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!
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