Business plans and financial statements sound like things meant for brands with years of experiences?
Not at all! If you have an idea and a laptop, you’re an entrepreneur in the making. The only thing standing between you and your dream is getting the foundation out of your head and onto paper. This information may be needed of you ever want to acquire business funding. Why not start today?
Don’t be discouraged. You are already ready to tackle the "Big Three":
1. The Mission Statement
- The Myth: You need a corporate consultant to write this.
- The Reality: Your mission is just your "Why." Why did you start? Who are you helping?
- The Goal: Writing this down keeps you focused when things get tough. If you know who you’re serving, the "how" becomes a lot easier.
2. The Business Plan
- The Myth: It needs to be a 50-page document for a bank.
- The Reality: A "One-Page Business Plan" is often more effective for beginners to start. It’s just a roadmap of how you plan to make money.
- How to Start: Don't worry about the 5-year forecast today. Focus on the next 90 days. What are you selling, and where are you finding your customers?
3. The Financial Statement
- The Myth: You need to be a math whiz.
- The Reality: It’s just a list of what’s coming in and what’s going out.
- The Goal: Spending less time stressing and more time growing. Knowing your numbers isn't about being "perfect" at math; it's about being in control of your future. Create a basic spreadsheet to start that tracks your expenses and revenue. As you grow, you can further develop your financial statement.
The Bottom Line: You don't need a degree to build a foundation. You just need to start. Once these three things are done, you’ll feel a sense of clarity that no "hack" or "shortcut" can give you.