If a woman’s first step to starting a business is having a great idea, the second step is most certainly making a plan. According to the National Women’s Business Council, women own 30% of all businesses, but only capture 11% of all sales. While a well-prepared business plan is necessary to attract investors and gain funding, it can also help a woman plan for the growth and success of her business.
Before you create your business plan, consider the following tips:
Remember, the only person who can write your business plan is YOU! If you already have your great idea, go ahead and take the next step. The work will be difficult, but the rewards can be incredible. With the right plan, you can build success. For more on developing a successful business plan, visit https://peoplesbancorpinc.com/business-builders/Develop-and-Use-a-Business-Plan.pdf.
Heather Shoenleben is Branch Manager at Peoples Bank in Zanesville, Ohio (NMLS #1047820). She has 11 years experience in banking. She may be reached at 740-588-2505 or by e-mail at [email protected]. Peoples Bancorp Inc. is a diversified financial services holding company with $3.2 billion in total assets, 82 sales offices and 81 ATMs in Ohio, West Virginia, and Kentucky. Learn more about Peoples at www.peoplesbancorp.com.
Before you create your business plan, consider the following tips:
- Planning is necessary and it involves a lot of work. Be prepared to spend weeks, or even months, completing your plan.
- Don’t get discouraged by the overwhelming task. Break the project into manageable chunks. You may want to divide your plan into sections and work toward completing one section at a time.
- Aim to create a plan that is brief and succinct, but includes everything important to the business. The ideal proposal is probably around 10-15 typed pages. Secondary issues and details can be discussed at a later meeting.
- Focus on your intended reader. Use your plan to get organized and make sure all the bases are covered. Investors and lenders want to make sure you will be able to achieve your goals.
- Use layman’s terms. Try to avoid technical descriptions and jargon. You want your audience to understand what they are investing in.
- A business plan is a “living” document so it needs to be updated as your knowledge grows or as you solidify your strategies.
- Be realistic and be honest about positive and negative findings. Base your projections on results gathered from your analysis.
- Discuss your company’s business risks up front. Your credibility can be irreparably damaged if your lenders or investors uncover the risks themselves.
- Don’t make vague or unsubstantiated statements and don’t make promises about your expected growth. Make sure you back up your statements with data and market information.
- You may actually want to have two sets of business plans – one for internal use and one for external use. To be an effective tool, the internal business plan will usually be more detailed than the plan presented externally.
Remember, the only person who can write your business plan is YOU! If you already have your great idea, go ahead and take the next step. The work will be difficult, but the rewards can be incredible. With the right plan, you can build success. For more on developing a successful business plan, visit https://peoplesbancorpinc.com/business-builders/Develop-and-Use-a-Business-Plan.pdf.
Heather Shoenleben is Branch Manager at Peoples Bank in Zanesville, Ohio (NMLS #1047820). She has 11 years experience in banking. She may be reached at 740-588-2505 or by e-mail at [email protected]. Peoples Bancorp Inc. is a diversified financial services holding company with $3.2 billion in total assets, 82 sales offices and 81 ATMs in Ohio, West Virginia, and Kentucky. Learn more about Peoples at www.peoplesbancorp.com.