You’ve heard it said before – one of the best things you can do as a Florida entrepreneur as you start a new business is – create a business plan.
Business plans accomplish 2 main objectives:
1. Show the world (and financers) you’re serious.
2. Keep you focused… guide you toward your goal of business success.
This short podcast will help you create a solid business plan for your new Florida business.
Some highlights from the “Creating a Business Plan” podcast:
Ron Johnson: Which businesses should prepare a business plan?
Don Martin: A short answer to that is everyone needs to prepare a plan. We have many clients. A third of the clients that come to Kutztown SBDC in our website are already in business but because their business is changing because of trends – cost of energy is one example, the global market – suddenly they need to sit down and again re-plan. “What is our product? What is our service? How are we going to market it? Are the numbers working?” So more than ever, existing businesses and start-ups are all in the process of writing the plan.
Ron Johnson: Don, what do you need to consider before you begin writing a business plan?
Don Martin: I think the key things that we work with our clients on before they sit down to write that plan, I always ask a really critical question, “What is it that makes your small business unique, the product or service you are going to offer? How are you going to differentiate yourself in the marketplace?” We want them to think about that. We talk to them about the target market. Who are you going to be able to sell your product and service? What are the demographics? What are the psychographics of that?
We walk them through exercises to help them so they begin to understand that, again, unless we understand our target market, we will not have a successful plan. And of course the key to marketing is always how am I going to be able to reach my target market? Am I going to use ads? Am I going to use the yellow pages? Is it the newspaper? What about a website? How do I make that website? So that is the marketing question.
And finally, integrated into marketing, there is always a very simple one: If I have this product, what price can I sell it at so at the end of the day, there is a profit left for the business owner, and we call that the financial component of a business plan.
Creating a Business Plan
Ron Johnson interviews Don Martin, a Business Counselor and Trainer from the Pennsylvania Small Business Development Center at Kutztown University
If you are thinking about starting or expanding a small business,
having a good business plan may be the difference between success or
failure. Learn how to develop a good business plan.