plan is amazing! But if we were waiting on me to write a plan like that before I started my business or my blog…well, we’d still be waiting. That’s not how my creativity works.
I found myself standing there, pondering how to answer if I had written a business plan. Part of me felt irresponsible for not being able to give a prompt, confident “yes!”, while the other part of me just wanted to hide at the thought of having to write one.
And that got me to thinking – are there alternative ways for putting together a business plan?
Men in Business
I think men are incredible. Masculine men, men with morals and character. And I think the ones I know who have businesses have written plans. They are incredible about leading their companies, measuring metrics, calculating progress, making adjustments, etc. Seriously, if I didn’t own my business, I’d want to work in a business with a man like that!
And then there’s me. And my approach is more about the experience, about the product, about the visual. I gather data, I run numbers, I try to evaluate adjustments to make, and I like to get input from men in my life. Men are just better in the logical side of business! But we ladies have the ability to bring the beauty and the experience!
It is so important to realize our strengths and make the most of them!
Where to Begin
Perhaps you are putting together a business plan. May I take you through my planning process? It’s not exhaustive and there’s plenty else to consider, but hopefully it will inspire you where to start and key things to consider.
First off, consider whether this is a hobby business or a real business (meaning do you need to be able to live off the income). The answer to this first item is very important, consider it carefully. My clothing business got off slowly for multiple reasons. But looking back, it didn’t get real until I had real bills to pay and serious hours put in. Typically, what you put in to a business is reflected in what you get out of it, especially in the beginning.
Another thing to consider is what need do you see? Again the answer to this question is going to depend greatly on whether this is a hobby or a real business. If it’s a hobby and a couple gals in your circle like the idea of pretty sunglasses, then it sounds like your market isn’t highly demanding, there are a lot of options for sunglasses (hello Amazon and Walmart), so outside your circle this venture might not take off.
But on the other hand, if you live in a small town and there is no place to buy shoes, maybe a shoe store would really fill a need. And true, there is still Amazon, but at least in my town, people like to touch and try on and enjoy the shopping experience in person!
On this side of running a few businesses, if I were you, I’d look to really fill a need. My sister and I have built up one business to be what it is now. But the other that we started in order to fill a need has really taken off. Part of that is probably because we have a foundation – a customer base – now. But I really think filling a need is a secret to starting a successful business.
Putting Together a Business Plan
Once you determine what kind of business and what you’ll do, it gets down to brass tacks:
- cost – determine what your budget is. For the coffee shop, we calculated approximately what it would cost to run the business for three months before seeing a return on our investment. We did this by making a list of expenses such as machinery, ingredients, estimated power bill, employee wages, electrician/plumbing costs, etc. We noted which were one time costs and which were reoccurring. There’s a lot to consider and we wanted to do our best to anticipate expenses.
- product sourcing – your products are vitally important, take the time to find quality products! Do your research, learn what people like, and find reliable vendors.
- employees – maybe you will be your only employee in the beginning. That’s how my sister and I started our gift shop. But as time goes on and you start turning a profit and growing, you will likely want some help. Hire for attitude and appearance – these people will be representing your brand and your business. I also recommend not hiring outside your faith – how people live their lives affects how they do their work.
- experience – if you go the brick and mortar route, remember you’re not just running a store or a restaurant, you’re offering an experience! Atmosphere is so important. From the music playing in the background, the lighting throughout, the greeting and interaction, and the smell. All these things work together to make the experience spectacular … or not. Pay attention to places you visit. Make mental notes of what you do like and what you don’t like and incorporate them accordingly.
And the list goes on, but these are some key things to consider when putting together a business plan!
Until Next Time!
Hope.
PS. Can I share one of my favorite business brainstorming things to do? I imagine the sky is the limit and then try to picture the most beautiful version of my business that I can. All the details. Just as thoroughly and incredibly and completely as my mind will let me. Then I write it down and work backwards to figure out how to attain these things in reality. It is fascinating to me that so much of what holds us back is the lack of implementing little changes and improvements here and there!
If you’re working on your business plan, let me know! Share your thoughts and ideas: https://www.theamericanlady.com/contact-the-american-lady/