Philadelphia Business Lawyer Sarah E. Holmes
  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP

Do I Need a Business Plan?

11/5/2017

0 Comments

 
Picture
I encourage all of my clients to draft a business plan on two occasions:  1) when first starting a business and 2) when expanding or after three years in business.  In fact, I typically won't meet with new business owners that don't have a plan in place.  Why?

A plan doesn't have to be a formal, mumbo-jumbo type documents with references to executive summaries and other corporate terms.  A plan should be useful for the business owner and act as a roadmap and target.  After all, if you don't know where you're going, how can you possibly get there?

A plan will help to refine business goals and establish financial viability.  Yes, many of the numbers you will initially plug-in are total guesses, but you have to start somewhere.  When you re-visit and re-draft your plan after three years, you'll have real data to relay on that will help you expand your business.

Many owners struggle with what information or data to include.  A resource I recommend to all of my clients and that I personally use is Live Plan. 

I personally love Live Plan because it lays out all of the necessary categories and financials in an easy to follow way. I never have to guess at what numbers to include and there's even a section that helps me develop my marketing plan.

If you're starting a business or expanding your business, it's time to consider a well thought out plan.

*any links to Live Plan are my affiliate links.  I've used this software myself for several businesses after a client told me about it years ago.  I may receive a commission if you sign up using my link.

0 Comments

Where to Get Money to Start A Business

10/18/2017

0 Comments

 
So many people want to start a business, but are afraid of how much it might cost. Make no mistake, you can't start a business without any money.  That being said, there are some businesses that can be started with very little money and in this video, I talk about typical sources of where people get money to start a business.  I'd make sure to have a thorough business plan in place, so you know exactly what funding you need.
0 Comments

You Must Have A Plan

3/3/2014

0 Comments

 
Picture
One area I constantly struggle with is planning.  With my first business, I was able to plan in small increments (ie: if I had a trade show coming up, I designed my catalog in advance and had samples ready), but I did not plan so well beyond say, 90 days.  This led me to world of trouble.

I think part of the problem is I had ideas and I executed on them, and though I knew bits and pieces of where I wanted to go, I just failed to solidify them.  I was still able to accomplish a lot, but I constantly felt disorganized and that I was always throwing things against the wall to see what would stick.

Quite honestly, I think business plans in the traditional sense are garbage. Getting some random template and filling in an "executive summary" doesn't exactly get the creative juices flowing.  To be most effective, the plan has to be meaningful to the business owner.  I suggest the following when planning:

1.  Imagine your business in three years:  what do you want it to look like, how does it run, who is involved, how much money does it make?
2.  What steps do you think you need to take each year to make that three year image happen?
3.  Decide on your goals for this year.  Write them down.  Now, break up the year into four 90 day (quarterly) segments.
4.  For the first 90 days, establish short term goals that will get you on a path to your year end goal.
5.  For the next 90 days, establish goals that will continue your path toward your year end goal.  Do the same for the remaining 90 day segments.
6.  For the next 60 days, follow your plan and break it down further into monthly and weekly goals.  When you get to 60 days, take a look at the second quarter goals and see if they are still relevant.  If you accomplished more or less than you thought, you can adjust the next quarter as needed.
7.  At the end of the month and quarter, look back to see what your goals were and how many of them you accomplished.  This will help greatly when you feel frustrated that you're not doing enough.

If you keep following a consistent plan, at the end of the year you'll be pleasantly surprised by just how much you accomplished. 

0 Comments

    Author

    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 in Philadelphia, the Main Line or New Jersey, we can help.

    Categories

    All
    3D Printing
    3D Printing Classes
    Affordable Care Act
    Amanda Steinberg
    Authenticity
    Best Business Books
    Business Agreements
    Business Breakfast Seminar
    Business Funding
    Business Lawyer Near Me
    Business Partners
    Business Plan
    Business Social
    Capital
    Certified Women Owned Business
    Charles Baudoin
    Commercial Lease
    Contract
    Copyright
    Corona Virus
    Covid 19
    Dailyworth.com
    Disruptive
    Employees Vs Contractors
    E-myth
    Etsy Sellers
    Finance For Women
    Food & Founders
    Forbes
    Forbes 30 Under 30
    Force Majeure
    Franchise Agreements
    Funding
    Honeygrow
    How Did She Do That
    How To Get Press
    How To Get Product Distribution
    How To Hire Employees
    Insurance
    Internet Business
    Lawyer For Commercial Lease
    Lease Default
    Llc
    Manayunk
    Mindset
    Monica Lewinsky Speech
    Name Registration
    New Jersey Small Business Lawyer
    New Year
    Nextfab Studio
    Non Compete
    Obamacare
    Oculus Rift
    Operating Agreement
    Operating Agreements
    Owning Your Own Business
    PA Conference For Women
    Partnership
    Philadelphia
    Philly Maker Week
    Philly Manufacturing
    Resolutions
    Sara Blakely
    SBN
    Should I Quit My Job
    Small Business Advice
    Small Business Coaching
    Small Business Lawyer
    Small Business Week
    Start Up Business
    Start Up Business Reading
    Taking A Vacation When Self Employed
    Tax Season
    Trademark
    Trademark Registration
    Under 30 Summit
    Waivers
    Women In Business

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    May 2017
    April 2017
    December 2016
    November 2016
    October 2016
    September 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013

    RSS Feed

Holmes Business Law, P.C.
​Two Convenient Locations- Main Line and Center City
40 E. Montgomery Avenue (all mail)
4th Floor
Ardmore, PA 19003
and
1515 Market Street
Suite 1200
Philadelphia, PA 19102
215-482-0285
 

info@phillysmallbusinesslawyer.com

All site content is subject to copyright 2021 by Holmes Business Law P.C.
This website and its content herein constitutes attorney advertising.  Any content on this website should be construed as informational, not legal advice.  No information on this website is intended to create an attorney-client relationship.  Only a signed fee agreement between Sarah E. Holmes and the client will establish an attorney-client relationship.  Use of any information on this site is provided "AS IS" with no warranty of any kind, either express or implied.  Always consult with a licensed attorney in your own state for legal advice.
Photo used under Creative Commons from AK Rockefeller
  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP