Business Plan Do’s and Don’ts

Creating Your Business Plan

Online Marketing Entrepreneur Mindset

If you are creating your business plan for the first time, you may not be aware of things you should do and things you shouldn’t.  If you have knowledge of this in advance, you can create a winning business plan right out of the starting gate.

Do’s of Writing a Business Plan

  • Be Comprehensive: Create your business so it describes in detail every aspect for your business right down to how you will handle different situations.  The more comprehensive your business plan is the more likely you will be to succeed and be taken seriously by lenders and investors.
  • Package It: Design your business plan in the form of an attractive kit.  Not only does it look professional, but it will get you where you want to go with lenders, investors, and vendors.

  • Seek Advice: Use your business plan to seek advice from experts that are related to your field of business.  Not only will you learn a few things, but it will spare you some business headaches and monetary mistakes down the road.

  • Spell It Out: Describe the strengths and weaknesses you foresee in your business and then describe how you are going to handle them.  This includes any management that will be a part of your team.

  • Modify It: As your business grows, continually modify your business plan to reflect the changing conditions that result from business growth.

Don’ts

  • Avoid Inflating Estimates: When creating future sales projections, do not inflate the predictions.  It is better to play it safe and be conservative with your projections.  If you end up with more sales then expected it looks better than if you lost sales.  The opposite principle applies to projecting costs.  Try to keep costs as low as possible so the sales to cost ratio balances out.

  • Don’t Ignore Weaknesses: Do not disregard weaknesses in your business plan when they are pointed out.  This will come back to bite you later.  Instead, reflect on them and figure out how to improve.

  • Don’t Stress the Long-Term: Do not focus on your long-term projects.  It is better to have a solid plan for the short term which would be the first year you are in business.

  • Don’t Spread Yourself Thin: Do not write your business plan so it serves everybody.  It will mean more to the people involved with your business if you are focused on a specialization.

  • Don’t Base the Plan on a Concept: Do not write your business plan based on a concept that you think will make it look spectacular.  Test the ropes first with what you are trying to accomplish.

As a final thought, always keep your business plan up-to-date and current with changes of your growing business and never…..never omit preparing a business plan before you start your online business.

Learning online marketing with you,

~ Julie

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Entrepreneurialism Creates Value

Entrepreneur video: A trailer for a documentary by the Acton Institute that focuses on three entrepreneurs.

~Find your niche and add value!

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Entrepreneur Mindset Steps to Creating a Marketing Plan

Easy Marketing Plan for the Entrepreneur Mindset

Creating a marketing plan is another component of an online marketing entrepreneur mindset. Before creating a marketing plan, you have to do your research and become familiar with the customers that will be purchasing your product or service. It is important to understand their mindset and why they will be purchasing your product or service.

Although you do not need a high-priced marketing expert, you will need to have a plan that will map the road to your success. The marketing plan should specifically indicate which customers are going to be your best prospects and why. If you have this information you can gear your marketing efforts toward the interests of those customers. Your marketing plan should also describe the data you have collected on your business and compare it to your market.

To ensure you are moving in the right direction, here are some easy steps to help you create a marketing plan that will reflect the needs of your business.

Site Your Product

Choose your product or service carefully and make sure that you place it in front of the right customer. This strategy involves making sure you have the right product at a price that you feel is fair to your customers, and the right promotions to reach your targeted audience who will be interested in your product. If all of these elements line up, it will lead to sales and eventually profits.

Creating a Marketing Plan

Brainstorm

Sit down and brainstorm ideas with your colleagues, friends or other experts in your field of business to decide on what the best marketing strategy will be for your customers and your product/service. If you know your customer then you can determine who you are selling to and what their needs are. You will also have to decide what sets your product or service apart from all of the others in your field.

Think about what will make your product or service noticeable on the market and then design your strategy around that premise. Decide the size of your market, how you will distribute your product or service, and where you want to be one year from now.

Listen to Your Prospects

Find out about the preferences of your customers by distributing surveys, asking them what they think about a current product, or offering something for free in return for their feedback. Consumer feedback will determine what will make your business grow and how you can set yourself apart from the competition.

Create the Plan

Once you have completed the previous steps you can sit down and begin to create your marketing plan. The plan should include a summary of your current market and your goals for both short term and long term. It should also include a list of your target markets along with a strategy for reaching each market.
Once you have a handle on all of this information you can create an expense plan and choose the types of marketing resources and materials you will use.

Track Your Results

Include a place in your marketing plan to keep track of your results so you can see where you need to make revisions and improvements. Like a business plan, you should also keep your marketing plan updated and revisit it regularly to ensure you are on target with your goals.

Learning online marketing with you,

~ Julie

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Online Entrepreneur Mindset Developing a Winning Attitude

Mindset Winning Attitude

Some say that entrepreneurs are born with a different type of mindset and others feel that successful entrepreneurs have worked to develop a winning mindset. In either case an online entrepreneur mindset has the same requirements as an offline entrepreneur. This is a mindset that is required to create success and is comprised of specific beliefs and goals, values, and creative thinking.

Mindset Winning Attitude

A person with an online entrepreneur mindset takes the necessary steps that are in line with their thinking patterns. Although everyone is from different backgrounds, if you have the desire to break out on your own, you can do so by following a few simple rules to developing a winning attitude.

Take Responsibility For Your Life and Business
Because many of us are brought up learning that we must follow rules that we had nothing to do with setting up, the first step is to take control of your life and take responsibility for your destiny. Taking responsibility requires changing your mindset to avoid blaming others and circumstances for what is going on in your life.

From the beginning of time we are told, do this, do that, go to school, get a job, and so on. We get caught up in what others expect of us instead of what we really want. The challenge is to break out of this mindset into a take charge attitude.

Plan Ahead

A person with an online entrepreneurial mindset knows what he/she wants and how to get it. They plan with the end goal in mind. This means beginning with the big picture and then planning measurable goals that will take you to the ultimate end goal.

Take Part

Online entrepreneur mindset requires taking part instead of sitting on the sidelines waiting for what you want to come to you. People with entrepreneurial mindsets shape their lives instead of letting their life shape them.

Persistence

A winning attitude toward succeeding in business means that you do not let setbacks discourage you. Instead you pick up and move on, learn from the setback, and use the experience to create success with your online business.

No Fear

Another component of a winning attitude is to have no fear. Online entrepreneurs are not afraid to fail and understand failure as a part of life. They act upon things despite fear where others are paralyzed by this emotion.

Ready, Fire, Aim

A person with an online entrepreneur mindset does not wait until the perfect time to achieve their dreams. They take action, get started, and then refine their goals along the way.

Have Your Cake and Eat It Too

This is the mentality of a successful online entrepreneur. A lot of people think you either have fun or you make money. An entrepreneur believes that you can enjoy the best of both worlds.

Always Learning

In order to succeed in business an online entrepreneur must always be willing to learn new things. While the entrepreneur is learning others are afraid of learning new things. Generally other people’s learning has ceased since graduating from high school or college.

Whether you grew up around entrepreneurial parents or you come from a working-class background, all of these attributes add up to an online entrepreneur mindset whether you already have them or need to develop them. A winning attitude is what distinguishes you from the common person and is the key that opens the door to the lifestyle that is uniquely your own.

Learning online marketing with you,

~ Julie

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Wattles on Business, Talent and Gratitude

The Science of Getting Rich by Wallace D. Wattles led the way for many self-help authors and inspired the popular book “The Secret.” Wattles wrote a number of books, but it is The Science of Getting Rich that he is best known. In a letter to written to the magazine, The Nautilus, his daughter wrote, “he made lots of money, and had good health, except for his extreme frailty.”

CHAPTER 13
Getting into the Right Business

SUCCESS, in any particular business, depends for one thing upon your possessing in a well-developed state the faculties required in that business.

Without good musical faculty no one can succeed as a teacher of music; without well-developed mechanical faculties no one can achieve great success in any of the mechanical trades; without tact and the commercial faculties no one can succeed in mercantile pursuits. But to possess in a well-developed state the faculties required in your particular vocation does not insure getting rich.

There are musicians who have remarkable talent, and who yet remain poor; there are blacksmiths, carpenters, and so on who have excellent mechanical ability, but who do not get rich; and there are merchants with good faculties for dealing with men who nevertheless fail.

The different faculties are tools; it is essential to have good tools, but it is also essential that the tools should be used in the Right Way. One man can take a sharp saw, a square, a good plane, and so on, and build a handsome article of furniture; another man can take the same tools and set to work to duplicate the article, but his production will be a botch. He does not know how to use good tools in a successful way.

The various faculties of your mind are the tools with which you must do the work which is to make you rich; it will be easier for you to succeed if you get into a business for which you are well equipped with mental tools.

Generally speaking, you will do best in that business which will use your strongest faculties; the one for which you are naturally “best fitted.” But there are limitations to this statement, also. No man should regard his vocation as being irrevocably fixed by the tendencies with which he was born.

You can get rich in ANY business, for if you have not the right talent for you can develop that talent; it merely means that you will have to make your tools as you go along, instead of confining yourself to the use of those with which you were born.

It will be EASIER for you to succeed in a vocation for which you already have the talents in a well-developed state; but you CAN succeed in any vocation, for you can develop any rudimentary talent, and there is no talent of which you have not at least the rudiment.

You will get rich most easily in point of effort, if you do that for which you are best fitted; but you will get rich most satisfactorily if you do that which you WANT to do.

Doing what you want to do is life; and there is no real satisfaction in living if we are compelled to be forever doing something which we do not like to do, and can never do what we want to do. And it is certain that you can do what you want to do; the desire to do it is proof that you have within you the power which can do it.

Desire is a manifestation of power.

The desire to play music is the power which can play music seeking expression and development; the desire to invent mechanical devices is the mechanical talent seeking expression and development.

Where there is no power, either developed or undeveloped, to do a thing, there is never any desire to do that thing; and where there is strong desire to do a thing, it is certain proof that the power to do it is strong, and only requires to be developed and applied in the Right Way.

All things else being equal, it is best to select the business for which you have the best developed talent; but if you have a strong desire to engage in any particular line of work, you should select that work as the ultimate end at which you aim.

You can do what you want to do, and it is your right and privilege to follow the business or avocation which will be most congenial and pleasant.

You are not obliged to do what you do not like to do, and should not do it except as a means to bring you to the doing of the thing you want to do.

If there are past mistakes whose consequences have placed you in an undesirable business or environment, you may be obliged for some time to do what you do not like to do; but you can make the doing of it pleasant by knowing that it is making it possible for you to come to the doing of what you want to do.

If you feel that you are not in the right vocation, do not act too hastily in trying to get into another one. The best way, generally, to change business or environment is by growth.

Do not be afraid to make a sudden and radical change if the opportunity is presented, and you feel after careful consideration that it is the right opportunity; but never take sudden or radical action when you are in doubt as to the wisdom of doing so.

There is never any hurry on the creative plane; and there is no lack of opportunity.

When you get out of the competitive mind you will understand that you never need to act hastily. No one else is going to beat you to the thing you want to do; there is enough for all. If one space is taken, another and a better one will be opened for you a little farther on; there is plenty of time.

When you are in doubt, wait. Fall back on the contemplation of your vision, and increase your faith and purpose; and by all means, in times of doubt and indecision, cultivate gratitude.

A day or two spent in contemplating the vision of what you want, and in earnest thanksgiving that you are getting it, will bring your mind into such close relationship with the Supreme that you will make no mistake when you do act.

There is a mind which knows all there is to know; and you can come into close unity with this mind by faith and the purpose to advance in life, if you have deep gratitude.

Mistakes come from acting hastily, or from acting in fear or doubt, or in forgetfulness of the Right Motive, which is more life to all, and less to none.

As you go on in the Certain Way, opportunities will come to you in increasing number; and you will need to be very steady in your faith and purpose, and to keep in close touch with the All Mind by reverent gratitude.

Do all that you can do in a perfect manner every day, but do it without haste, worry, or fear. Go as fast as you can, but never hurry.

Remember that in the moment you begin to hurry you cease to be a creator and become a competitor; you drop back upon the old plane again.

Whenever you find yourself hurrying, call a halt; fix your attention on the mental image of the thing you want, and begin to give thanks that you are getting it. The exercise of GRATITUDE will never fail to strengthen your faith and renew your purpose.

~ The Science of Getting Rich by Wallace D. Wattles

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Focus – Changing Your Mindset

I have awakened to the fact that I have been distracted easily while surfing the internet. I did not realize how much time was wasted unnecessarily surfing from here to there.  Before embarking on Alex Jeffreys course I can remember drifting from site to site. One stop specifically caught my attention with fish of all things. After playing with the fish awhile and looking at the clock afterwards the realization of how quick time zipped past me set in.  I have decided to include those fish here as a reminder. These fish or any flashy distraction will not keep me focused on my Online Internet Marketing plans.

Those darn gadgets! Okay, it is time for a new mindset. I have been busy cleaning up my work area. No more shortcuts taking up my desktop screen. Yes, a little over half my screen had shortcuts I never revisited … GONE … Just a sign of a messy mind and no focus! I’m working on my personal, entrepreneur and business goals. I have been doing a brain dump and getting everything on paper. Whew! My mind is cluttered; next task is organizing these thoughts and bringing structure. I have added my personal pledge to the About Julie page; take a look if you haven’t seen it yet!

As Mentor Alex said, “Small actions everyday lead to results.”

Learning Online Marketing with You

~ Julie