Today, we are talking about how to develop a business. My first business plan that I developed for Body3 Fitness Clubs, Inc. in September 2007 is 18 pages long and a good structure for what you can do.
What you really need for your business plan is something for you, not necessarily for the bank. The ultimate purpose of a business plan, especially if you are self-funding, is for you to have a better understanding of your business, your market, who you’re serving, and then the cost breakdowns that you need to go through.
Let’s break this down in terms of the proper elements of your business plan. Obviously, we need to know who you are, so the management is key. If you’re doing this for yourself, you can skip that. The second piece that I like to have in there is your company positioning. That is your market. Who is it that you’re going after, why you’re going after them, and why they should buy from you? What’s your mission? Why are you doing what you want to do? Then go through a lot of fluff there. It’s a lot of fluff, but it’s needed because this is what you’ll take to the bank.
Next, detail the products and services are you going to be offering. What does that look like? What are your different levels of membership? What does the market look like, or the industry look like, in general? You need to know that, especially your local market so that you can start to develop a marketing plan.
That’s going to be the next section. How are you going to do the marketing? You need to understand who your competitors are. You need to understand the pricing. That’s really key because that’s how you connect with your market base and how you communicate to attract clients to your business. That’s all part of that marketing plan.
Then you need to understand your finances. I put in some spreadsheets, a proforma, and what it might look like in terms of profit and loss up to three years. That’s what banks typically like to see, and investors like to see that as well.
If you would like to get a copy of my beautiful 18-page business plan, then I invite you to email me at tom@tomjackobs.com and request one. Even if you’re in business and you want to restructure it, I would highly suggest doing a business plan. It doesn’t have to be super-formal, but this will give you the structure so that you can see what it takes to get a business plan together. If you want to actually talk to me, request a consultation. Otherwise, I will just email you a copy of my business plan.
