This week's business tip: "If you fail to plan, you plan to fail." As an entrepreneur, you need to have a written business plan that details your goals and how you will achieve them. Need help writing a business plan and want to learn how you can win $100,000 for your business? Keep reading.
To learn how to write a business plan, check out the "Write your business plan in 7 days training." Use the code ToryBurch to save 20%.
Tory Burch, an American designer, is one of today's most celebrated entrepreneurs. With a reported net worth of $1 Billion, she is the CEO and Chairman of Tory Burch, LLC and exceptionally passionate about supporting other women entrepreneurs.
In 2009, she launched the Tory Burch Foundation dedicated to supporting women entrepreneurs. Partnering with Bank of America and Goldman Sachs, the foundation provides capital and educational resources to small business owners.
The Foundation recently announced their inaugural Fellows program in which ten entrepreneurs will win a 1-year fellowship and $10,000 for their businesses. And one fellow will win $100,000.
What a fabulous opportunity- to earn a grant for your business and to cultivate relationships with other powerful business leaders.
Want to be considered for this amazing opportunity?
One of the requirements for the application is to submit a business plan.
The three keys to writing a successful business plan is to include:
- Industry research: Your plan needs to include information about other businesses within your space and how your company is different from them.
- Marketing strategy: Who is your target customer? How large is the business opportunity (i.e. how many people fit within your target customer profile) and what is your plan for reaching them?
- Financials: The name of the game in business is money, honey. You need to have a clear strategy for earning cash. What is your budget for the business? What are your projected revenues? What are your plans for expansion? Be sure to include financial reports by using a bookkeeping program, such as Xero.
Two of the biggest mistakes entrepreneurs make is to download a generic business plan and/or not having thorough financials. If creating a budget and cash flow projections feels overwhelming, check out the Money & Mimosas: Write your business plan in 7 days training.
Use the code "ToryBurch" to save 20%.
Take action now: If you were given $10,000, how would you spend it on your business? Let me know in the comments below.
Danetha Doe (@danethadoe) is a business strategist and was named one of the Top 40 under 40 accounting professionals in 2015 by CPA Practice Advisor. She is the creator of Money & Mimosas, an online educational resource for entrepreneurs.