10 Steps to Starting a Business: The Business Plan – All Up In Yo’ Business

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Complete Video Transcript

0:07Hi everyone. I’m attorney Aiden Kramer with The Law Office of Aiden H. Kramer in Colorado,
0:12and you’re watching All Up In Yo’ Business. And I am so glad you’re here! I know a lot
0:18of you stumble upon my channel and my videos because you are thinking about starting a
0:25business. Maybe you have a great idea and a great concept for a business, and you are
0:30just not sure where to begin. You don’t know exactly how to start this fantastic business
0:36idea that you have. So that gave me this idea for a series of videos of the 10 Steps to
0:43Starting a Business! The first step to starting a business is a business plan. Now, I know
0:50that for a lot of business owners and aspiring business owners, making a business plan can
0:56definitely be one of the toughest parts of starting a business. It can seem very daunting
1:01to have to think about every aspect of this new business when maybe all you have so far
1:07it an idea. But that is exactly what the business plan is for. It is meant for those juices
1:13to start flowing in your head and get you thinking about every detail of your business
1:19so when you do start it, you know exactly where you are going to go with it. The business
1:23plan doesn’t have to be one static thing. It changes. You want to forecast all of these
1:29things that I am going to talk about 3, 4, or 5 years out. But along the way, you are
1:35going to make changes and you are going to modify that business plan. Here are a few
1:40of the most important items that you want to put into your business plan: First, you
1:44want to put an Executive Summary. An Executive Summary is especially important if you are
1:49going to be seeking investors or a business loan to help finance your business. They are
1:56going to want to see your business plan and the Executive Summary is what they are going
2:00to pay the most attention to. The Executive Summary should highlight the biggest aspects
2:05and ideas of your business. For example, what makes your business unique, why your business
2:10is going to succeed, obviously a summary of what your business is, and it should really
2:16be just the most important parts of your business plan so that if somebody only has 30 seconds
2:21to read over your business plan, they can scan the executive summary and get a good
2:25idea of what the business is. Your business plan should also include an analysis of your
2:30industry. What does the market look like in the industry that your business is going to
2:35be in? Who are some of your competitors and what are their strengths and weaknesses? Who
2:41is your target audience? What is your audience’s demographic? Who exactly are you going to
2:47be aiming for with your business? Your business plan should also include a marketing analysis.
2:54How do you plan to market your business? What are some of the marketing strategies and channels
2:57that you are going to use? Any unique or special ideas you have for marketing your business?
3:03Those should all be included in your marketing plan. Your business plan should also include
3:08an operations plan. What type of personnel are you going to hire? What are some of the
3:13processes that you are going to need to follow in the execution of your business? And the
3:19operations plan is a great place to put some of the milestones that you are hoping to accomplish.
3:24If you want to reach a certain goal or a certain milestone by year 1 or year 2, put that in
3:30there and that will help keep you on track to reaching those goals. And finally, a financial
3:35plan should also be included in your business plan. What is your budget going to look like?
3:39How much money are you starting with? How much do you think you are going to need just
3:42to get the business going? Try to budget out what your business is going to need. Make
3:48some financial projections for your business: what you think you can make within a given
3:52amount of time, what you expect to bring in, and what you expect to spend. This is another
3:58great place to put some goals. If you hope to reach a certain amount of income by a specific
4:03date, put that in there! That will help pull you towards that goal. Also include information
4:08about pricing. How are you going to price your product or your service? How does that
4:13compare to some of your competitors pricing? Put all of that in the financial plan. So,
4:17the business plan, again, is meant to be a roadmap and to help guide you along while
4:23you are starting and growing your business. It can be altered, it can be changed, maybe
4:26your goals will change, or maybe you try something out for marketing and you find out that doesn’t
4:31work? That’s okay, scrap it and try something else. But absolutely the most important step
4:36when starting a business is to have a plan of attack for the business, and that is what
4:40your business plan does. There is a lot of information online about how to write a business
4:45plan. A lot of business plan templates are available and there is a lot of free information
4:49out there if you need assistance with writing your business plan. If any of you have had
4:54experiences or successes or pitfalls when you were writing your business plan or as
5:00your business started to grow and changing that business plan, I would love to hear some
5:04of your comments and some of your experiences with your business plan! If you are in Colorado
5:09and your are seeking some assistance with your business and your business plan, feel
5:13free to contact me. My phone number and email are below. Be sure to subscribe to my channel
5:20and to stay tuned over the next few weeks for the remaining steps in the 10 Steps to
5:32Starting a Business. Thank you all so much for watching! I’m Aiden Kramer, and I will
5:35see you next time!