The 7 Steps To Writing Your Business Plan

1. Intoduction: Hi. Welcome to the ultimate guide on writing your business plan. My name is Yes, for and I am the instructor for this course. I'm here with my colleague Robin, and we have created and step by step process on writing your business plan in seven steps and I'm gonna walk you through the entire course plan right away. Alright, guys. So when you get to the course, you can see that we're having nine different lessons inside of this course and its ah, one hour and 10 minutes off video material that you're going to walk through step by step to be able to write your business plan. Now, first of all, we will talk about why you need a business plan. We're going to sell you on that. Why it's so important to have a business plan. And then we're gonna walk you through a step by step on writing your business description, marketing, analysis, organization and management strategy, marketing strategies say strategy, financial projections and then also executive summary. And then we're gonna thank you for watching this entire course. What is the best thing with this course is that it's basically structure in a step by step process. So what you are going to do, you're going to go? First of all, to the resource is click on this link business plan, and then you will be able to download this entire business plan. First of all, we're just gonna feel in our business information names, etcetera, and then we're gonna take you through step by step executive summary, which we're gonna finish off with. And you will understand that in the next video, why? And then you got yes, gonna walk through this and write down all of your marketing strategies. Save strategy, your financial projections at cetera. So that is the first step is to go in and just download this in. The resource is and then you can see also the homework or basically what we would like you to finish after discourse. So a warm welcome from me and Robin inside of this course, and I'll see you in the next video. Super excited guys 2. Why You Need a Business Plan: a warm welcome from me and Robin to this business planning course in this video, I'm going to tell you why you need a business plan. What is the business plan? Why do you need it? How do you create one? And the fact is that we are going to help your hand along the course. So let me show you the template, that whole blueprint that you are going to follow in order to create your business plan. This is going to be an seven step process that you are going to follow us hand in hand with to make sure that you are having your business plan in hand off this course. So let's go over to that template. Okay, guys. So this is the document that you are going to download right away. So click in the resource is for this video. Just collect. The resource is click on the file that you see, and it will be downloaded to either your computer, your iPad or to your cell phone, whichever you watching this course on. And you can open up these documents, so start doing that, please. All right, so now when you have open up your document, you can see that you can just scroll through here. We're going to fill in business information. So if you're having a business set up already, you can start feeling in the business name. Your business address could be your home. Could be an address, another address for your business, where you operating and your business. Contact, number and email day, today's date and your signature and your name. Once that is done, we're going to move on in the next couple of videos. We're gonna move on with Executive Summary were actually taking that the last because executive summaries basically are short version off your entire business. And we're gonna save that for later. Once you have a great idea off how to set up your business plan. And then we're going to start out with the business description, move onto marketing, analysis, organization and management, marketing strategy, same strategy and lastly, financial projections. Now all of these words might sound a little bit fancy and let the tricky, But I'm gonna take you throughout this course step by step, to make everything we re still clear. And also remember that you're having support from us. So we will answer all of your questions within the Cuban. A section inside of you to me. 24 hours. So you will have an answer within 24 hours. So once you've downloaded this, let's talk about why you really need a business plan. So why do you really need this business plan? Well, a business plan is basically your roadmap to success. Have you ever started and workout program without knowing where to go? How did that work out for you? Have you started a work of program knowing where you're going? How did that work out for you? I assume that knowing where you going having a plan has almost always worked out the best for you. At least it has for me and Robin. So your business plan is basically your roadmap to success. It's what you will show your investors. Now you're having a great idea your super pumped. But maybe you don't have enough money to start up your business or to start your idea. Then what should you show your investors? You need to put that down on a piece of paper on a document to show investors that Hey, I have a plan and the steps is this and this and this and this and that. OK, if you're having a business plan you showing on investor business plan, they know that you are serious with your ideas and with your business. This is also something that you are going to show your employees to understand for them to understand your goals, your visions and how you won't like to run your business. So everybody who is on board, they know exactly their responsibility and what there should do in order for you and for them to reach the goal off your company and your business. So for investors to understand and for your employees to understand your goals, that is why you're having a business plan and also to make sure that different elements can work together. So you know that you're having people on the right spots there. You can also see within your business that Okay, I'm having this personal here. I'm having this person here. I'm having this person here maybe marketing, sales and financial, but I'm missing one that is working with my social media marketing or one that is working with my sales education, part or which ever, like, spot that you're missing something or somebody in. Maybe you're missing a program may be missing equipment. So this will just make everything crystal clear for you, for you to get out way better understanding on who you're missing or what you are missing or if everything looks good and that you will make a profit with your business in the end. And if course like everything here in life, everything is fluctuating, so it will change ass. You grow the first year, your business plan will maybe just look like I want to make my first sale with my products . Or maybe I would like to sell 100 units. Or maybe I would like to have $10,000 in profit this first year. But then the next year, as you're growing as you're planning out for upcoming years, maybe you have another financial projections off. Maybe you're making hundreds and hundreds of thousands of dollars, so always have that in mind. This is your first business plan. This is your roadmap to success. This is for you to show investors that you are serious and also your employees, that you're serious and to get them aboard with in the alignment off your goals, visions for your business and also for you to see that all the elements that you're having within your business it's working out for you and also for you to understand what is missing. What more else do I need in my business and also have an open mind with this? Because it will change asks You are growing. So if you are ready to start building your business plan if you are serious about your business, go and to the resource is off this video. Don't load your business plan template and follow me to the next video. See you there. 3. Business Description: Hi, guys. I'm super excited for this video in this video. We are going to write your business description now, whether you're having a startup or you're already or having and business up and running, you do want to describe your business. So that is exactly what we're going to do inside of this video Solid start. And of course, we're going to tell you help from our business plan templates. So if you just scroll to the second page in your template, you will see business description, and you will have a small description. Yes, beneath here, above what to write in this business plans. But we're going to go over these points in a little bit more depth. So let's do all right. So a business description, what is it is basically describes your business. It described structured ownership, location, purpose, etcetera. So let's dive in a little bit more in dept. Off all these points. So, first off, you do want to begin with basic information when you write in your business description. What do you mean that well, basic information such as the business name. Okay, always start with your business name in the top off your business description. And then you do want to move on to the next point, which is business structure. How is this structure? Do you have an L l C company? Do you have, like, a partnership? And do you have a 50 50 split between you and a partner? Of course. Then how is the structure? Like legally. And then you do want to go over the ownership just like I said. Is it a 50 50 split? Do you have, like, any investors in your company? Maybe they have taken like 25% of the company. Maybe you sharing your company with your family or friends? Yes, right down the ownership. How does it look for you? Maybe you have a startup. Maybe you were just having the idea. And you do want to, like, do a business planning. Is your idea to have a 50 50 split between you and some partner? Or are you doing this completely on your own? Just write down how many percent that you own off your startup or off your company. And then, of course, the location. Are you just located in your bedroom? Or maybe in your basement? Then you write your address on that business description, or do you have a location? Maybe have several locations. Gets right down everything in detail. Then you do want to move on to the next. Witches, continue with your Why? What do I mean with this? Well, have a look. You do want to start with the purpose off your company. How did you even come up with this idea in your head? What is the real purpose with your company? Is it to save lives? Is it to to make more money? Is it to maybe fill a need or a want? What is the real purpose with your company? You might have had one or two thoughts when you started this company. Was it to make the world a better place? Wasit Yes, To fill a need. So write down your purpose in detail. For example, For a fireman, the purpose could be to save lives. So just thinking that like, thread kind off, maybe you are selling products that let's say that you are selling knee pads to protect the niece. The purpose off the company's maybe to get into that market to maybe have a 20% share within your location. So yes, right. Your purpose and making detailed and then your wife. And when your business started, why did you even start? Your business is a little bit the same as the purpose. But why did you start the business? Didn't you like your current job at the time? Or maybe you are having a job. And this is your side business, or this is your startup. Why do you want to start this company? And also, if you already have started your company, when did you start that company? Just think back a little bit in time and write down that date. So find your why and write this. Why, Like a story like your story to make it clear in your business description what your purpose is with your company and why and when you started your business. And then we would like to move onto the next one, which is keep going with how and what. So you're how and what is your market? Who is your target? That market and how are you going to hit that targeted market with your product or service and business? Then the products is services. Write in detail about your products that you're going to sell or the services that you were going to provide and then also include the pricing and the delivery methods. So to make this a little bit more clear, who are you targeting with your products? What are your products or and services? And then what is going to cost for your customers? And how are you going to deliver these products and or services to your customers? So who are you targeted market? I mean, who are your targeted customers? What products are you going to sell them or and what services are you going to sell them? What are their products and services going to cost them, and then off course. How are you going to deliver the products and services? Is it on physical products? Are you going to send it by mail or digital product? And you're going to sell them by email? So yes, there, print that down, write that down on your business description in detail, and then finish with your goals. Now, why are you doing this? What are your future wishes? I mean, what How did where do you see yourself in three years. Just like in when you go to a new job and applying for a job they're asking you. Hey, where do you see yourself in tree to five years. And they are doing this because of a purpose. They do want to know your vision. They do want to know your goals when you're taking this job in the exact same question. Is it that I'm having for you? Where do you see your business in 2345 years from now? What are you vicious? Are you completely want to take over a marketplace or you completely do wanna take over and niche market? Just write that down. What is your vision? How many percentage off the market with a new location do you want to have within, like, three years or so. So always write down your goals. What are your goals with your entire business with your products and services? Is it to like a said take over the market? Or is it for you? Yes, to work less, spend more time with your family, but more so make it personal and do also make it about your company. What is your big vision and big goals in the future for your business. So to recap, this entire beat you guys begin with basic information. When you writing this down always download, you have the template up here just downloaded in. The resource is for this video. If you haven't already, write down your basic information such as business name, business structure, ownership, location, and then move onto the next one, which is your Why this You do want to do a little bit story time on this one because it's your purpose of your company whining when you started this company or this thought process , Just write it down. Remember that your business description can be twisted later on. But for now, write down your wife and make it a little story. Time guys here because this is personal. This is why you created this company or have decided to create this company. And then you're how and what? Who are you targeted? Customer and market, and then the products. What kind of products do you have in mind that you do wanna sell or that you already are selling or and your services? What our services are you going to provide your customer with and then prices right down your prices in detail. How much is this going to cost? How much delivery cost, etcetera And then also to deliver method. How are you going to deliver this product to your customer and also finished off with your goals, your future wishes and also your goals for the future? Where do you see yourself in tree to five years? Write that down and make this personal. Guys, this is your business. Your company. Make it real good and make it as much detail as you possibly can. And once you've done with this business description, let's move on to the next video. I'll see you there. 4. Marketing Analysis: Welcome back to the course, guys. Good job with the last video and the last part of your business plan. In this video, we're going to do something called a marketing analysis, which basically means to do a market research to dive into our choose and market, to see what is working and what is not working and put it on our business plan. So let's dive into it. So as you already know inside off this particular video and inside of this course, we have provided you with a template, which means thistle, as you can see in front of you a business plan where you can write down all of the things that were going over inside of this course. And right now we are on the third page marketing analysis and on your business plan, you can see that we're having a small description beneath the title here that describes what we would like you to write in your business proud in order to complete your business plan. So let's go over all of these different points that you do want to write down in your marketing analysis, so to do a proper marketing analysis with other words. Market research. You do want to go over different parts or different points that you do want to research and then write down in your plan. So the first thing that you do want to research and write down is your targeted audience and earlier, in this course or later in this course, depending on where you are in the course, you do have something called a buyer persona, which means you're targeted customer basically, so it can look something like this. So you have a name off the targeted customer. This means, like for your products and services. Who are you going to target? What is the person or persons or group that you are going to target that is most interested and most likable to buy your products and or services? And at first we do want to like, imagine this person. We do have to imagine this person if we're doing a start up and we don't really know our customer. But if you do know your customer, this is a more easier process to do. But let's say that you're having a start up who is going to buy your products and services ? Well, that's hard to know, right? So we do need to do some research. For example, who is the target audience for Coca Cola? For McDormand's Who is the most likable to buy those like foods and drinks? We don't really know. So maybe we have to do some research online to find some good resource is for this. And maybe you have, um, competitors within the same niche. What type of audience are day targeting? Are they between 25 to 36 years old? Male, female? We don't know, so we need to do some research. But first off, who is like imaginary here? Who is your targeted audience? Let's find out a name for it. Let's find out the gender and age. It could be an age group. Like I said, between 25 to 36 for example, maybe the gender. You don't know if it's male or female, then you can right both genders and the location. Do you have a location based business? Maybe you have a coffee shop or supermarket, or maybe nail saloon or something like that. Write down your location. If you don't know your location, you can write down maybe a country that you are targeting, or maybe the whole world. If you're having an on my business, for example, relationship ship status. Let's say that you are selling wedding rings, for example, then maybe their singles. Or maybe they are in a current relationship. So you just come up with that in your mind because, like I said, this is imaginary For now, this is for us to understand who we are speaking to. Targeting. This is for us to know how we are going to speak to this particular target at audience into this customer and then work. What did they do for work? Whether that interests, then off course, related to this kind of product. Maybe you're selling, Let's say, some kind of sports equipment. And of course, they need to be interested in these particular sports. What did it behaviors that could be behaviors online, such as, like, you see on the next point Web history water. They like doing online. What pages? What blog's what YouTube videos. Maybe already watching or channels Are you watching online? The search terms is also a good thing. What are you searching for online to find your products and or services so this can take a while, but just go to buy a persona lecture, and you can do this by persona, and you can come back here and move onto the next step, which would be competitors. Okay, so who are your competitors and what are your competitors? Strengths and weaknesses. And how have your competitors established themselves within your market? How many shares off the market do they have? How are they succeeding out there to look and to model after success? I would say that that is the short cut to success off course. You need to differentiate yourself, which means that you cannot copy another company, but you can see how your competitors are reacting and acting within your marketing to follow some off their steps toe. Understand your market a little bit better. So if you are start up for example and you don't know where to look. Look at your competitors. Look at your successful competitors, particularly and see what are they doing within your market? How are they market themselves already using YouTube? Are you seeing Instagram Marty, You seeing Facebook? How does their website look like? What kind of products do this cell If you do want to go into debt niche, what kind of colors are the products? Everything. Look at your competitors and also try to see their weaknesses. How would you do this? Better write this down. So write down your competitors, write down their weaknesses right down their strength, and also write down how you do want to do as your competitors are doing. Don't copy everything, but how can you do it Even better? Write that down and then the next step is to positioning. Now what is positioning? Let's say that you're having a grocery store, as you can see on this particular screen here, you having this grocery store and that you feel awesome to just open it up. But then, like two or three days before you're going to open this grocery store, you see that Oh, man, it's another grocery store exactly like this in my neighborhood. Then that positioning wouldn't be crude. Right now, you do want to position yourself in the neighborhood or in a spot location where you don't have this much like competition because you do wanna be special. You want to be the grocery store that people are really going to You don't want to open up a grocery store beside another exact grocery store and push down the prices to get customers? No. So this is a big no. So you do want to open up this grocery store, maybe in a location where there's no other grocery stores just like yours. But you can open up a grocery store, a neighborhood or location when they already have a grocery store. Let's say that you're selling products from China or from Japan, for example, and the other grocery store is a Western nice grocery store. Then that's a good positioning if you don't have another competition. So to position yourself is not on Li like location. Basic can be online as well. Maybe you're creating an online workout program. So let's say that you are creating and program that I see just focusing on the APS, Okay, and you know that your competitors are having a program that it's looking somewhere like yours, but it's focusing more on the arms and upper body than the abs, then positioning you within the AB section to really make your absolute great and awesome On Instagram. That would be a good business. So positioning yourself? Yes, see how you're and like competitors are doing within the market and try to differentiate yourselves within the market. Don't copy others, but copy some, like maybe their mentality or divisions or so on. But don't copy exactly what they're doing, trying to position yourself in a spot where you can get as many customers as you possibly can without having too much competition. So it's all about niche in it. Down. Don't go into a general niche with competitors trying to sell all kinds of stuff. You do want to need it down because you can't target everyone, all right, you can have all kinds of customers. Everybody don't have to be between 25 36 years old. But to try to target the entire world when your products and services won't work, that's why you need to have want to have a targeted audience where you are. Yes, target days audience. And, yeah, you can get customers. That is not within this targeted audience, but you do know how to speak to them, and then competitors look over their competitors. What are they doing right, and what are they doing that do you think it that you can do better and then go into positioning? Where do you would like to position yourself within the market? To get the most shares To get the most money to your company, then, trance, we need to look at Trance s. Well, let's take an example here. Like Nokia mobile phones. I don't know how many years this was, but they had this regular phone with bottles that you pushed on and you could make a call. You can play snake if you remember. If you don't remember Google Nokia snake and you will see yourself what it is and you can text. Okay, so this is a large company at the time, and they made a very bad decision. They made a decision. That is stupid. I would say that didn't want to go into the smart phone market, so they didn't want toe. You know, the phone that you're having probably like a few centimetres from you right now. Or maybe you're watching this course on your phone. They didn't want to go into the smart phone market, so they lost billions and billions of dollars, and now they have no, like shares within the mobile phone market anymore, barely. So you do want to watch out for trends within your niche within your market and make sure to take action on these trends. So, for example, if you're doing like workout program, for example, and ABS are a trend, then do ABS programs. Okay, so you just watch out for your trends within your market, because when it all comes together, it's all about the markets need. What needs are you seeing within your market? It's way easier to see a need within your market if you're doing some market research. So marketing analysis is basically to take all of these components, as you can see here, target audience, competition, positioning and trends to put it down to what are your markets like your leash within your business, craving right now targeted audience. Start their go to buy a persona lecture and then write down competitors who are competitors . What are you doing right? What it is strength and what are the weaknesses? What can you do? Better write that down in your business plan and then positioning. How can you position yourself with your products and or service to stand out and also to eventually get more customers to your business. I know that this sounds tricky, but once you start writing on this plan, you will come up with a lot of ideas. But do proper research first guys and then trance. You do wanna What kind of trends are you seeing right now within your market? Just try to figure that out. Use Internet off course, use Internet. Look at your competitors. What trends are day moving on and taking action on right now. And this will well down to what your market need is when you have figured out the market need. You will have awesome marketing analysis in your business plan. Good luck with all these steps, guys, remember to download the template within the resource is for this video seeing the next lecture. 5. Organization & Management: Hi, guys. And welcome back to the course in this video, we're gonna have a look on the organization and management part over business plan. Now, why this is important is because if you lay out an organization plan for your business plan , then people within your company, like employees and investors, know their part off their job. They understand what responsibility they have towards your business, and it makes it easier for you for future ing hiring people as well. So let's dive into it. And as we have spoken about in earlier videos, you have the template download in the resource is forties video as well, so that you can start writing your own business plan. Now we're on number four, which is organization and management. You can see a small explanation here as well on what we would like you to write in your business plan. Now why we are wanting to include organization and management within Our business plan is forced and foremost because we would like to reach goals certain goals within our business and company. So that is how simple it is. This is just writing down this in the basic band to reach your goals and to see that your vision is aligned with your goals. So, first off, the first question I have for you is what people do you have on your team, in your business and in your company. What people do you have? Maybe you are one man, a woman show, and you are the only one. Then write that down in your business plan. Just write down your name and your responsibility within your company, maybe, or the CEO. Maybe you do the marketing and the sales and everything around the business. Or maybe you have some help. Maybe you have some investors within your company. What people do you have on your team right down all the names and their responsibility within your company? Once that is done, you do want to move on to the next one. Which is, what skills do they have or do you have within your company? Maybe if you are doing this completely on your own, maybe you are having a start up with just maybe an idea. Or maybe not an idea. Are you starting this yourself, or are you running this yourself? Then write down what skills you have or you good within marketing. Are you good? Within? Saints are good within communication in anyways. Or maybe you're good designer. Whichever business that you're thinking off or that you're having, what skills do you have that will drive your business forward? Write those down or And if you're having a team, write down all the individual skills that you have within your team because this is important, because the next point is, what skills are you missing? What skills are you looking for? To move on Or to Ratter, grow your business. So what skills do you have first off, And what skills are you missing? Because now it's time for you to paint the picture. So if you have a look on the screen right now, let's say that you are the CEO off the company, OK? You are the CEO. So you are the funder. You are you the boss? So what skills do you have within your company, or are you looking for? It's easier to paint the picture like this. Let's say the Beth she is working in this sales. Okay, Then you do a chart like this or you can just write. Did like in points like this up to you. You can draw on your business plan. It's your business plan. You are the owner off your own business plan. So you could do just like I have done here. So you are the CEO and Beth, for example, or in sales. Or you can leave that blank. No name? Yes. You know that you need in sales department within your company and then marketing. It was a long word, so I had to shortening up. But this is marketing. Ken is in the marketing, and then we have Leo in finance. So now you know, maybe what department or what positions you need in your organization and maybe also what people in need within your organization. And then we have within marketing. There could be several different, like positions within the marketing. It could be social media marketing, for example. And maybe Beth is a star there. So you know that she has the president responsibility off your social media marketing. And then, you know, maybe that mark is a start when it comes to ads creating maybe Facebook ads of Google ads, etcetera for your business to market your business to take informant to the next level. So this is how your organization and management short can look like. And what I would like you to do is to think like 3 to 5 years ahead when you're creating this, because maybe you are having a start up. Or maybe you don't have a business. Or maybe you have a business. Whatever you are within, like your process, let's say that you are a startup. They don't have an idea. Maybe you are running this completely on your own. Maybe you know what skills you have. But, baby, you don't know what skills are missing. This is a good template to take. You always would like to have a CEO or founder of Boss that is running things that would be you or your investment. Or maybe you and your apartment and you write that name in there. Then you would like to have somebody that is running the sales. And then you would like to have somebody's running the marketing that somebody's they're having, like, responsibility for the finance. Okay, so that is like the ground. That is what you would like to build up on. And then, for example, Saints can have different types off looked like sales departments or sales like, say, its responsibilities and then marketing, for example, like you see here, this is yes, like an example. It can have the social media, marketing responsibility and maybe the ads responsibility or somebody's having the responsibility for all your marketing at once. So this is completely up to you. But in order to reach our goals within our business, we need to know what type of organization we have, what people we have within our organization and what they are managing, what they have the responsibility off. So what people do you have on your team? Write that down firstly, and also, what responsibility do they have? And then what skills do you have and your team have already? So you know, to the next point what skills do you miss within the company? So you know, if you are in the beginning and you can't hire people because you're a startup, I totally understand it was the same for me and Robin. We had no people whatsoever on our team. Now we have three people on a team. We're really happy with that, but we have no people whatsoever on our team. So we had to do all the editing off the video's off planning and has all the questions and everything completely on our own. It took up a lot of times, but when you understand that your time is very, very valuable and you can afford to hire people on different positions within your company , then you can really thrive your business. But in the beginning, maybe you have to do a lot of things on your own, a lot of different task that are taking unnecessary time and energy from you. But it's OK. Just write that down in your plan. What's gives do you and your company and team have already And what skills are you missing ? Just paint the picture like we have done here, or you can just write it down. Yesterday in words is your business plan is your organization and management in your business plan. Have a lot of fun doing so but the precise and think like 3 to 5 years ahead, and you will be good to go move onto the next lecture. So do this task. First, download that this template in the resource is for this video, and I'll see you in the next video 6. Marketing Strategy: So I'm very glad that you are still with us in this course. And I mean, have you written down anything or even thought about writing down anything in your business plan? So far, you are so far ahead a lot off new business owners. So in this video, we are going to go through how to write on marketing strategy for your business. So let's say Start. And as we already have talked about, you can find this marketing strategy plan within your business plan that you can find in the resource is for this video so you can find a small little explanation about how to write your marketing strategy plan here for your business. So let's dive into the EU now. First question. Why do you want to have a marketing strategy plan with in your business plan? Well, of course, that is because we would like to know how you are going to get people to your business, paying for your products and services so that you can hire more people and or grow your business. So marketing is basically getting people to your business, the right people to your business, and therefore you need a strategy in order to not waste a lot of time effort, money, etcetera. So how do you go about this? Well, first off, how will you start marketing your business is the first question. What kind of products and services are you selling? How can you start market that product and service? What is your budget you need to write down? What is your marketing budget? If you don't have a lot of money, how can you do it then for free or almost for free? Now, how are you going to start this? If you have no idea, let's move on. What Channel's Willie use? That's the best question I have. So are you having a local business? And if so, what channels are using? Are you going through Facebook or you having us Facebook page? Or are you setting up a Facebook page or you're doing Facebook ads to sell your products or to make somebody sign up for your service? Are you having a YouTube channel or planning on creating a YouTube channel? And that is one part of your marketing strategy? Are you having an INSTAGRAM account where you are going to promote your business of services. Are you doing it through e mails? Maybe you have a lot of email addresses already and you're doing e mail marketing. Are you having your own website that you going to market your products and services and business through to your potential customers or are doing cold calls? So if you look on the screen right now, you have so many alternatives today, and this is just scratching the surface, Really. So your marketing strategy could be Facebook and YouTube and instagram and cold calling and having a website and doing a lot off email marketing. But it's totally up to you and to have any clue whatsoever. What are your competitors doing? What are your competition doing? You need to research here to see what channels are they using to market themselves already doing a lot of demon marketing? Are they very active on Instagram, already very active on YouTube, already very active on Facebook? Because when it comes to marketing, it's a lot off trying. You need to try and you need to fail. You need to try again, need to fail, but for you to have some kind of market strategy plan, you do need to look up what? Your competitors, what you're successful competitors are doing. So you get some kind off clues off where you should position yourself. When it comes to marketing. Maybe the YouTube channel has blown up. Or maybe they have, like to subscribers on the YouTube channel. Some May. But then you shouldn't maybe put all your eggs in that basket. Maybe their Facebook ads seems to go very well, and they're doing a great job there. Is there anything that you can model after your successful competitors, but that you can twist around so that you get a bigger market share? I mean, so you do need to diet into how you would like to go about your marketing strategy by looking at what kind of channels your competition is using and what channels you do want to use for your marketing strategy. So what are the most effective ways for you? By looking at competitors, I would say that that's the best way to see it. So if you compared, like five different competitors within your niche, what they doing the same kind of marketing strategy are one way working for one company and another way is working for another company. And how could you see yourself? Go about your marketing by writing all of your thoughts down and also facts when it comes to your competitors how it's working for them. Then you will have your marketing strategy plan. So you, your company, your employees, your future employees, your investors and everybody around your company knows exactly on how to go about marketing . If you say to your company well, with my own eyes, I see that social media is the way to go with marketing, because once most of the social media except ABS are for free, and that's a great start. If you are running and start up to send up your Facebook account, set up a YouTube account and to set up an INSTAGRAM account and Twitter, Pinterest, Quora etcetera to start marketing and then you have a look at competitors, how are they doing their social media marketing? How can you do it like they are doing? But even better to start marketing your products of services and your business, of course. And then right all of those things down, maybe already are having e mailed subscribers people's emails so you can put them into your email and just burst out a lot off email marketing to them about your products and services . Or how do you want to go about this? How do you see this becoming the most effective for you and your business? And what people do you see on this different positions? And how can you really leverage this to take your business to the next level? So right, all of these down you have the descriptions also within the template, so it will guide you through this. OK, it's a little Good luck. I'll see you in the next video. 7. Sales Strategy: Welcome back to the course, guys. I'm very proud of you that have taken all of these steps so far. Looking at the business plan started creating or business plan, this will take you so far in this particular video. We're going to have a look at how to write on sales strategy, a safe strategy for you. So you understand how you can take a lead Ah, phone number or email address and turn that into a paying customer less time into it. So if you already know, you can download this very own business plan. Template from the resource is in this video, and we are now at 0.6. And here you have a small explanation on what goes into your sales strategy. So the first thing you do want to do when you are writing your sales strategies to go and get your calculator, where you having on your mobile phone or if you're having this old school calculators somewhere in your home, go and get that because now it's time for you to sit on goal and realistic goal with a dent line. A deadline is a date, so you do want to set some sames goal. So how many sales are you going to do with your products and your services within the next month? Okay, so write that down. How many saves are you going to do with your products and or your services within the next month? Take all different products. If you having one product that that's pretty easy. How many products are you predicting to sell within the next month and then go months by month. And if you're having a product and you see and that it's going up for you, then right, maybe 10 units this month and then maybe 12 units next month and then then month off the debt, maybe 15 units, but do it realistically. So if you're having something, maybe you have already started to sell it. You can see some kind off velocity. You can see that it's starting to move the needle forward, and the ball is starting to roll a little bit. Then it's maybe easier. If you don't have a product, then this could be a little bit harder process, and then you can take within a year span. So from starting out today, how many units or services are you predicting yourself to have sold within the next year. So make a month plan month by month, first month and then month by month and then you're doing a year plan and calculate is with a deadline from today's date until a year from now. What can help you to do this is to understand your customer. You do want to understand your customers journey from getting to see your company or your products or services all the way to purchasing. So what different Jake you were marketing strategy from your safe strategy is you're taking it all the way back from their stem, seeing your company business low going and your products and services. That is the marketing, but the sales is the end part. So when you already having this lead this phone number or email address or any other contact information, how do you turn this contact information into US Sale? How do you get money from this person or from this company, whichever you're selling to? If you're doing B two b marketing, which means business to business or if you doing personal marketing, how do you get? I'll turn a lead into real money into your account. For that, you need to understand the entire customer journey newly come to your website. How does it look? How is it designed? Is it decided with some kind of call to action due to see a a spot where they can feel in some business information or some contact information, and then you contact them on How is the sales process going toe work? What are you going to say in the phone? What they're going to say on the email that is going to make them so interested so that they want to buy from you, which takes us to the next point. Position yourself with the right message. What do we mean with that? You need to find a way to talk. Speak through the phone or through the computer online. Would your customer so that they completely understand your product and your service. And this is something that you would like to include in your sale strategy. For example, with this message, we think that we're going to turn this customer into becoming a more interesting customer, and therefore they would like to purchase or products or services. So your safe strategy should also include what types of messages you have to your customer like this product will do. Descend. Isn't that for you or this service will help you save money or lives or whatever. So include that in your safe strategy, and you need to track your progress now if you already are having a record, which means if you're already are having some metrics, some statistics from earlier customers how they got into your sales process. Wasit through phone, Wasit through email, Or was it through your social media platforms, or was it through your website? Where did they come from? So you can track all the progress and try to focus on Li Ohm those different sources that are making you to sell more products and services. So the recap this video I would like you to go and get your calculator to set realistic goals with deadlines for month to month and also throughout the entire year. How many units do you think that you will sell? You need to understand your customers in order to make more sales and to understand your customer, you need to know, and your entire crew and team need to know what type of message you are going to send out to your customers. How are you going to speak to your customers? If your whole firm business knows how to speak to your customers, then you're more likely to make more money. Because imagine, just like he is saying that. And she's saying this. So you need to speak with a clear message for your customers to understand. What do you are saying? What promises that you can live up to with your products and services to grow your business and then off course? Once you have some statistics, track your progress and Onley do the things that are working the best for you. Maybe it's working the best for you to get leads through your website. Or maybe it works best for you to get leads through your social media platform sections, Facebook, instagram or YouTube. Whichever works the best for you. You always won't like to concentrate on those sources in order to grow your business. Okay, guys knows time for you to write down your safe strategy. Start off with your goals and then your message and then track your progress. Okay, guys, I have See you in the next video 8. Financial Projection: Welcome back to the course, guys. Now in this video, we're going to calculate even more. We're going to do our financial projection for the upcoming here to make sure that we are looking forward to make some money. So how much money are we needing to run? Our business is exactly what we are going to figure out in this video. So let's start. And as you already know by now, if you went through the course you will have in the resource is for this video. You will have this business plan template that you can download, and we are now at a point number seven. So this is a financial projections, and beneath the title here, you can see that entire explanation what's going into the financial protection. So let's dive into it a little bit more in depth and see what steps you need to take in order to complete this assignment. So where do we start? Well, first off, let's start with plus and minus project your spendings and your saints, so spending's worse. Is sales include equals your profits or you're lost. So if you are starting off with your spending, so what are you currently spending money on inside of your business? Do you have any employees? How much does those employees cost you every month? Do you have any material that you're using? Do you maybe have some equipment like a computer? Do you pay any fee for that computer every month? Or have you paid everything in full when it comes to your equipment? Do you have any programs that you have subscriptions on? I'm not talking about your Netflix. I'm talking about Maybe in Google Drive. Do you have any under programs that you are planning to work within how much those program cost you every single month? And also, of course, an entire year. Subscriptions is it may be cheaper to sign up for a year. Subscriptions on different programs or services, right? All your spending's down. Do you pay for an accountant to do all of your taxes? How much is that accountant costing you? Because I remember in the beginning when me and Robin for our business were setting up all our spendings and we missed quite a lot of things that we didn't really think about. So you may have to think really deep into this armed, like all of your different programs, all of the people that you're working with and maybe your employees, How much are they costing you? Put down all off your spendings, and then it's time to look over the sales. How many units are you are predicting to sell? What are your profits on this June? It's so Onley. Count your sales profits here. Not your costs when it comes to shipping, if you are paying for shaping for your products, yes, take that out on lee their profits. So the spendings versus this sales. So spending's on one side of your document and spend sales on the other side. Off document. You have to do a projection. This could be numbers that you're taking from the sky. But anyways, you need to start a somewhere If you don't have an idea, Yes, take numbers from the sky and take realistic numbers that you are projecting that you were going to sell and projecting that you're going to spend and put it down on a piece of paper or on this document. Next thing is planned for tax income. This was like a hit in the face for me and Rob in the first year and we didn't plan for this. We saw some profits within a company, and we thought like, Hey, this is a good life. This is a very good life and it was a good life. But then every year you need to pay your income taxes and your business taxes, so plan for this and you need to pay your personal taxes. But you also need to pay the company taxes. So depending on which model that you're having set up for your business, you need to figure out then the research, How many percentage off your income and off your profits that you need to pay every year. And you need to plan to set that a month based on your profits aside to pay taxes once a year. So always plan for your income taxes, guys, both personal taxes. But, of course, on your business taxes. Okay, next thing is investment planning plan for investments. Now, maybe you are planning to invest in new equipment for your company, or you are investing in different programs for your company to grow. Or maybe you are looking to hire new employees, new people to your company to grow your company, then you need to plan for future investments and then financial tracking. So when you would like to put everything together, you need to track your income. You need to track your expenses, taxes and profits, as you can see on the screen. Right now, you can basically has put up on Excel Document. Or you can write this down on a piece of paper if you're old school and you can draw out all the lines if you want to. But start with how much money do you project that you are going to make this year? And then you take your expenses, your spendings, and then you take your taxes and then you can see your project that profits. So you know that your company will make money and not lose money. So financial tracking is you taking this competence like income, expenses, taxes, and you are calculating the profits off your business for the year to come. And then you just want to put everything together. How does it look? If you have taken to account your spendings versus your sales? Does it look good? Is it a good business idea from start Or should you twist anything around here is where you will get answers. Really? So is your business a good idea or not? And then you can plan for your income taxes. Always do that. Don't be a robot. Yes, for first year, their plan for your income taxes on plan for further investments. So if you're planning on investing in some equipment or programs or people, then plan for those investments and then you put everything together to track your finances . So maybe you didn't plan to hire somebody, but you hired somebody. Then you have to twist something around. You bring me here. But this is how you doing your financial projections. If you are in the start up, you have to just take things from the sky and try to put everything together. If you have been running your business for one year, two years or three years, maybe you have more information, and maybe it's easier for you to do our projections. But sometimes we numbers. There will be something that is not correct in the end. But anyways, this is how you doing your financial projections. So you know where you're going and that you in the end of the year will make money instead off loose money. Okay, guys. So let's move on to the next video. Once you've completed this assignment, see you there. 9. Executive Summary: congratulations. Guys are making it this far inside of this course on creating your business plan. We are now at the final step, which is the executive summary. So let's dive into that right away. In the resource is for this video, you will find the executive summary and a small explanations on the need the title on what you would like to put here. As you also can see, this is the first step. Or like the more or less the front page of your business plan and why we are creating this right now is because the executive summary is basically a short version off your business plan. So therefore, once you we have gone through all the steps right now to create your business plan, we can now create this executive summary. So let's talk about on how to create this now, when executive summary is something that we're creating to have, like more or less an elevator pitch for things like investors. So this is the one thing that we would like investors to read. So if you're having your entire business plan and let's say that it's like 75 pages long and you're having an investor in front of you, and you do want to present your business to them. Maybe give a copy to them. You do want to have an executive summer in order to shortness wheat, present your company, your goals, your sales strategy, marketing strategy and future investments, etcetera. So this is the first your investors will read and or also your employees to understand what your company values are and how you are going to move forward with your company. So it's basically like I said, it's a mini version off your plan. So you do wanna take your plan or have a look at your business plan and take one or two or maybe three sentences from your business plan to put into your executive summary. But what do you put into your executive summary? Well, you extract the best from your business plans the best information from all different parts and keep it short to the point so that anybody who is reading this do want to keep on reading more so you do wanna percent is in a way that spikes the interest but don't give away too much about your business. So, for example, percent things like the benefits off investing in your business or the benefits with your business. So anybody who is reading this gets a great understanding on what your vision for your company is because a business plan is basically a document that presenting your entire business. As I said, it can be like five pages uptil, hundreds and hundreds of pages and somebody who is wanting to read a little bit about what your company's all about. The values, visions, etcetera and goals they don't want to read hundreds and hundreds of pages. They do want to read maybe half page or one page to understand what your company is all about, to keep it short and to the point and focus on all the positive aspects regarding that particular topic. So you do want to take all different topics that you have already created your business plans around. You have a look at that section and you are extracting like two or tree sentences. Well, it can be also five sentences if you can 12 it down. So you just extract that information and you can rewrite it so it becomes a little bit more interesting for the ones that are reading it. And remember, guys, if you do one there have investors. And if you do want people to invest in your business, yes, tell them what they would like to hear and also make it clear for your employees that are reading your business plans. Front page Executive Summary What your business is all about. The value, the vision and the goals for your company. So we are creating these executive summary last in discourse because now you have a business plan. If you don't have a business plan, go and write your business plan. Download the template for your business plan and start writing your business plan and finish it off with your executive summary, which is a mini version off your business plan for people to read to get a better understanding quickly about your vision and your goals for your company and where you are heading. So everybody who is on board has a clear idea what your business stand for and where you are heading. Okay, guys, good luck with your executive summary. Keep it short and to the point. Thank you for watching this video. See you in the next one 10. Thank You!: Okay, guys. So, Mia, Robin just wanted to congratulate you on writing your business plan. You are now ready for the next step within your baseness. You have on a road map to success. You have a more clear idea on where you are going. Your future investors also have a clear idea where you're going, your future or your already employees have unclear idea where you're having with your business. So you have maybe filled out all of your spots at your company. Maybe you have something that are missing within your company, but now you have your plan at hand. So big. Congratulations from us. Thank you so much for taking this court step by step with us. If you were having any questions whatsoever, don't hesitate to contact us in the Q and a section off this course. We will be answering any of your questions within 24 hours. So talk to you more in the Q and A section. Thank you so much for taking this course and good luck