We see a lot of potential clients who are very resistant to creating a business plan. Many times, especially a single member business owner, doesn't see the value in creating a business plan. After all, if you're not going to a bank to raise funding, why bother taking the time to create a plan?
This is a big mistake for a lot of reasons.
Below are our Top 5 Reasons To Create a Business Plan, Even If You're A Sole Owner:
1) know where you want to go: a lot of objections we hear revolve around, "business plans are just a guess, I have no idea how much business I'll do." Yes, that's true, but if you have no established target, how can you possibly know where to aim? Knowing where you want to go is half the battle.
2) is your pricing sound? The financial portion of the business plan is one that people frequently refuse to address, or are simply in denial about. If you aren't able to do the financial projections, how do you know if your pricing makes sense? Projections can be a very sobering moment where you might realize the business model you anticipated just won't work.
3) who is your ideal client? If you haven't thought about who your ideal clients or customers are, how will you find them to sell your goods or services? Thinking carefully through exactly who you are marketing to will greatly inform your plan and HOW you will get to your goal.
4) how much money do you need? This is one that is often overlooked by business owners. For some reason, people detach the impact on their personal life. Let's face it, we all need money to live. How much do you need to live the life you want, not just the life you're willing to accept? That should dictate how much money your business needs to net every month. Don't forget to add in income taxes, those can take a big chunk out of what you think you'll take home.
5) what is your big vision? In the beginning, it's easy to get stuck in thinking small, after all, you just need to get your business off the ground. However, in the beginning it's important to plan for where you'll need to go. Will your business require staff? Larger office or production space? Plan early for the bigger leaps later.
These are just a few reasons to create a business plan. We help business owners with business plan and review in our legal strategy sessions. We've found that the most successful business owners are those who plan, and not just at the beginning, but on an annual basis.
We're running a special on business planning sessions if you book by 11/30. We'll take $100 off (full price $350) for any sessions booked for December.
Reach out to our office to book a session today.
In this video, we talk about our new certification as a Profit First Attorney! If you've ever read the book, Profit First, you know it's a new way to look at your business financials. If you follow the system, you are smooth out the cash flow management of your business. Find out about how to sign up for our free Profit First Assessment!
Join Amy Andersson, CPA of PriceTurner CFOs at this workshop to learn how to set and track financial #goals for your business.
It's already halfway through the year, are you on track to hit your business goals?
Did you even establish financial goals for the year?
What should you look at on a regular basis to know where you stand?
We'll also discuss a Profit First analysis of your business to understand how you can make your business more profitable.
Seating is limited to 8 participants.
Many business owners have no idea, or have the wrong idea, about what could happen to their business if they die or become disabled.
Especially in instances where you have a business partner, having a proper estate and business succession plan in place means you can actually control what happens to your business.
In this video, we talk to estate planning lawyer Heather Turner about what business owners need to know about the intersection of business planning and estate planning.
For more information about how Heather Turner can help with an estate plan, visit her website at http://heatherturnerlaw.com/
Cash Flow and Taxes In Your Business Got You Down? Top Tax and Money Mistakes: An Interview with Amy Andersson, CPA of Price Turner CFOs.
Check out this interview I did with Amy Andersson, CPA of Price Turner CFOs. Amy is amazing with helping business owners as an Outsource CFO.
Anyone that has a business knows how hard it can be to manage finances, bookkeeping, taxes and cash flow. There are a lot of mistakes business owners make in this area and Amy gives us her top tips to help out manage business finances and taxes.
Give it a watch and if you want to know more about Amy and whether your business is ready for an outsource CFO, visit https://priceturnercfos.com/
What It's Really Like to Invest in Real Estate- An Interview with Jeanne Whipple of Philly Home Girls
People often have unrealistic expectations about what it's like to invest in property.
They buy a property in a terrible, so called "up and coming" area, hoping to buy cheap and sell high. It's not a neighborhood they'd want to live in, yet they expect the property to magically appreciate and that tenants or a new owner would want to live there.
Other people go into business with a partner to start investing and expect it to be easy peasy. Partnerships are rarely easy.
In this interview, we talk to Jeanne Whipple of the Philly Home Girls. Jeanne's an experienced realtor and investor. She's even done several larger scale residential developments.
Hear tips from Jeanne about how she chooses what property to invest in, and her top tips for new investors.
For further information from Jeanne and Philly Home Girls, visit https://www.phillyhomegirls.com/
If you are an investor and need help setting up your investments and running them as a business, reach out to our office for one of our real estate investor packages: www.phillysmallbusinesslawyer.com
Are you an investor that's going to manage your rental properties yourself in order to save money? There are a number of reasons why that could be a terrible idea. In addition to costing you time, you could be missing out on an easy way to shift some of the risk and potential liability to another party. With a properly constructed contract, you might be able to mitigate some of the risks if the property is not maintained well.
Give this episode a listen to see if you are being pound foolish in managing your own property.
In this latest video, find out what you need to consider when you buy an investment property and are now going to lease it to commercial tenants. You'll need a lease, of course! Commercial leases are not like residential leases and involve many more terms and considerations. Watch this video for some critical tips.
If you need help with a commercial lease for your property, don't hesitate to contact our office.
Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer near you, we offer several convenient locations.