Posts Tagged ‘Marketing Plan’

« Older Entries

Sample Clothing Store Business Plans – Three Reasons to Use Them

February 7th, 2010

Finding a sample clothing store business plan to base your own on or at least to read over first, can set you on the right foot for a number of reasons.

The Big Picture

By looking at a sample clothing store business plan before creating your own, you see the big picture of what the business plan should be achieving, assuming you are looking at a quality, successful plan. You’ll see the overall outline and order of sections, but, more importantly, the interrelationship of these sections – how they build on each other, refer to each other, and require each other for support. For example, the industry analysis provides background for the customer and competitive analyses, which provide background for the marketing plan and its promotion strategy. The experience of the management team lays out the rationale for the hiring plan you need to fill out the functional roles of the store. Remember these lessons in your own plan.

Level of Detail

Secondly, a sample plan will provide a good example of the level of detail that is appropriate for a business plan. If the logic of the business idea cannot be made simply (by showing the opportunity, the means of the business to move on it, how it will do so, and the expected results) then no amount of writing may be enough to shoehorn the idea into a business plan. Readers are looking for good opportunity spotting, talented management, sound operations and marketing plans, and financial results that compensate them for the level of risk in the clothing store. A few pages should be all that is needed to present any of these areas and if it gets more confusing than that, investors and lenders who read business plans for a living may be more than happy to move on to the next plan.

Financial Statements Layout

If you have never created a financial statement before, you are in the same boat as many small business entrepreneurs. While you don’t necessarily have to create the statements yourself, line by line (using a financial model or hiring a business plan writer or financial analyst can do the trick) you do have to know what these statements look like and the key elements that readers look for in them. Take a look for yourself in the sample plan, to see how the statements show the company’s break-even, maintenance of a healthy cash balance, and returns flowing to the lenders or investors over time, for example. Knowing what convincing financial statements look like will give you a good sense of how to check the quality of your own.

No comments »

Posted in Uncategorized

Tags:

Business Planning Basics

December 25th, 2009

Business planning is an important factor when you are launching your small business startup or online business, and you need to make sure you have documented your ideas thoroughly and objectively for each area. From financial projections to summaries and overviews, an effective business plan will help you and potential investors determine how valuable the business idea truly is. Most people make the mistake of thinking they don’t need a business plan for an online business or startup; they think they can just launch first, and then put the pieces together as they move ahead. However, this can be a costly strategy and puts you at risk for some big mistakes. Business planning will help you organize your goals and keep you on track towards success. Here are some basic do’s and don’ts for business planning:

Do write up the business plan summaries before filling out each area. The summary can serve as a basic guide, and can always be changed later if needed. You’ll need to write up the general idea of what the section is about so you have a simple outline before getting into the details.

Don’t analyze trends too early. While it’s a good idea to do some market research and learn about your customers, determining market potential too early on can lead to poor decisions. Effective business planning requires that you find only the information that supports your ideas at this present moment, and then using solid financial projections for forecasting at a later date.

Do outline a marketing budget and plan. Your marketing plan doesn’t have to be complex to be effective, and there are many ways you can work on promoting your business and developing a strong customer base. Make a list of at least 5-8 marketing objectives and strategies so that you can coordinate your marketing plan immediately from the startup of your business.

Don’t share your business planning strategy or ideas with too many people. You want to make sure that your plans and information remain confidential until you are prepared to launch. Sharing your ideas with too many people can easily make you lose out on a great business opportunity.

Do include sales strategies and marketing tools you want to use. This will help you narrow down which approaches might be most effective for your business as you start out, and you can always build upon them as the business grows. Having these ideas in writing will help you keep track of your objectives with ease.

Don’t include your background research or additional ideas within the final plan. Business planning does require some strategic reporting, and you don’t have to ‘publish’ all of your research in the final plans. Take the time to weed out what is most important for you as you get going, and organize the plan as if you were going to be presenting it to a board for review. This will help you filter out what is necessary for the beginning phases of your small business startup, and what can wait for additional review at a later date.

Effective business planning takes time, patience, and strong research and organization skills but the effort is well worth it. Following some business planning basics is all you need to get started, and you can work on building up your plan with ease as the business grows.




By: Clinton Douglas IV

No comments »

Posted in Articles

Tags:

The Vital First 8 Steps to Starting a Pet Sitting Business

December 22nd, 2009

Do you love animals? Are you dreaming of a business you can run the way you choose? Pet Sitting may be the answer you’re looking for. As with any business, the first step to being successful is laying the proper groundwork. It takes much more than having a good idea or having a passion –it takes preparation to beat the odds. Some of that preparation should include the creation of legal documents and service contracts, obtaining proper insurance coverage, conducting research and learning more about the industry. While there is no single way to guarantee success, the following are the vital first 8 steps to get you started in the right direction.

1. Develop a business plan

Preparing a business plan is the first step of starting a successful business. A business plan acts as a road map for your business. It outlines your goals and identifies specific financial projections. A good business plan should help you define your target market, identify your competitors, project start up expenses, illustrate how to allocate resources and give you a realistic timeline. If utilized during your initial business set up it will keep you on track and make you successful in achieving your goals.

What goes in a business plan?

The plan should be divided into 4 sections:

1) Description of the business

2) Marketing Plan

3) Finances

4) Management

The plan should include an executive summary, supporting documents, and financial projections.

Resources to use to research writing a business plan:

https://www. smallbizlending. com/resources/workshop/sba. htm – This site contains a free online workshop to help develop and improve your business plan.

http://sbinformation. about. com/od/bizplansamples/Business_Plan_Samples. htm – This site contains links to many sample business plans to learn how to write a successful business plan.

2. Decide on a legal structure for your business

a. Decide how much personal liability protection you need

b. Decide how you want your business to be taxed

c. Research the various types of ownership structures

1. Sole proprietorship

2. LLC

3. C Corp

4. S Corp

The choice you make will have a large impact on how legal issues are handled. Sole proprietorship is the simplest legal structure but it does not protect your personal assets. Forming an LLC is more complex and expensive. However, it is designed to provide the limited liability features of a corporation and the tax efficiencies of a partnership. This is a popular choice for sole proprietors who are looking to incorporate simply to protect personal assets.

Use the following resources to investigate the advantages and disadvantages of each and decide which ownership structure is right for you:

http://www. Legalzoom. com

http://www. Corporate. com

3. Choose a name for your business (and a domain name)

Choosing the right name for your business is very important. Choosing the right name can impact the overall success of your new venture. Remember to do your research, take your time and pick wisely.

A worthy name should:

1. Leave no doubt about the industry you support –it should directly relate to your service

2. Be easy to say, spell and read

3. Be memorable

4. Suit your business 5-10 years from now

5. Set you apart from competitors

If you plan on including a website with your new business, you should also consider that when deciding a name for your business. You may visit Yahoo. com or Networksolutions. com to see if your domain name of choice is available.

4. Register your business

Every city, county and state has specific requirements about doing business within its jurisdiction. Call or visit your local offices to see what particular requirements and fees exist in your area.

5. Obtain Insurance – Investigate the types of insurance you will need to get your business started. Auto insurance, liability insurance and bonding policies are a must for pet sitters. Often times clients will request to see proof of coverage prior to the first sit.

Auto Insurance – Commercial auto insurance is necessary to protect your business against potentially devastating liability costs resulting from an accident involving your vehicle while conducting company business. Typically, time spent conducting company business is not covered under a personal automotive policy. Check with your agent to see if you need to make additions or changes to your current policy.

Liability insurance – Liability insurance will protect you in the event that unforeseen circumstances arise. Lawsuits occasionally follow events such as dog bites, property damage in a client’s home or a pet passing away in your care. A good liability policy will protect you in such cases. It is a must have!

Use the following resources to decide which organization best fits your general liability needs:

http://www. PetSitllc. com – Pet Sitters Associates LLC

http://www. PetSit. com – Pet Sitters International

http://www. PetSitters. org – National Association of Professional Pet Sitters

Bonding – “honesty insurance” ensures clients you are trustworthy, and if they prove otherwise, the insurer provides them compensation. Bonding policies are necessary for any business where an individual is entrusted with valuables, like the key to someone’s home and all its contents. There are several Bonding companies throughout the country; each providing a different level of coverage. You can locate many of them by performing a Google search or asking your local insurance agent.

6. Establish website/email account and telephone line

Website presence – Establishing a web presence is a must in today’s high-tech world. A website can set you apart from competitors and open your business to a much larger market. Customers will be able to get information about your service 24/7 (even when you are not available). Having an email account linked to your business site is a convenient, low-cost way to communicate with clients.

Telephone Line – It’s a smart idea to invest in a separate phone line for business use only. Purchase a reliable voice mail plan and use it effectively. Your phone is a very important business tool if used properly. Your outgoing message should be professional, include any pertinent details and identify your business to the caller immediately.

7. Prepare Service Contract and Important Forms

Service Contract – A written service contract is a necessary tool. It outlines what services you will provide to the client, what fees you will charge for those services, what is behavior is expected of the client and/or pet, when payment is expected and what happens if payment is not made in a timely manner. A service contract formalizes the client/sitter relationship and ensures you have a shared understanding of the services you will be providing. Do NOT provide any service without a signed contract.

Veterinary Release Form – This form serves as written permission for you to seek medical care for a pet in your custody when a client cannot be reached during a medical emergency. Important document you won’t want to do business without.

For more information on where to order important pet sitting forms visit http://www. PetSittingInstitute. com.

8. Advertise

Advertise, advertise, advertise!!!! Advertising is a big key to success! Advertising promotes your business to a wider market. Advertising allows you to build your company’s brand. The more familiar your target market becomes with your brand, the more credibility your business establishes. The more trusted your brand, the more clients you’ll attract. The following examples are a few of the low-cost things you can do to get your advertising program started:

Design a memorable Business Card

Deliver fliers to local vet offices, groomers, pet stores, trainers, shelters, etc. (Maybe doughnuts, too –good to establish a relationship and referral base)

Design a Logo – create a brand for your company

Local Newspaper ads- advertise only in the areas you’re interested in working

Telephone directory listings

Submit a press release to local media – free and very effective

Send direct mail postcards

Host or plan a pet event with other pet vendors (Halloween pet costume contest, open house, pet first aid class, etc. )

Magnetic car signage – advertise to the locations you visit most

Participate in community parades

Send out quarterly newsletters

Canvass your local area with door hanger ads

Following these steps will start you on the road to success – the rest is up to you!

No comments »

Posted in Articles

Tags: