Hi Sarah—I’ve been in business almost 2 years. My first year of business I broke even and am hoping to make a profit my 2nd year. My big question is….how important is it to have a business plan? I don’t have one and that is always sitting in the back of my mind. Thx, Tina Hill Kidzsack
Ah, the dreaded business plan question. Rest assured you can let this thought go and think up some more awesome products. I can see both sides to the coin on this one but personally I am an anti-business plan person. Honestly, unless you are going after investor money, I just don’t know whom you would need to prove anything to.
If you broke even the first year and are hoping to be in the black this year – you are doing something right Tina! Congratulations.
A BP is really just an overview of what you GUESS and HOPE will come to happen during the course of the BP’s life. Since you don’t KNOW what will happen every month, it’s all a guessing a game. I play a similar game with the students in my Tele-course during the “Finances” week.
You can play too, just make an excel doc and fill in different sales numbers, COGS, and of course with growth comes more expenses so don’t forget to add those in too – these could be tradeshow, commissions, showrooms fees, and general overhead or employees. This will give you a birds-eye view into how much you need to sell to gross what you are hoping for. You may find that you need 200 more stores or just to get the stores you have now to order one more time a year.
Whatever it turns out to be, this will give you some insight into how and where to spend your time and energy.
I like this approach better as it gives you some realistic numbers and a goal to try to hit rather than you scrambling to try to fulfill all the promises in a BP. I am a firm believer that slow and steady wins the race.
You have a very cool product and I wish you the best!
Want to express your opinion?
Leave a reply!
I’m already getting orders from the email with the updated pricing that I just sent to my current st…
Sarah Shaw is like Google, the entire How To section of Barnes and Nobles, Consumer Report and Yoda …
We enrolled in Sarah Shaw’s program because we needed someone to kick us into shape! She did just …
“I am a detailed person and hate when I buy something online and am not satisfied. It’s always hard …
“I came to Sarah with just the seed of an idea, a pile of sketches, and a bundle of nerves. I left w…
“In just one hour on the phone, Sarah gave me clarity in my pricing and bottom line… Our new product…
With Sarah’s help and guidance I was able to get my product into the hands of 5 hot TV set dressers …
“If you have dreamed of hitting it big, and your product has any kind of ‘it’ factor, as Sarah often…
“With just one little tweak of Sarah’s expertise, I amplified the results of this new launch by 60…
When I first started working with Sarah I had a garage full of my Bathroom Bagonia’s and didn’t know…
20 hours ago
PEOPLE OF THE SUN, founded by Maria Haralambidou, is a nonprofit social enterprise based in Malawi. They make interesting, beautiful and unique handmade artisanal gifts, furniture and amazing baskets.
Click here to tune in now: sarahshawconsulting.com/podcast/making-money-in-the-sun/
#sarahshawconsulting #podcast #mariaharalambidou #Celebrities #celebs #celebrityaccess #business #fashion #apparel #boutiques #magazines #getastreetsmartmba ... See MoreSee Less
2 days ago
Sarah and Kelly talk all about getting in touch with celebrities and influencers to drive more traffic to your website. Live Q&A to follow. Learn all about how it works. Join us, it will be so much fun.
#sarahshawconsulting #wwdmagic #kellyhelfman #celebrities #influencers #producttocelebrities #business #fashion #apparel #boutique #ecommerce ... See MoreSee Less
5 days ago
Time to move all your sales online! Start offering flash sales and specials to generate sales. Book a call with me today and learn how to get through this crisis.
#sarahshawconsulting #business #fashion #clothing #accessories #apparel #boutiques #magazines #consultation #dropshipping #ecommerce #dropship #dropshippingtips #entrepreneur #reseller #boutique #flashsale #besafe #workathome ... See MoreSee Less
6 days ago
When I was first selling my Handy Hold All® and not attending any tradeshows, I used this technique and sold $500,000 in my first two years in business!
Read on: sarahshawconsulting.com/no-tradeshow-big-benefits/
#sarahshawconsulting #blog #business #marketing #sales #tradeshows #wholesale ... See MoreSee Less
1 week ago
Jill Smokler is a genius in creating content. When she created the Mommy Confessionals, it took off like wild fire and took Scary Mommy blog into a totally new space with millions of subscribers and ad money pouring in.
Click here to tune in now: sarahshawconsulting.com/podcast/scary-mommys-jill-smokler/
#sarahshawconsulting #podcast #scarymommy #jillsmokler #Celebrities #celebs #celebrityaccess #business #fashion #apparel #boutiques #magazines #getastreetsmartmba ... See MoreSee Less