Countdown To Launch
Getting ready to launch a new product or business? This valuable check list comes from Mark Hayward , in a guest post for ProBlogger. Although he was talking specifically about launching a blog, many of the steps in his check list are equally appropriate for any new businesses.
- Define your customer – This needs no additional comment. If you don’t know who you are trying to reach you can’t begin to build a plan to reach them
- Location – Ok, so he said : “Determine if you’re going to create a blog within your business website or on its own.” But the point is still the same, where you choose to locate your business is important, and it will have an impact on the rest of your business operations.
- Keyword research for domain name. – For me the dominant theme here is the research. Don’t guess or assume you know, let the facts guide your plans
- Choose a blogging platform and select a design or theme. – For a non web business this translates to finding the right tools, designing a logo and branding
- Register your social media accounts. – This is true for every business, from Facebook and Twitter to YouTube and Google local search, you have to be finable on the net.
- Measure ROI - As you make investments in marketing and infrastructure, be sure you know how you will measure the contribution of each investment
- Draft at least 10 posts in advance – Don’t rush to launch. Take the extra time on the front end so you are prepare for what you are getting into.
- Spend time in forums - Spend time networking with peers and competitors to uncover best practices – If you are here in Indy – the new Rainmakers: StartingPoint group may be a great place to start.
- Reach out to Key Influencers – Find mentors, advisers and coaches. Just because you own your own business does not mean you need to do it on your own.
- Draft a web optimized press release - Again, this is something every business should do. Not sure what the release should look like? Check out our samples
Is this all you need to do to be ready to launch your new business? No, but it is a start. To pull the elements together, you might want to write a business plan
Strategic Planning: My Newest Adventure
At Roundpeg, we hate being put in a box. Every one of the VP’s has an area of expertise (Taylor has been called “the Picasso of Graphic Design” and Allison could use her writing talents to make a police blotter poetic.) However, we all relish the challenge to try and learn new things to round out our skills.
I love marketing, and while web design is fun, I have a passion for creating an overarching business strategy which looks at the “big picture.” Obviously, in school, I learned the theory of how to craft a business strategy, but the application of that theory is something I can only learn through real-world experience.
Luckily, Lorraine is allowing me to help develop a client’s business plan. I’ve had a chance to see all of the theory I studied in college put into action as we work through the details of a fairly complex business model.
The client came to us because they hope to get a bank loan to buy a building which will house their wellness clinic. The plan is further complicated because they will also be selling a line of private label products through the clinic and in an online store. Sorting through the plan for each segment of the business and working with accountant Larry Marrietta and Attorney Matt Griffith to fill in the legal and financial aspects has allowed us to develop a document the client will be able to take to a bank, but more importantly also use to run their business.
So far it’s been a great experience. It’s a lot harder then they made it seem in school, but incredibly rewarding to help a client realize their vision. I’m really excited to see the finished business plan…and know that I had a hand in creating it.
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Need Help Getting Your Plan Started?
- Check out the next session of Lorraine’s FREE Intro To Biz Planning Seminar on Aug 11.
- And if you are more of a work at home type: Download a Free Outline
What I Learned at StarUp Weekend
I spent an amazing few days with an extraordinarily talented group of individuals. This was my third StartUp Weekend, and just like previous events I learned so much. We were really lucky to have both Kristian Andersen and Brad Wisler of Sprout Box share their perspective on emerging businesses. Just a few of the thoughts they shared:
- Forget what makes you happy! Find what causes others pain!
- Go looking for trouble, because people will pay to get rid of trouble
- Your solution is worthless if there is no problem
- There is nothing worse then a solution in search of a problem
- Do what you want to be famous for, because you are famous for what you do
- When it comes to your co-founders – Be Picky, Don’t Settle
- When it comes to the product: Speed Kills … the competition
- A prototype is worth 1,000 business plans ( I am not sure I agree with this one, I would like to see a plan with the concept)
- Products with no customers is a hobby
In addition to all I learned, this time, I may even be a part owner of a business in the not to distant future. Check out GoBizSpeak for more information about what we are planning
So This is What A VC Feels Like
I was up late last night reading some amazing business plans. The plans were submitted by future business owners who are not currently looking for investors or loans. These are student plans submitted as part of the Hamilton County Entrepreneurship Advancement Center’s High School Education Program.
The program is run in both the spring and fall semesters and typically attracts juniors and seniors, some of who actually hope to launch their business idea some day. This is the 4th year I have been involved in the competition and it is always a treat. Some of plans are well written and well researched, but aren’t viable businesses. Others contain a great idea, hidden in a poorly written plan.
And every year, there is at least one, which makes me stop and think someday, I am going to say I knew him/her when. This spring my favorite plan is by a young man who is a skateboard enthusiast. He is hoping to launch a line of clothing he can sell at skate parks. While his financial projections are unrealistic ( like those of his adult counterparts) he has clearly identified a distinctive niche market. He has thought through the elements which will be necessary to pull of the business he has conceived. I know a number of adults who could take lessons from him. And while wedding planning is not a new concept, one young woman has written such a comprehensive marketing plan, I think I will need to hire her when she graduates.
The oral part of the competition is tomorrow and I can’t wait see if they are as good selling their ideas in person, as they are on paper. Do you think bankers or VC’s get this excited when the read a really good plan? I hope so! Our economy needs the plans and people who will be excited to seem them succeed
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Interested in learning more about what the EAC is doing for students and new business owners? Join us for an informal networking and informational event on June 16th
Business Plan Mistake #11 Failure To Communicate
I know when I started this series two weeks ago, I promised the Ten Mistakes Small Business Owners Make. But if you jumped to the original article, you know there are really 11 items on my list. This final element is probably the most crucial for your success.
Business Plan Mistake # 11 Failure to Communicate
While not directly a part of your document, poor communication can have a detrimental affect on your business. As you write your plan, involve anyone who could be affected by the plan.
Seek advice from people you respect. Talk to employees, family members, business partners, and advisors, such as your accountant and lawyer. Ask their opinions and communicate your goals. It is easier to steer a boat if everyone is rowing in the same direction.
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If you have enjoyed this series of posts on business planning and would like to explore the topic in more detail consider taking me up on one or two of the following FREE offers.
- Join me for a FREE overview of business planning on March 10 at 8:30 at the offices of Trustpointe – 6666 E. 75th Street, Suite 150, Indianapolis, IN 46250. In this lively ninety minute workshop, participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation. There is no fee to attend, but reservations are required.
- And as an added bonus when you register, you are enrolled in the free eCourse: How to Write a Business Plan in 10 Weeks
To take advantage of one or both of the FREE offers simply fill out the form below.
Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Stuff happens! Things go wrong. When the worst happens, will you be prepared? Too often small business owners avoid thinking about what could go wrong because they believe negative thinking will affect their performance.
This avoidance is dangerous because without an adequate assessment of risks you will not prepared if something should occur. So today’s mistake is not an afterthought, but an integral part of your planning process.
Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Create a list of the pitfalls, regulatory issues, competitive challenges, and changing marketplace conditions that could adversely affect your business. Once you identify the challenges, develop action plans, safety measures, and insurance policies to protect the lender, the investor, and yourself.
In addition to external events, consider internal events like the loss of a key employee, major client, or your computer system.
Also consider the impact of acts of nature. As I am writing this post I am working from home. There is at least 6 inches of snow on the ground, and more falling. ( I work ahead several weeks sometimes) When I left the office last night, I backed up all active projects onto an external drive. We use multiple online programs like addresstwo.com, yousendit.com, gmail and google docs to share information so my entire team has access to their files and contact lists. It is not as productive as being together in the office, but it is close.
Your contingency planning should include how you will operate in bad weather, or after more serious interruptions.
Business Plan Mistake # 9 Unsupported Financial Projections
As a rule, we entrepreneurs are optimists. We start businesses not because we have a high tolerance for risk, but because we believe in our idea, product, or service. We also believe in our ability to make the venture successful. This optimism, however, is often not supported by the facts and can lead us to make our next mistake.
Business Plan Mistake #9 Unsupported Financial Projections
Unrealistic financial projects with a hockey-stick-shaped growth curve, can set up a business for failure when owners spend too much too soon without enough cash reserves to help the business through the startup phase.
As you develop financial projections, consider two scenarios: a best case and a worst case. Can you handle the volume and capacity demands of the best-case scenario? Is the idea still viable in a worst-case scenario?
Episode 22 – But it is My Business
I am interrupting my series on small business planning, to include an interview with my friend, Laina Moloski dropped by the other day to talk about all the new changes at C & S Consulting which include her new books, and new web site. 
In this first podcast we focus on her new book: But it is My Business in which she shares tips and realistic ideas for small business owners.
From ideas on how to terminate employees to tips on sales and planning, Laina approaches the process of owning a business with humor and serious advice.
The book will be launch on March 30, but it is available now for preorder at http://candsconsulting.biz/
Business Plan Mistake # 8 Activities Not Tied to Goals
Many successful small business owners have more than a slight case of ADD. It is what allows us to juggle all the balls our business requires. Sometimes however, it is tough to keep one eye on the most important balls, because we are attracted to the small shiny objects. Allowing ourselves to get distracted too often leads to today’s mistake.
Business Plan Mistake # 8 Activities Not Tied to Goals
Your goals, once established, form the basis of other decisions. If your goal is to double sales in three years, your plan must include an explanation of the resources required to support the additional volume and the marketing activities needed to generate the additional sales.
If your goal is the destination, your business plan is the roadmap. Which route will you take? How much fuel will you need? How many hours will it take to arrive? What landmarks will tell you whether you are heading in the right direction? Avoid cluttering your document with interesting side notes and activities that do not move you toward your goals.
Business Plan Mistake # 7 No Meaningful Goals or Milestones
A business plan is more than just a financial spread sheet which tells you where you will end up, must include the milestones which help you all along the way see you are headed in the right direction.
Business Plan Mistake #7 No Meaningful Goals or Milestones
A good business plan outlines your goals. Take a good look at your company’s potential for growth. Your goals should be challenging but attainable. Goals also should be specific and measurable.
These quantifiable targets give you something to work toward and measure your progress against. Finally, goals need to be time based. Do you expect to double your sales in one year or five?
As you develop your goals, don’t include vague statements without measurement. If you are going to grow, tell us how much you will grow. Avoid the meaningless babble or business phrases (such as “being the best”), because they are hype. Outline what you will achieve and how you will measure your progress. A valuable plan is a road map to results with mile markers along the way.
The mile markers are measurable goals and deadlines. This leads you to create a timeline for your action plans, definition of management responsibilities, and framework for your budget.
