Key Success Factors for Small Business
Does every business need a business plan, or are there some exemptions? Solopreneurs and entrepreneurs start their business because they have a need or it may be a desire to start an online business.
The 50 and Wiser Woman, or the Boomer Woman may start her business for various reasons, among them are:
- She’s working for someone else and recognizes that she’d love to be doing something that makes her heart sing. Perhaps this is something she’s had a passion for, for many years. She’s, however, not ready to quit her job to go full-time.
Pursuing a side-hustle or a passion business, while continuing to work in a job with a full-time income, is a great strategy. Why is this so? Aren’t many people choosing to quit their job and do their own business full time?
Yes. For those who are in a financial position to do so, this is a good thing as your new business can be approached with single-mindedness and you can focus on doing all the various tasks that are required and necessary to take your business from idea to reality.
Most businesses take anywhere from 12 18 months to be profitable. Every now and again you’ll read of someone launching a business and make 6-figures in their first year. That happens far less than the opposite reality. This article provides a breakdown of what’s required to determine if your new business will be profitable.
When you do not have to depend on the profits from your new business to immediately start taking of your daily living expenses, it takes a great deal of pressure off of you.
- Some women who start a business are facing retirement in the next 5 to 10 years. They’re healthy, knowledgeable and have acquired years of wisdom that puts them in a position to turn their skills into a viable business. They’re not ready to sit back and relax. Therefore, they choose to start a business of their own so that it will be fully functional and operations by the time they go into retirement, or just in case.
There are others reasons why women 50 and Wiser are starting an online business, and we’ll discuss those in another post.
What do all of these businesses have in common?
They all need a business plan!
Too often businesses are started without consideration for the value of a business plan.
The 3 Most Important Things in a Winning Business Plan
Why a Business Plan?
A business plan is important to keep you on track with your initial goals for business. It provides a clear path to where you want to go and the milestones along the path.
Without a business plan, you could risk missing opportunities that come your way. Your business plan allows you to recognize whether or not a new service, a new product, or another way of thinking may bring you the results you desire faster, or even if they should be considered at all.
Components of a Business Plan
A simple Business Plan includes an executive summary, a mission statement, business description, environmental analysis and background, financial plan, competition and market analysis, operation plan and any other attachments.
Do you have a business plan? If not, let’s have a conversation where we clarify the reasons why this is important and how you can begin to structure your own business plan for success.
I invite you to download your personal copy of my Special Report: 5 Common Reasons “Passion to Profit” Businesses Fail and What To Do Instead.