You Need a Business Plan

BEFORE YOU START, ASK YOURSELF...

• What problem am I solving?

• What funds do I absolutely need to start?

• Who is the competition? 

• What makes me stand out?

• What resources do I have to get started?

Develop a concise, yet full elevator pitch that encompasses your mission and vision. For example, "Agent Faithful is a local brand consulting and development agency that helps driven individuals utilize their stories to cultivate authentic business relationships and initiate strong online presence."

Write a simple action plan. Bullet out smaller task-oriented actions required to achieve your objectives. Be sure your goals are S.M.A.R.T. (Specific, Measurable, Attainable, Realistic, and Timely)

Decide on a budget. Adding 20% for incidentals is a realistic overage amount that helps you plan your burn rate. "Your burn rate is how much cash you’re spending month over month. It’s an important number for you to figure out to determine how long you can stay in business before you need to turn a profit."

Decide on legal entity. Be sure to do thorough research within your state on start up fees and which entity suits to your particular business venture. Keep business entity funds separate from personal accounts. Local credit unions or banks have free business checking accounts. 

Snag your website domain. Plenty of do-it-yourself websites have low monthly costs, such as Wix and Squarespace.

Test sales and services on digital platforms. Spread the word in creative ways! Agent Faithful Services has plenty of Management Strategy options and custom research for you to try.   

Source: Entrepreneur.com