How to Create a Mini Business Plan | Amsa Venktesan | Skillshare

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How to Create a Mini Business Plan

teacher avatar Amsa Venktesan, Digital Marketer

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

8 Lessons (23m)
    • 1. Introduction to the Course

      2:11
    • 2. Setting your Vision and Mission Right

      2:41
    • 3. SMART Goals to Rock your Biz

      2:54
    • 4. Identifying your Target Customers

      3:46
    • 5. Products & Services

      3:00
    • 6. How well do you know your Processes

      3:13
    • 7. Market to Grow!

      2:48
    • 8. Finances your Way!

      2:56
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About This Class

In this class, we will cover the 7 important elements of any business plan and how they are related to each other. Whether you are an entrepreneur who is just starting your business or an established business owner this training is the one for you!

Once you complete this training, you will be able to:

1. Understand the essentials of a solid business plan
2. Lay the foundations of your mini business plan
3. Most importantly draft your mini business plan and submit it for review.

Business Plan is an inevitable part of your business. Let's create it the right way!

Meet Your Teacher

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Amsa Venktesan

Digital Marketer

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Transcripts

1. Introduction to the Course: Hello and welcome to this brand new training on how to create a mini business plan. Mining Miss Hamsa. And I am, ah, productively consultant of virtual assistant and a digital marketing strategist. Today, I'm gonna be taking you through the seven important steps on how to create a mini business plan and leverage it for your business. You could be on entrepreneur who just starting out or you could already be an established business owner. Or if you're just trying to take your idea into a plan, this is the right training for you. What does a business plan? A business plan is a document which includes, at the necessary and the mandatory competence that any business should have. And I'll tell you in terms of what all it should have, it is going to serve as your one stop destination, which you can use as a document to review, edit, repurpose and use it over and over and over again. Remember, your business plan is going to lay the solid foundation, and it's going to take your Justin idea into an amazing business. Once you complete this training, you will be ableto understand the essentials off How many business plan, Lady foundations off your very own mini business plan and most importantly, draft your business plan and submitted here for my review isn't is going to be amazing to make this class further, more exciting and even more informational, I am going to teach you side by side the exact steps on the ideas that I used. And I have even used for my own clients to make their business plan amazing. Ah, business plan, like I said, is the most important document, and it has to be drafted in the right way. Now for all those who are staying until the end of the week. Dio you can grab the exact template and you're gonna have an ideal client avatar book book on. I'm going to take you through all these important steps to make your learning much effective. Now let's dive right into the class 2. Setting your Vision and Mission Right: all right. Now it's time to set the wishin off your business in the right way. Why it all? Are you starting? Your business is going to be the right vision. So if somebody comes to you and asks you about the nature of business that you deal with, what will be your answer if somebody comes to me and asked me, what do you do or what is your business deal with? Then my answer would be. I am a productively consultant of virtual assistant and additional marketing strategist who works with coaches, realtors and other small and medium sized businesses in helping them leveraging the power off technology and at the same time helped them as their personal personnel Are there virtual assistant. So this is all what I exactly do, so your mission statement must always It could be a vision or your mission statement. It should always be straightforward. Do not put anything in your business plan that does not reflect your style or that does not reflect what you do. It could muli be a confusing up a reply that you give to them instead off making it really productive. So let's start it on a making every single thing very actionable and very targeted ble so that you and your clients understand or what you exactly do. Hensh Setting a vision and mission right is the very first step. And hence I wanted to pick up a pen and paper right away and with the example that I gave you as my wish in and Mission, I want you to now draft your mission and vision. There are a few students or even my clients who would like to include the timeline or the actual vision that they have for the next 3 to 6 months or upto a year in their vision. Well, this cannot be exactly what your poetry in your many business plan, But if it all you want to keep it in your people, you can definitely do it and make your timeline study and ready for your mission statement . Now that you have your vision and mission statement in place, I want you to put it down. If you want, you can rephrase it. If you want, you can edit it and put it all in place and included in the template that I have given to you. You can go ask money at its as you want, but remember to make it very straightforward. People should really understand what you are doing, and that exact exactly portrays what you are trying to tell people, because business is about dealing with people so people should understand your end customer or somebody. 1/3 person who comes and asks you about your business with lots of interest should understand what you really do. 3. SMART Goals to Rock your Biz: after you have set your vision right and place. Now let's talk about gold setting. This cannot go without, you know, your mini businessman. So gold setting is always the first and the foremost step, which has to be included in your mini business plan. That's the reason I said, if it all you want to include a timeline and if you want to say you know where you would like to go or take your business from now to the next three months, six months and one your you can definitely do it. Gold setting is an inevitable step in any business. You could be a fresher or you could be someone who has been in business for up to two years or over two years. You know you can not function or you cannot run your business without having your gold right in place. Now to set smart on actionable goals, I will give you a few tips that you can definitely incorporate interior gold setting process. The first and foremost thing is to have a big goal. Ah, big goal could be launching a blawg or it could be, you know, having your own podcasting or it could be starting a YouTube channel. It could be something like this, or it could be just starting your business. It is as big as anything else. So first, have your main big goal and then divide those goals into smaller, tiny baby steps. This is going to be the ultimate and the most effective way to make your goal setting go in the right direction. So now that you have your big goal and these are broken down into tiny baby steps, I'll tell you how to break them down. Well, you have to first identify your monthly goals in orderto achieve this big goal. So find out the ultimate smaller goals. That is, if you want to start a blawg, remember, you need to be good in content writing, so then you can research on the potential topics, and you can write your actual copyrighting and then you can start editing them. So these are going to be your monthly goals, followed by your weak legals. Because editing will not take a month, it will just take a week or two. If you are a beginner and you would like to do it perfectly. Remember, you don't have to make everything perfect. That's the first thing that as entrepreneurs are we need to take into our heads when you are trying to make everything perfect. Remember, you are delaying the time. So it's always the first and the most important thing to start all this and then you can make all this perfect. So once you have all your big goals and please now it's really important that you have ah, project management tool that is going to really help. You have a specific timeframe for all this. So remember you might have four or five weeks in a month, and you need to jot down your tiny goals, the baby goals, and then followed by taking them in tow Weekly go with. 4. Identifying your Target Customers : Now let's talk all about customers. Can you know business without customers? No, definitely not possible. Hence, it is also equally important. Toe, identify your target and your ideal customer. Whether you are a product or a service based business, remember, it is impossible to serve all customers from all different niches. Well, in fact, it is even drawn if you're doing it that way. This is one of the major reasons why you need tohave an ideal client avatar. I have included an ideal climbed avatar worksheet for you so that you can download it and have a look into it. Well, what is all that an ideal client avatar workbook should have, Or what is all that you need to understand about your ideal customer? You need to first understand, Probably give them a name. You should understand the age, probably whether this person that you're serving your product or your service could be someone between 20 to 40 years or 40 to 60 years, or they could be 20 all through 40 years of age. So it is up to you to figure it out and also check about their gender, their location, their annual income because you know, if you are a wedding photographer, you cannot solve somebody who, um a draws less than $10,000 per annum or less that less than $10,000 for months. Well, it is completely up to you to decide all this there. Geographics, their age, their personality, their gender. Well, this is the actual personality that you have about your ideal customer in your mind. And that is coming into a world book. Now that you have your ideal client avatar, it's time to understand how you will find them. Well, you can find them mostly online, where you have social media to leverage the power off anything on everything. So when I started my business, I figured out my potential clients using Facebook, Twitter, LinkedIn and Pinterest. Ah, well, Pinterest mostly people say, Well, it doesn't help you, but more than an actual social media platform, Pinterest is more like a search engine. So you will actually be true to see that more than one million people are using Pinterest and they are using Pinterest as a search engine to search for anything and everything from a pinto plane. It could sound cliche, but actually they do it. They take styles, they take templates they take up and by anything and everything that Pinterest actually recommends. So Pinterest has really become powerful. And if you're still not considering it for your business, then you're lagging behind after you have figured out the places more online, you might have to consider going toe. Ah, you know the nearby networking launches if you have, or if you have workshops, while these are as well, good spots where you can find your ideal clients these days, online and offline marketing is growing more, and so you can definitely find your ideal client there. Once you have figured out your ideal client, remember and draft the perfect way that you will pitch to your customer. If you figured out somebody through Instagram, for instance, I do not personally use instagram. But if you use instagram for your business, remember that you should not encroach into someone else message or the private messaging and sell your product. Instead, find the customer, take them on a personal chat and you can pitch to them with your service before pitching. It's important that you provide value 5. Products & Services: Now that you have your ideal client defined the and in please, it's time to talk about your products and services. Well, at this point, you might be thinking that it's actually wise versa, where you have to first figure out your product and then your ideal customer. It necessarily need not be that way, because when I started my business, I again figured out that the requirement for entrepreneurs and coaches was that they didn't have a war chill assistant or a personal assistant who could help them out with core setting. And, you know, a few other important a word like that. So that's when I identified my customer first, and then I started or I I thought about my product. So it need not always be that you need to have a product and then figure out your customer . It could be otherwise as well. So I am just clarifying your doubt here. This is one of the most requested question that again because they asked me whether I have to choose. The client forced the customer that I'm going to sell first all the product. You can do it either ways. It's totally fine now that we know about our ideal customer. Once again, we're going to talk about the products and the identification off the product. Well, if you already know the product that you are going to be selling or the product that you are gonna be offering to your customer Very good. If not And if you're still brainstorming, then I have a few tips for you. Well, if you really don't know the product and how to choose the product that you are going toe sell to your customer, then I would advise you to take a pen and paper and list down at least 10 products or services that you are comfortable with and have knowledge about. Well, this is really going to help you understand the costs on the time on the products, all the services that you really have experience with. Remember that even if you have a lesser experience or just an idea about it, I am sure that you will have the passion to learn about it and do it so list on the products include the time frame that is required to make this product either complete from the procurement stage to the complete up you know, end product stage. Or if you have a service that needs to start with, Step a 12 step, then remember to list down all of these steps all the products and all the materials that is required for this. So for me, when I started out as a virtual assistant, I knew that I needed fuel station Aires. I needed to register my company poaches the domain, the hosting. I wanted to procure the station. Aires have a laptop where I have few clients that works on a Mac, and I have few who needs, you know, windows. So I had bought. And so these are a few of my requirements. Well, these are initial investments that you do, and these are very important for your business. So, Liz, down all the products and you will get the idea 6. How well do you know your Processes : now that we have defined the products and the services that you will be selling or that you will leverage to your customers, it's time to talk about the processes that the products and services will undergo to reach your ultimate customer. Let me give you an example off my exact process. Well, I was a virtual assistant and I am still a word shall assistant and do a few services for my clients, where the customer, when they want to take my service, goes to my website and there's actually a work with me Page in my website. Once they learned into the page, they identify the services and the hours on the actual duration that they want to work with me. Once they know that they click on the pay now button and it is directed well, it reloads them to another page, which includes all the payment information, and you know a few other information that is required. So once they make the payment and they select the actual tenure that they would like to work with me, it actually pops up whether they want toe being radically, because if they are a repeat customer and they know how good my services are, so they do the payment and it directly comes to me. So I get an information on my mobile and on my email. Well, if they are a new customer than it would give them a link to schedule an appointment with me where they would schedule an appointment and then we would have a Skype call or resume. Caldwell Zoom is actually a platform that is just like Skype. So we will have a zoom call and we would actually understand. It's called a strategy call, which is done for free. Well, there are a few who even charged for strategy calls, because strategy is when you laid the foundations off, what they in your customers business, whether they have been doing anything wrong and if something has to be done in the right manner. So all that needs to be discussed in the strategy session where the prising even might change, depending on how good their current processes, or if they want a change in all of this so well, it actually undergoes a set off discussions and post the discussion. I again send them on email, which includes all the points which we have discussed and if I've given them any improvements to be made. So all the points are included, or sometimes I even record the call and send them so they don't have to bring me back continuously and I'm not disturbed in the process. So once we are done with that and they're happy, then they go to my website again or I send them the link and then they do the payment and then the work starts. So they give me the set of their passwords, their log in information and all that is needed to stop the work. And then I tell them that we will have a strategy call again on every Monday to see how the week goes. Are it again depends on their requirement. I do have people who have just started the business, so I have to help them in an entirely different mindset and all those who have only been in business for a very long time. So I do have a, you know, top paying clients where they know everything, and they just need, like, a right hand to support in their business. So remember your process defines how much time you can save when you do business, so it's really important to set your processes in the right manner. 7. Market to Grow!: now jumping into the sixth point and my most favorite part, which is the marketing and sales. Well. I am a social media manager, and so I love marketing. Marketing doesn't have to be necessarily boring. While you could be someone who is already working and having a 9 to 5 job all, you already have a full fresh business or planning to quit your nine. Defy and start your business no matter what. I love marketing, and so you will if you do it in the right possible way. I depend mostly on the online marketing channels, and so I do social media management for online business owners, mostly. And if you still prefer to go to your A nearby networking events and find your client's, that's still fine. Let me tell you more than doing marketing and sales in the right manner. It's even more important toe automate your marketing in the right and the most efficient away well for marketing, I would suggest you to have or to choose channels like Facebook, Twitter, a linden Pinterest, YouTube, depending on the type of business you have, and depending on the type of content bucket that you use well I use, you know, block that is writing on the weed eo, which is a YouTube as to off my content buckets so you could choose your style. You could even have a podcast. Or you could have a podcast with a video or plus a blob. Well, that's totally up to you. And you know, I do not have something to really recommend, but it's totally up to you. But figure out the right channels and always have two or three. Let's say I have Facebook, Twitter and Pinterest as my major source off posting information so figured out 2 to 3 channels where you'll be really consistent and let your customers and potential customers know what you are dealing with an update them with so much information. And also remember toe automate your processes using I s t t t. Which is if this then that Trust me, this automation is going to make your marketing or your management of marketing much easier , much effective, and you don't have to sit in front of your system all the time because I've TTD does it all for you. If you really feel I've TTD is heavy or a little bit, you know, difficult for you to start with. You can definitely use Hoot suite or buffer to do the scheduling. I have used both. We'd sweet and buffer for my business and for my clients. But my personal favorite is huge Sweet. It's really ah, you know, easy and cost efficient to schedule the messages. And I can again free purpose the content. And I'm never out of content for my customers. 8. Finances your Way!: now the seventh and the most important part off any business plan. It could be your major business land. Or it could be a mini business plan just the way we're working on now. Its finances. Well, I know you have been working or you have been awaiting for this particular point to pop up , But finances is a really important. Let me tell you, if you are a new business owner or if you're somebody who has been in business for up to a year, you have to consider the finances right from the start up expenses toe how you are going to continue or your your business. So I would suggest you having an initial our plan on initial finance plan and then have a three months, six months on ah, one year plan on how you will do your day today up. You know the expenses and how you're going toe sell products and then bring money and then continue it with your everyday admin cash flow. It is very important that you make a note off every single expenditure that you incur in your business, including your t, your coffee, your snacks. All these might sound silly, but this is really going to help you in the long run toe. Identify how good your business is or if it all you need some changes in your sales and marketing. Because I know most of my customers and most of the companies these days well, you could be an online, you know, business or you could be, ah, physical. You know, product based business, no matter what, you need to have a defined a solid business plan on Most of these are most of these companies are dependent majorly on their marketing and sales on the cash flow that it brings for their business. So it's really important that you make a note off every single thing that your business has and your business needs to make it successful. If you've been in business for quite some time now, I'm really sure that you would have made a note of every single expense that you in coal right, from admin to your sales and marketing to your production, to your manufacturing and watch. Not, but always remember. No matter in what stage of business you're in, it is highly Borden that you make a note off every single, even the smallest expense to support you in the long run. All right, so now that we have come to the conclusion, I hope you have enjoyed this class, and I hope you've got tons of information from this. I want you to download the actual how to create a mini business plan on the ideal client avatar word book and completed. Take your time, but completed as soon as possible. Because I know that you have learned this now and it is going to stay fresh in your mind. So once you complete this, I won't proposed a both the worksheets in the discussion section below and any questions. You can mention me in the comments, and I will be there to help you all the very best.