I've had a lot of requests to write a blog on how to open your own business. So, thus, I have started this blog. I am currently opening my own small business and it has been a rough ride. Green Cup Frozen Yogurt is my long over due baby, but there is light at the end of the tunnel! We finally have an opening date, which is January 16 (crossing fingers).
Anyways, enough about my ventures. I am going to mirror this blog to what my steps were to open Green Cup, so look forward to hearing more about the obstacles that I faced while opening up the store.
Okay, let's get going. First, you will need to develop a business plan. The business plan is one of the most important things you have to do in opening your own business. Why? It is your reference guide, the "holy" book that you look back to. Not only is it used to guide you to opening day, but if it's good, it will guide you through many years of hardship and success. A business plan should be very long and extensive in detail. It outlines the specific of your business so the more detailed it is, the better it is for you as a reference in the future.
So what is in a business plan? Here is a website that I found helpful. It lays out the necessary categories to include in your plan.
http://www.sba.gov/smallbusinessplanner/index.html
(side note: the market analysis may be a little difficult. The information for demographics is hard to find on the internet. Fortunately, we knew someone who was in the real estate business who provided us with the info. Good Luck!) You should take advantage of this website. It is a great reference guide to help you finish your business plan and it provides way more information than I could.
So to conclude, get working on your business plan!! In all honesty, it will seem like such a daunting task to finish this plan, but you will not regret it. We have referred back to our business plan many times. Good Luck! Stay tuned for the next step...
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4 comments:
How long is your business plan? How did you format it? Did it take a long time to put together and who did you have edit it?
How set on a specific location should you be before you start writing your business plan?
Hi AW, good question. Our business plan was roughly 40 pages (but it included charts and pictures). The format of our business plan is very similar to the one that's shown on the website. The format is not really important, as long as you have the necessary categories. My partner put together the business plan, and he edited it himself. It is just a personal reference guide for yourself (and other partners) to see.
Hi cachoy! You don't need to know exactly what street you will be setting up your business, but at least what city or county. The more information you have on the demographics of the area where your business will be, the better. You need to know who your market will be so you can plan accordingly. You can't be selling high end furniture in an area where people make less than 50K/year. =)
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