Melinda Emerson, America’s leading small business expert, CEO of Quintessence Group, and best-selling author, will join us on this episode of The Small Business Show to discuss the process of creating a solid business plan.
Emerson emphasizes the importance of planning for a full 12 months before launching a business. This period should be used for research, networking, saving money, and understanding the target customer. The key takeaways from this discussion include the importance of having a clear understanding of one’s purpose, values, and mission before starting a business.
A critical aspect of any business plan is financing. Banks generally do not lend money to startups, so most businesses are funded through personal savings. Additionally, it’s important to understand the operational aspects of the business, including the necessary skill set for running it successfully. Emerson suggests gaining experience by working for a similar business before launching one’s own.
Understanding the target audience and creating a marketing plan are essential for success. Differentiating the business from competitors is also critical, as customers are likely to choose a well-known brand over an unknown one. It is also important to set realistic sales projections when developing a budget.
Finally, Emerson encourages entrepreneurs to avoid including confidential information in their business plans, such as their intellectual property or anything that is patent-pending. The episode ends with a quote from Melinda Emerson emphasizing the importance of serving each customer in a unique and meaningful way. Additionally, The Small Business Network is now available for streaming in over 70 million broadcasting households for those with Roku, Firestick