Sign Massachusetts Banking Business Plan Template Fast

Industry sign banking massachusetts business plan template fast

you've heard it before if you fail to plan it means that you plan to food trouble is as a solopreneur creating a full-fledged business plan is both daunting and time-consuming so in this video i'm going to share one effective way to do it on a single sheet of paper [Music] welcome to get it together and if you're new here this channel is just me trying to figure out how to get my life together and sharing the tips and lessons i learned along the way and as you may have gathered from the intro having a strong bird's-eye view of any business you want to start is a vital first step because we need reasonable degrees of confidence it's viable before sinking our precious time and energy into it just a reminder of this video's title though this is for regular people like us who want to start a business with zero to little money which automatically means we'll be tackling a service-based side hustle that's it if you have some money stored away to be able to put upfront investment into things like i don't know inventory or manufacturing for a product based business you'll still be able to use this simple one sheet business plan guide by the way the first time i'm including timestamps in the description below so you can hop to each separate section of this video all right here we go with no build up here's what the one sheet looks like and i've made a 100 free no strings attached template for you to download and print i didn't invent this sheet by the way this is shared from a book called business model generation i do not recommend solopreneurs buy this because in my opinion it dives way too deep and is better suited for people who want to build bigger companies beyond what a solopreneur can scale to in a reasonable amount of time but i still linked it in the description below because amazon affiliate links but again i do not recommend it for solopreneurs there are nine sections to this sheet and we'll go through them one by one the example i'll be using is the one i'm actually going to be trying which is creating videos for financial and investment advisors in toronto and if you've got a camera that does video feel free to follow this entire series of videos and copy step by step even if you also live in toronto because there's plenty of business to go around let's take a look at the lay of the land here though there are customer segments value proposition channels customer relationships revenue streams key resources key activities key partnerships and cost structures starting with the most important customer segments as a solopreneur i recommend starting your hypothesis as narrowly as possible perhaps even defining just one single customer segment why because if i were to say i want to make video production company that does corporate videos there are way too many businesses out there to focus my efforts on i'd have to create different sales materials different marketing pieces to target each of these types of businesses and i end up spreading myself too thin so for my idea here of creating videos for financial advisors i'm going to break this down and define my hypothesized first customer segment to validate as investment advisors who have their own practice and have at least two full-time employees i can easily find this by going on google maps typing in financial advisor and seeing the ones that are close to me so i can start hyper local to validate and cut down on potential travel time if in-person meetings are needed from google maps i can go to their website and finding the team or about us page and see if they have at least two employees but why am i narrowing this down like this instead of just saying i'll target all financial advisors well i want to make money and if an advisor doesn't have their own private practice but instead works inside of a bank branch they're likely not allowed to hire an outside video creator since there's red tape from vendors when it comes to major banks i'm after people who can make the final decision and why do i want to ensure they have at least two full-time employees well because advisors who have employees are earning enough money to pay at least two salaries while remaining profitable i'm not saying solo advisors couldn't afford my videos but my time is finite and someone who can afford a full-time staff is a good smoke signal to me that they'll likely have enough money in the bank to afford creative marketing services regardless of what your idea is narrowing down as specific a target customer profile is the first step because you need to know exactly who your target is so that you know what challenges or inconveniences they have that you can solve with the next component of this sheet which is the value proposition when you first started your business idea this is typically the first thing you thought of but now that you have a clearly defined customer segment you can match your value proposition to them and build higher levels of confidence that indeed what you'll offer is something they'll actually want or need in other words it's not good enough for me to just put here i'm going to make videos for financial advisors no videos don't inherently have much value in other words i need to solve their challenges one example is the industry is so heavily regulated that videos explaining to new clients what they must bring with them to their initial discovery meeting and why to save everyone's time this is a challenge that advisors face for sure so why not use this as an example to help solve this challenge speaking of saving time feel free to pause the video to read my other sample specifics because for now i think you get the point by the way if you've got a side hustle let me know what it is in the comments entrepreneurship is super exciting and i'd love to know what you've got going on next are channels and channels can be seen ultimately as the initial bridge between you and your target audience how do they learn about you how do they decide if you're the right fit how do they give you money for the video business example i'm going to rely on cold emails and cold calling exclusively i'm opting for this because unlike business to consumer businesses business to business businesses is very easy to find exactly where to contact your target clients i can literally google financial advisor into google maps like i said before and find the phone number and website and therefore email address of who i want to speak with also because i'm starting this side hustle with no money i can't afford to pay for things like linkedin or facebook ads right off the bat regardless for this portion of the one pager gain clarity on how you plan on getting in front of your target customers and how you'll help them decide whether or not to work with you you can pause to see what i've written here next is customer relationships which has to do with the level of personalization versus the level of automation when it comes to acquiring customers keeping existing customers and earning more and more from all existing customers even with service-based businesses solopreneurs we can absolutely implement certain types of automation as we grow for example once i send one cold email i may pre-write 26 emails and automatically schedule to send financial advisors a follow-up email every two weeks so i'm not annoying but also make sure that twice a month these advisors are reminded about video as a way to improve their business and that i'm available to chat this box is made to ensure that you have a plan to maximize reach and profit especially after a customer decides to hire you as usual you can pause to see everything i've written here for my new side hustle idea moving on to revenue streams these are all the ways your side hustle will bring in money for solopreneurs offering a service this is generally straightforward i exchange my service for your money but you can get creative too for example with the video service i may offer end-to-end fully custom video production or i may offer a stream of income where they film themselves and i edit it to add text and graphics over what they say or i may offer pre-made explainer videos where all they have to do is pay for the right to use it and have their logo added into the beginning or end of the video so many ideas but the idea in this section is to identify all the ways you can make money research competitors to see what they're charging and have a good idea of what you intend to charge for each unit of work whether you charge for your time or by the project is your price fixed and transparent where everyone knows what you charge or is it dynamic where you charge each client differently based on any number of factors as usual feel free to pause here to see what i wrote down for some examples the next section is key resources what are the physical and digital things you need in order for you to deliver your value proposition to your customer segments for the video businesses i need my video gear and computer and phone of course but walking through the entire process i obviously need a vehicle whether i own it or i rent it per job to be able to bring all the gear over to the client i may need a professional email that doesn't end in gmail or hotmail to be perceived as more legit you can pause here to see what i've identified continuing on with key activities these are the main tasks you'll need to perform it's important to imagine yourself going through the paces of running your side hustle because instinctively for my example i may assume that filming and editing video is all there is to it but if i don't have clients in the first place i can't charge to make videos and so a key activity arguably more important than making videos is sales what percentage of the available time will you spend on all key activities what are linchpin activities that enable the profit in the first place how long do your revenue streams and value propositions take to execute end to end is there a cap you can do per month for example if i'm going part-time i can create one video per week by myself this means my individual bandwidth caps at four videos per month so i better figure out how much time i need to dedicate to sales in order to generate four sales per month and make sure i don't dedicate any more time than that to sales since even if i landed a fifth or sixth client as a solopreneur i literally can't take on more work part time by myself you can pause right here to see the considerations for this section with that observation it's a perfect time to move on to the next section which are our key partnerships there are many potential ways for us to leverage third parties to make doing business easier and depending on what your side hustle is you may have vendors that you will rely on to keep your tools ready to perform your key activities as an example for the video side hustle i'll need video gear rental companies in order to rent equipment i don't own yet or isn't used often enough for even justifying buying from a sales perspective i may partner with a social media marketing freelancer who works with financial advisors where we can refer each other clients we both serve the same customer segment but provide wildly different value propositions feel free to pause here to see the key partnership potential ideas i've written down for this video production idea finally with all those data points we can truly hypothesize the viability from a profit standpoint by evaluating the cost structure being able to deliver the value proposition incurs cost the key resources likely incur costs key activities will have ancillary costs key partnerships may have costs taking the video business idea the key resources of using a car camera equipment rentals my own camera gear degradation memory cards will all cost money feel free to pause here to look at my assumed cost structures with these nine components detailed on one piece of paper you're now able to start the next step of evaluating economic viability the important part of this sheet is to be able to succinctly fill in these blanks i am going to serve this customer segment challenges by offering this value proposition getting business through these channels and keeping business through these relationships which will generate these revenue streams which are dependent on these key resources these key activities these key partnerships which will bring in enough to both cover this cost structure and let me pocket at least an extra this amount of money per month oh and how do you define this amount feel free to watch this video right over here where i set up logical income targets that's arguably the first video you might want to watch but regardless if you got value out of this video please do hit like and subscribe and i'll catch you guys in the next one