Archive for September, 2009
YouTube – Ask Tim Berry – 3 Common Business Planning Questions
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Business Plan For a Hair Salon
When writing the business plan for your hair salon, entrepreneurs tend to make a number of mistakes that turn off readers, especially those who have a number of plans on their desk to consider.
Too Much Detail
There is such a thing as too much detail in a business plan. While the plan must cover its bases completely, including company description, industry, customer, and competitor analysis, marketing and operations plans, management team, and financial plan, it only needs to be detailed enough to persuade some investors to work with you. To create a plan that is detailed enough to convince every investor may end up working for no one. If the document is this long and complicated, it can easily be set aside by professional investors who will happily pick up another business plan that is less of a headache to read.
Remember that a human being is reading your salon’s plan and that he or she is just interested in hearing the story of how the salon business will work and what the payoff will be for them. They don’t care about the minutiae of how you will run the business or pages and paged of detailed customer research. This type of detail might be appropriate for an appendix, which is considered optional for readers to peruse, but the body of the plan must get to the heart of the matter by simply fulfilling the purpose of each individual section.
Assuming Reader Understanding
At the same time, don’t make the mistake of assuming that the reader already knows recent industry trends in hair salons or is familiar with your key competitors. You must show what you feel is important about these items in the appropriate sections of your plan, to reassure investors that you’ve done your homework and understand the situation yourself. If a statement is obvious you don’t need to dwell on it, but, nevertheless, don’t skip key steps in the logic of why your hair salon is a viable business.
Financials Without Notes
Finally, the financial plan includes many pages of pro-forma financial statements which are, in a sense, guesses about what will happen in the future. Readers will feel much better about these guesses if they understand the assumptions they are based on. Explain these assumptions in notes that accompany the financials. Without these explanations, the reader will make his or her own assumption – that you simply pulled numbers out of the air that sounded good and tried to pass it off as financials projections. Even if readers disagree with some of your assumptions, it is better that they know what they are than them writing you off in this way. Disagreements with readers can lead to valuable further discussion and maybe can help you strengthen your plan further in the end.
Are you looking for more tips on opening a hair salon or developing your hair salon business plan? Call 877-BIZ-PLAN to learn how Growthink can help you build your hair salon business.
Article Source: http://EzineArticles.com/?expert=Eric_Powers
Author: Eric Powers
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Cafe Business Plans – Financial Projections
When creating your financial projections for your cafe, save time and hassle by starting with an existing Excel financial model that just needs adjustment to reflect your specific business. Given that, here are a couple key areas to consider on which most of the other numbers will hinge.
Foot Traffic
Until your cafe becomes a destination through the work of your promotion strategy, it is safe to say Read the rest of this entry »
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Basic Steps to Write a Business Plan
Basic Steps to Write a Business Plan
Business plan writing can be a very time consuming task. For writing business plan, business plan writer has to consider some steps that will define the goals and reason for startup or expansion of a business. Business plan writers must consider these areas before writing a business plan:
• Business plan outline: It is the most important point; outline Read the rest of this entry »
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Carpet Cleaning Business Plan
Carpet Cleaning Business Plan
Carpet cleaning business plan is simply a documented vision of the future of your company. It defines the journey and the destination of your business. Read on, to know more about carpet cleaning business plan.
Every business needs a solid business plan to define its journey in future, and carpet cleaning business is no exception. This business offers lots of Read the rest of this entry »
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Restaurant Business Plans – Focus on the Financials
The Financial Analysis section of a restaurant business plan consists of pro forma (projected) financial statements for the business. Before creating these statements, consideration must be paid to these three key concepts:
Capital Expenditures
Likely the most pertinent portion of the Financial Analysis section will be the statement of how much capital the restaurant will need in order start Read the rest of this entry »
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The Tea Room Business Plan — Start Up
The Tea Room Business Plan — Start Up
Although there are many opportunities for tea rooms as successful businesses, success requires planning. But before the planning process starts the budding entrepreneur needs to evaluate their personal psychological, emotional and financial preparation for the task ahead.
Start Up
Are You Ready?
Starting and running a business is not easy. If it were, Read the rest of this entry »
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YouTube – SBA Business Plan Webinar – Part 6 of 8
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Financial Advisor Business Plans
Depending on the customer market segment or segments you seek to serve with your financial advisory business, your operations and marketing must be different. Think about which segments you are best suited to serve, as well as the difficulties you may encounter as you try to serve the needs of more than one of these groups.
HNWIs
High net worth individuals, called HNWIs, are generally defined as having assets of over $1 million ready to invest. If your fees will be earned based on the value of assets under management, it is certainly in your interest to seek out and work with as many HNWIs as possible if you are qualified to do so. Keep in mind that each individual will need more attention and service than an individual with less money to work with, but it should work out to a more profitable relationship nonetheless. To attract these individuals, evidence of your expertise and experience with large accounts will go a long way, as will positive references from past clients. You may be called on to go out of your way to serve these individuals – making house calls, interrupting your vacation to answer a question, and keeping in steady contact to reassure them that you are keeping an eye on their accounts.
Smaller Investors
For the much larger target market of investors with assets of under $1 million, you have the challenge of working with them enough to make sure they feel well-attended to, while carefully setting the expectation that there are limits to the time you will spend with them. More mass marketing techniques like advertising, as well as referrals, can work to find these types of clients.
Hourly Rate Customers
If you seek to serve those who are getting ready to enter the investment market or begin their financial planning, you’ll find a large group more comfortable with paying an hourly rate for advisory services before investing money through you. Think hard about whether this group will represent a large amount of your revenue or if you will consider the hourly rate offer primarily a means to up sell customers to other services you offer. If the latter is your strategy, remember that customers can generally sense when they are being sold to and that receiving advice of value may be the best way to encourage them to work with you further.
Are you looking for more advice on developing financial advisor business plans or financial services business plans? Call 877-BIZ-PLAN to learn how Growthink can help you build your financial advisor business.
Article Source: http://EzineArticles.com/?expert=Eric_Powers
Author: Eric Powers
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Tags: business plan financials
YouTube – Business Planning Financials – Part 5 of 7
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