Chronicling the steps to creating a SUCCESSFUL life.

Tuesday, June 25, 2013

Make a Business Plan

Planning is easy for me.  I do it all the time.  I make lists.  I make lists to tell me where my lists are located.  I plan.  I organize.  

The plan I am talking about, today, is a Business Plan for your Craft Business.

Even if all you have is a small Etsy store, you have to plan how you are going to DO your business.  No small business is too small for a business plan. Even if you simply take the time to jot down a few ideas, it will help you to stay focused on your business.  

I found this list here, and I don't believe I can make a better one. 

  • Define your business goals and objectives
  • Will help you to identify your target audience
  • Enable you to identify the best business model for your business
  • Assist with cash flow forecasting
  • Enables you to better understand the business sector of your business
  • Identify the skills needed to manage and operate your business
  • Identify the technology needed to manage and grow your business
  • Gain valuable information about your competitors
  • Develop your marketing plan
  • Identify and develop your branding strategy
At this stage of the game, you don't need a full blown formal business plan--the kind that is required if you are approaching investors or looking for a bank loan.  What you do need is a list of ideas.  Be honest about what you can actually accomplish by yourself in your one-woman enterprise, but don't sell yourself short, either.  

Remember, a business plan can always be adjusted as circumstances change.  Any plan you make is not chiseled in stone and is as close as a delete button.  Be flexible.

If you start out making expensive Barbie Dresses, don't forget your objective is to make money, so include a few "bread and butter" items that can be produced quickly and sold quickly.  You can change from making Victorian pot holders to socks at any time. 

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