Innovative Invoice Ideas for Planning Your Business Success

Invoice ideas for Planning

there's a famous quote by benjamin franklin that says if you fail to plan you are planning to fail yet so many entrepreneurs leap into starting their businesses armed with nothing more than a good idea and some big dreams in today's video i'll be explaining why writing a business plan is an important step in your entrepreneurial journey and outlining the key sections that every good business plan should include and make sure you stick around because throughout this video i'll also be sharing our comprehensive beginner friendly business plan template as well as financial spreadsheet templates and a fully completed sample business plan so that you can get started with writing your own today [Music] now i know what you're thinking writing a business plan sounds kind of boring and frankly feels like a waste of time when you're a busy entrepreneur with so much else to do but for many businesses it's actually a make or break step that could save you a huge amount of time money and energy in the long run and if you still don't believe that starting with a plan is the best way to go these numbers might change your mind one harvard business review study found that entrepreneurs who write formal business plans are 16 percent more likely to achieve viability than otherwise identical non-planning entrepreneurs their study concluded that it pays to plan so let's get to it today i'll be sharing some of the top reasons why writing a business plan might be helpful for you no matter what kind of business you're creating we'll also be covering the eight key features of a solid business plan and why each one is a necessary component for you as the founder to consider not only that we've also created some helpful templates to guide you through every step of this process so be sure to download those using the links below my goal is that by the end of this video you'll understand why it's a good idea to start your business with a solid plan and have the tools you need to make it happen no matter how much excitement you might have about your business idea it's worth it to slow down and create a plan for your new venture here are some of the most valuable reasons that you may want to prioritize this step in your business journey first you can thoroughly evaluate your ideas business plans are typically associated with money pitching to investors or securing loans from a bank so if you're a business owner who is not currently looking for funding you might wonder whether it's worth your time to complete this process the answer is yes to quote jeff hayden in inc magazine first and foremost your business plan should convince you that your idea makes sense because your time your money and your effort are on the line writing out a plan allows you to evaluate your business ideas in advance without taking on any risk after all if it doesn't make sense on paper it's probably not going to make sense in the real world when you think through each of the questions that a business plan asks you to consider you're forced to be realistic about whether your idea is even viable this allows you to make better decisions and only spend your time on worthwhile endeavors with a chance of succeeding second you can plan for your next phase when you write a business plan you're taking the time to assess where you are and where you're going unfortunately it's not enough to just set goals to be successful you also need to identify what's currently preventing you from meeting those goals and create a realistic strategy for achieving them writing out your plan helps you to understand which gaps you'll need to fill before you can scale your business up to the next level when you know this information up front you can make smarter more grounded decisions about how you spend money and time at every stage of your business growth third you can clarify your marketing strategy and tactics as a business owner you are constantly having to make choices about everything from how you spend your days to what social media platforms you should be on without a clear plan for your business you can waste a lot of time spinning your wheels trying to figure out what makes sense for you and what your next steps should be when you clarify your plan in advance you're drawing yourself a map to follow at every stage of your journey of course plans can change but when you start with a guide it becomes a lot easier to make informed decisions about your business now and in the future fourth you can scope out the necessary work when it comes to big business ventures it can feel overwhelming to think through all the steps time and money that a project will require instead we tend to cross our fingers jump in and just hope for the best we play down how much work a project will be and optimistically expect some pretty unrealistic timelines but of course things almost always take longer and are more expensive than we think creating a realistic business plan can help you see in advance how much work there is to be done on a particular project and what it will cost rather than relying on wishful thinking you can then prioritize projects with intention fifth you can hire and build partnerships if you want to build a great business you're probably going to need some great support whether that's in the form of potential partners collaborators or employees and while a business plan is certainly not the only means to demonstrate the viability of your business it can be a great way to show your expertise describe your experience and make it clear that you have a solid grasp of your market a good business plan will articulate your vision and back it up with research which can help folks evaluate your idea for themselves and decide if they'd like to join you lastly you can secure funding whether you're asking for money and support from a big bank an investor or just your friends and neighbors having a business plan is essential your plan should show that you've done your homework that you understand your target customers and that you have the skills and expertise needed to make your venture a success when done correctly your business plan will speak for itself and help you gain access to capital and resources when needed i know that it can be daunting to think about writing your own business plan from scratch that's why we've put together an in-depth template that will support you every step of the way it's so easy to feel blocked by the blank page and be unsure of what factors to even include in your plan it can also be intimidating to sort through advice full of jargony business terms and industry lingo luckily there is no need to reinvent the wheel most business plans actually follow a very simple straightforward process click right here to download your copy of our comprehensive template so that you can follow along with the rest of this video as we go through each section one at a time as a note this business plan template is perfect for beginner entrepreneurs who want to examine all the factors to consider when starting and growing a business it's a tool to help you explore key components of your business and plan for the future in a proactive way that being said if your primary goal is to secure funding this template may or may not include all the specific elements that your target investor will want to see in your plan those features can vary widely depending on who you're pitching to so be sure to do your own research to ensure that you're addressing all the concerns of your specific audience whether that's an investor or a bank in our template you'll find even more guidance and information about how to complete each of these sections but here's an overview of everything we'll be including in our business plan number one the executive summary your plan's executive summary is exactly what it sounds like a condensed streamlined summary of all the high-level aspects of your business plan in some cases this summary may be all that a potential partner wants to read so it needs to be clear and concise no more than one page long because of this we actually recommend that you write your executive summary last after you've already had the chance to fully flesh out all the other sections of your plan your summary should include a brief overview of your business concept your goals and vision what you sell and what sets it apart your ideal customer and target market your marketing plan your current and projected financial states and your ask for the reader if that sounds like a lot don't worry those are actually all the sections that make up the rest of the plan we'll be going into detail about each of these sectors throughout the plan your summary is just where you bring it all together number two your company overview this section should answer the question of what for your business what does your business offer what do you stand for what are you hoping to achieve in practical terms this is where you'll explain the business in broad strokes you'll need to include information about your business structure and model what you sell and the industry you fit into this is also where you can go into detail about your vision mission and values what do you care about and what impact do you want to have on the world you'll also want to explain your business objectives your short and long term goals for the business over the next several years lastly you'll describe your team and the skills and experience they bring to the table if you don't yet have a team this is where you can include descriptions of who you'll need to hire to fill roles in your company by the end of this section it should be very clear why your business exists what you stand for and what you're hoping to achieve number three market analysis this is a crucial part of your business plan after all you could have the best product in the world but if you don't have any customers ready and eager to purchase it you're not likely to be successful in this section you need to show that you understand how large the market may be for your product or service and whether that market is likely to grow over time you'll also need to analyze your competitors what businesses are you competing with and how will you differentiate yourself from them and if you think you're in an industry without competition think again writing this section of your plan will also force you to consider your indirect competitors also known as the other ways that your customer could solve the same problem that your product addresses for example if you run a pizza parlor you're not just going to be looking at the other pizza parlors in your town you also want to consider the popular sandwich shop across the road which solves your customers problem of hunger in another way lastly this is a great place to do what's called a swot analysis analyzing your own strengths weaknesses opportunities in your industry and threats from external sources completing this exercise helps you to be realistic about the landscape surrounding your business and take into account all the factors that may impact your success number four products and services in this section you'll clearly define exactly what it is that you're selling this is where you can outline in detail all the essential aspects of your products or services including how they'll be priced what makes them unique and different from the competition and the impact they will create for your customers this is also where you can describe ideas for future products or services and how you will expand your offerings over time well of course you'll be mentioning your products or services in many other areas of your business plan it's important to include this detailed section so that readers can see the most pertinent information at a glance number five customer segmentation now you need to get hyper specific about who exactly is buying your products who is your ideal client what do they want and how do they behave you'll want to consider both demographic and psychographic characteristics demographic qualities are things like where this person lives and how much they earn while psychographic ones address what they care about what they value and what they prioritize it's crucial to get clarity on your ideal client so that you can make smarter and more strategic decisions about every aspect of your business especially when it comes to your pricing and your marketing number six marketing plan your whole marketing plan will center around your ideal customer which is why there's not one correct way to market a business it all depends on what your ideal customer cares about where they spend their time online and what they pay attention to your business plan should not only outline how and where you'll spread the word about your offerings but also explain why you've made those choices with respect to the people you're targeting the platforms you choose to use the people you partner with where you'll sell your products and even how much your products cost are all aspects of marketing and your choices for each should reflect who your ideal customer is and what they value number seven logistics and operations plan in addition to knowing what you'll sell and who you'll sell it to you also need to figure out how exactly you'll sell it what needs to happen in order to deliver your product or service to your customer this section of your plan will look different depending on your particular business model but it's important to complete in order to map out how you'll actually operate your business start by asking yourself questions like what equipment tools or technology will i need to run this business how will i manage my inventory what kind of physical space do i need to do my work how will i ship or fulfill my orders once you have the answers to all these questions you'll have a much clearer picture of what steps you need to take in order to get your business up and running number eight financial plan last but not least let's talk about money if you want to hire good talent attract investors and grow over time your business needs to be financially viable so it's important to crunch your numbers up front you want to make sure that your business has a good chance of being profitable and staying afloat before you take on any amount of financial risk at a basic level you'll want to look at things like your actual or projected income and expenses assets and liabilities and the cash flow that your business will have from month to month knowing these numbers will help you make smarter decisions about purchasing hiring marketing and the right timing of key business endeavors in our business plan template you'll also find links to additional spreadsheet templates for three key financial statements an income statement a cash flow statement and a balance sheet so there you have it the eight most important sections to include in any business plan i get it it can be overwhelming to think about all of these factors at once but just remember the main goal of any business plan is to create clarity for yourself first going through this process can help you to identify what you don't know and figure out all the questions you'll need to answer before launching or further growing your business well of course you don't want this exercise to become a distraction that stops you from actually starting your business it is incredibly valuable to take some time to think ahead complete your plan now and you'll save yourself a lot of stress and confusion in the future and if you want even more support in writing your own business plan we've actually put together a sample one for a fictional business that creates custom greeting cards with your pet's paw prints on them this sample plan will give you an inside look into how to complete each section and it includes notes on how this fictional business owner could strengthen their plan further be sure to download the example plan using the link below so that you have even more context when creating your own now that you've taken the time to consider all aspects of your business you may need some helpful tools to make it happen at shopify we believe that running a business should be a possibility for everyone which is why we offer a totally free no risk trial of our software if your business plan requires a reliable robust tool that will allow you to scale and grow your business be sure to check out the link below to access the full shopify platform commitment free for 14 days we'd love to support you in building the business of your dreams you've heard how important it is to start your business with a solid plan now let us know in the comments below which section of this business plan are you most excited to write which one do you find the most intimidating we'd love to know so that we can create future videos to help you out and don't forget to check out our other videos on this topic including how to write a business plan which will walk you through every step of this process in even more detail as always thank you so much for watching i'm stephanie pellett and i'll see you next time you