MGNT 136-PLN Plan
My PLN project is focused on entrepreneurship and starting a new business plan.
Spending time with researching, finding resources and answers to many of the questions involved with opening a new business will increase the chances of success of my business.
Putting together my business plan with help to work through documentation necessary for possible investors and/or financing.
I feel other aspects of research prior to opening is things not to do in business planning, look into areas not to waste budgeted money or other advice from established entrepreneurs.
Another part of preparing a business plan is a marketing plan for your business. Designing a reliable strategy for using social media platforms can have an effective ROI for your marketing budget.
Working through designing a business, setting goals, examining the unknowns, creating a marketing strategy will lead to a path of triumph for success beyond the first year of operation.
Video Links #1
10 TIPS FOR STARTING YOUR OWN BUSINESS in 2017
Young Entrepreneurs Forum has put together ten key areas to work from in developing your business strategy. Designing a solid business plan will help to separate reality from expectations. In starting a new business, you need to be well informed about your industry, competition, and potential opportunities.
These simple vital ideas are a great starting point for me to develop a business plan. I would take each of these concepts and put into a binder. Each key point would become a section to work on developing the necessary information in creating a business plan. From those areas I can research by asking questions, surfing the internet, also reading books and articles.
“10 TIPS FOR STARTING YOUR OWN BUSINESS in 2017.” YouTube, Young Entrepreneurs Forum, 15 June 2016, youtu.be/wxyGeUkPYFM.
Video Links #2
The top 7 things NOT to do when starting a business
Published on Jan 13, 201
Taking Evans talking points into account that they are areas of business I feel is beneficial to put thought into before you are stuck in a bad situation. Looking at business partnerships as a marriage, before going all in, to try working on small projects together to see if you are compatible with working together 24/7. Get out and hustle, having creative ideas to use for building a business before you spend, such as using interns. As for limiting your beliefs, I will always be open to learning from other people or resources. To find success remember to be fluid in finding answers.
Carmicheal, Evan. “The Top 7 Things NOT to Do When Starting a Business.” YouTube, Evan Carmicheal, 13 Jan. 2015, youtu.be/QsNdXC_2b1o.
Video Links #3
How To Write a Business Plan To Start Your Own Business
Published on Jun 29, 2016
Young Entrepreneurs Forum has put together nine essential steps to begin writing a business plan.
The explanations of each critical point are explained well enough to grasp the information you are gathering for a new business. I would go on clarifying the necessity of each step for a business plan will do more than just preparation, but possibly help to determine if your business concept will be viable.
I feel this is a relevant source for the beginning stages of a business plan. Again I would take each of these concepts, make them a topic of research in a binder.
“How To Write a Business Plan To Start Your Own Business.” YouTube, Young Entrepreneurs Forum, 29 June 2016, youtu.be/Fqch5OrUPvA.
Video Links #4
Small Business Marketing 101: Creating a Marketing Plan
Published on Mar 5, 201
Dragons Awakening has put together essential marketing questions you should ask before diving into a marketing plan. With a plan well-designed marketing plan, you are driving business in all phases of ups and downs in revenue.
Having the answers to these questions will be my roadmap to designing a marketing strategy plan. I found the questions for understanding your marketing need to be the focus from startup and forward on, as apart of operations to continue acquiring new customers, retaining customers and how to win back a lost customers. Remember your customers are online looking for answers!
“Small Business Marketing 101: Creating a Marketing Plan.” YouTube, Dragons Awakening, 5 Mar. 2016, youtu.be/12ELgUPG4D8.
Video Links #5
Creating Your Own Personal Brand
TeamBeachBody has leading coaches Bonnie Engle & Amy Silverman to explain how to build your personal brand and grow your audience through your social media. This would begin with thinking about what attracted you to the business. Was it the lifestyle, friendships, the ability/freedom, fun, or finding solutions to peoples answers? So how do you craft your messages, so your audience feels the same way?
I am happy to find this message structured for the fitness industry; it will better serve me to finding a branding voice. They continue to talk about finding a voice that feels natural to you and how to translate that into your social media content.
“Creating Your Own Personal Brand.” YouTube, TeamBeachbody, 13 Oct. 2016, youtu.be/a-te19fAIis.
Blog Links #1
Blog Links #2
The best business names are catchy but also have a story and clear message behind them.
Benjamin gives you steps that will help the new business owner narrow down options as you create the perfect name. But having a name is not the only part of the process, the critical step is finding out if you can legally use the name because of federal trademark laws. Don’t worry if you are struggling; companies change names all the time.
I feel would I use Benjamin’s steps in preparing for marketing strategies. I would also use the links provided to government agencies and domain registers; this will give the feeling of something real is happening for my startup business plan!
How To Name A Business: 7 Simple Rules – Nerdwallet. (n.d.). Retrieved from https://www.nerdwallet.com/blog/small-business/how-to-name-a-business/
Blog Links #3
Choosing a business structure depends mainly on your tolerance for risk to personal assets and how you want the IRS to tax business profits.
Careful consideration is necessary of what your business structure is going to be since they are creations of state law. This is another area that needs the business owner’s attention because of the implications it will have on how IRS taxes your business profits. Andrew provides brief explanations of each type of structure with links to follow for more information.
In choosing my business structure, words that caught my attention was “what’s your tolerance for risk to personal assets?” After reading on, taking into consideration how I will set up a business structure is important because of the potential of lawsuits.
Business Structure: How To Choose The Right One For You … (n.d.). Retrieved from https://blog.clearviewfcu.org/2017/06/business-structure-choose-right-one/
Blog Links #4
Ask yourself basic questions about your funding needs and goals, then prepare yourself and your expectations.
Understanding the process of taking out a business loan can seem intimidating, so having a guideline of what the bank’s expectations are and how to prepare to meet with the banks is provided in this blog.
Making sure I have a detailed qualified business plan prepared since it is often apart of the financing application, I would work on correctly putting together a knowledgeable plan that will have added benefits if financing is necessary. I feel this information is valuable in understanding the loan process, options and types of loans, gathering your documents, and expectations from lenders are broken down into manageable information put together to guide any business owner looking into financing.
How To Get A Small Business Loan In 5 Steps – Nerdwallet. (n.d.). Retrieved from https://www.nerdwallet.com/blog/small-business/how-to-get-a-small-business-loan/
Blog Links #5
July 22, 2013
Marketers are using Facebook Graph as a powerful marketing tool. Christian Karasiewicz breaks down the many uses Facebook Graph for developing and building your audience for your services/products on Facebook. Learning about the fans on Facebook, the business can use this information in communicating more value to them.
For building a more significant audience before opening a new business, the opportunity to have begun developing content to speak to this audience is powerful in predesigning posts for scheduled posts. I could identify potential local competitors, find out peoples interests, and increase brand awareness.
Karasiewicz, Christian. “17 Ways Marketers Can Leverage Facebook Graph Search.” Social Media Examiner Main Page, 22 July 2013, http://www.socialmediaexaminer.com/facebook-graph-search-marketing/.
Article Links #1
Fallon, Nicole. “How to Start a Business: A Step-by-Step Guide.” Business News Daily, Business New Daily, 26 Dec. 2017, 11:00 am EST, http://www.businessnewsdaily.com/4686-how-to-start-a-business.html.
Article Links #2
by Barbara Whitaker
May 2, 2007
Barbara puts out thoughtful questions that any new entrepreneur should ask themselves, to have realistic expectations about themselves since opening a business is time-consuming.
Questions to consider about yourself:
- Are you a self-starter?
- Can you get along with diverse types of people?
- Are you risk-tolerant?
- Flexible and self-disciplined?
Taking into consideration my personality type, work ethic, and expectations will guide my process of starting a business. These considerations will benefit in understanding my limitations. Working through the relevant links provided for resources, I could consider what would be better to hire for consultations or to handle the work necessary for the business.
Whitaker, Barbara. “Small Business 101: How to Get Started.” The New York Times, The New York Times, 1 May 2007, http://www.nytimes.com/2007/05/02/business/smallbusiness/01websb101.html.
Article Links #3
Staff of Entrepreneur Media, Inc. “How to Create a Budget for Your Startup.” Entrepreneur, 21 July 2015, http://www.entrepreneur.com/article/244990.
Article Links #4
In running operations of a small business, it can be overwhelming, the number of apps and Software-as-a-Service (Saas) tools from competing service providers.
Megan Totka helps to begin to narrow your search down to:
- Research and Development (R&D)
- Sales and Marketing
For each of these areas, Megan clarifies what it means to business then reviews apps and software accordingly. I would focus on the areas of business that needs improvement so I can determine where to get the most “bang for the buck.”
The areas that I would investigate finding Saas/apps for my business would be:
- Sales & Inventory
- Website & Social Media
- Music for Classes
Totka, Megan. “12 Must-Have SaaS Tools For Small Businesses.” Forbes, Forbes Magazine, 24 Jan. 2018, http://www.forbes.com/sites/allbusiness/2018/01/24/12-must-have-saas-tools-for-small-businesses/#1ac94cab1a55.
Article Links #5
There are many “startup to-do lists” for getting your business up and running. Well, she is adding another list to go through, that is knowing about business laws.
The more you know, is always better for protecting yourself, take for instance the email law, this is the CAN-SPAM Act. Another area that I feel is important for any business that is collecting customers information for their computer systems is Privacy laws requiring Data Security. Among many of the business laws that are expected; such as business licenses, Federal Equal Employment Opportunity laws, and taxes.
Furgison, Lisa. “20 Business Laws Every Entrepreneur Should Know About.” Bplans Blog, 12 May 2017, articles.bplans.com/20-business-laws-every-entrepreneur-should-be-familiar-with-in-2015/.
Embedded or Linked Slide Presentations, Book Reviews, Social Networking Sites
Linked Slide Presentation #1
Your logo can create a lasting impression on people. It is important to understand how your logo speaks to your brand with the messages it sends to your customers.
The messages you could focus your logo to ‘say’:
- Exude expertise & professionalism
- Show sophistication
- Exude confidence, spirit, or playfulness
- A sense of nostalgia
- Focus on a niche in the market
The takeaway is a logo should be adaptable and effective. Taking time to study other logos for the impression people get from those logos will hopefully fine tune the message I want to send with my logo, brand & business.
Staples Follow. “Does Your Logo Match Your Brand?” LinkedIn SlideShare, Staples, 23 Feb. 2016, http://www.slideshare.net/SUCCEEDStaples/does-your-logo-match-your-brand.
Amy teaches how to put a marketing plan together in 3 phases:
Businesses should always be looking to attract new people, using a Graph Search is very valuable to get to know the business’ fan base already on their page. This will help you find out where people are spending their time.
I would work on building a solid marketing plan for my business and put time into developing a great Facebook page, creating enjoyable content and posting consistently. If your fans know that you always there and able to answer questions you become a resource, they trust.
Host Racheal Cook
Host Racheal Cook interviews Francesca Cervero on Yogipreneur Radio.
Many new studios start with spending a lot of budget for branding, imagery, photoshoots, and expensive websites are where the initial budget does not need to be the priority. These expenses do not start to pay for itself in the beginning. There needs to be a focus on how they are going to do business first.
I appreciate the point of view these experienced ‘yogipreneurs’ explaining transitioning your yoga career to business owner of a studio? What expenses do you need to focus on now and what expenses could wait? Creating a sustainable, livable income should be considered when switching from teaching on the side to opening a business.
Cook, Racheal. “How Much Does It REALLY Cost To Start a Yoga Business?” The Yogipreneur, 24 Aug. 2016, theyogipreneur.com/episode29/.
Slide Presentations #4
With so many details involved with starting a new business, finding a location needs careful consideration in the plan. This means to figure out what you can tolerate in finances but also is the location ideal for the business you are planning to open. This part of the process is tedious and exciting but is an essential step. Some mistakes in a startup can be corrected later; location is sometimes impossible to repair.
I would take into consideration the demographics of potential locations and if there’s sufficient population of my target audience to support my business. More to consider in finding a location is foot traffic and parking. What is my competition in the neighborhoods of potential locations? This slideshow breaks down 10 key points that I would use as guidelines for finding the ideal location.
10 Things to Consider When Choosing a Location for Your Business. (2015, May 20). Retrieved January 28, 2018, from https://www.entrepreneur.com/slideshow/299849
Slide Presentations #5
Luke Tucker gathered a collection of tips for starting a business from successful investors & entrepreneurs. Luke identifies these tips and follows up with an “actionable” tip to use the advice. These tips I found are filling in the finer points in the critical areas of starting a business. As going through the process of putting together a business design, these tips are useful in expanding the research for better clarity to the plan.
In preparing for starting a business putting in the time to work out the unknowns of the business plan is time-consuming but well worth the efforts to finding success. I have found there are many common factors shared in all the resources I have gathered for my “Personal Learning Network.”
Find your passion in what you are looking to do, because starting a business takes a lot of your time and it will be more beneficial if you love what you do!
Take time to assess yourself in understanding the demands involved with opening a business.
Sweat equity, find resources and answers, ask questions and do research to limit costly mistakes.
Continuing education about business, social media marketing, other aspects of business is essential to preparing, maintaining and growing your business.
Get advice, consultations, and find mentors for guidance.
Know your market, demographics, economics necessary for your industry.
Remember, customers are spoiled with choices for their answers, products, or services, so excellent customer service, branding, and a grand marketing strategy are necessary to build customer loyalty.