FREE EXCERPT: Why Do You Need a Business Plan? - 33 minutes
Did you know that about 80% of new businesses FAIL in the first 5 years? It’s true. Nobody starts a business expecting to fail, but sobering statistics indicate that many do.
So how do you avoid becoming a statistic? Simple – create a business plan. On paper. Do this before you think about opening your own grooming salon, renting a table, or running a mobile grooming van.
All fresh business owners are passionate about their goals, but a business can’t succeed without a business plan. This is where you work out the crucial elements that every business needs. Even with the most basic plans, you will have sections that deal with:
- start-up costs
- financial estimates
- marketing research
- progress benchmarks
Getting everything down on paper before you try to get the business started greatly increases your odds for success.
Melissa Verplank has been opening pet-related businesses for years. Many of them have been wildly successful and are still going strong. In this lesson, Melissa sits down with her long time accountant, Leslie Sowers. Leslie has been involved in almost all of Melissa’s start-ups and has been Melissa’s mentor, coach, and adviser for over 30 years.
In this short lesson, they go over one of the key elements all aspiring business owners need: a business plan. They will give you plenty of ideas to spark your entrepreneurial spirit, getting you set on your own path of business success.
In this video you will learn:
- what a business plan is and why you need to have one.
- why you need to know who your prospective customers are and how you will reach them.
- the importance of knowing what the budget will look like.
- how to foresee problems and how to address them.
- where to get more information on business plans.