Life-saving Tips for Creating a Business Plan

by Dec 15, 2020

Get the ‘Secrets of a Six Figure Freelancer’ ebook today for $1

When you are creating a business plan it can be difficult to decide what to put in and what you don’t need to think about yet. There are so many unexpected scenarios that could happen to your business. It can be hard to know what is necessary to make sure you’re prepared. The following tips can help keep your business on the right track.

Intended Business Structure

One of the most important things you can do for your business plan is to write out a comprehensive description of your business structure. Having a clear understanding of this structure will help you be more successful in the long run.

The business structure you choose can affect your liability and your tax needs in the future. It is essential to choose the right structure for your business and to lay it out in your business plan. By incorporating your business, you gain a level of protection and separate from your business as it becomes its own entity. Research various business structures carefully so you can choose the best option for your business.

Dissolution Procedures

It may seem counterintuitive to start a business with its potential end in mind but having a clear plan in writing can save you trouble in the long run. It’s helpful to clearly outline dissolution procedures from the start. This will prove helpful in the event that following such procedures becomes necessary.

Regardless of how well you thought your business might do in the beginning, sometimes things go awry. In some cases, dissolution is the best option. You and your business partner might have different ideas in mind or want to try something new. The more prepared you are, and the clearer your business plan is on the dissolution process, the easier your life will be.

Working with your partner to decide this in the first place can save stress, time, and money. Invest the time early so you can save yourself trouble down the road.

A Mission and Vision Statement

Having a clear idea of what you are trying to do can give you direction from the beginning. When creating your business plan, your mission statement should be concise and clear and very readable.

A good mission statement gives a general overview of the goals of your business but doesn’t make decisions prematurely. It should work as a tool for you to evaluate how well you are meeting your business goals. It shouldn’t create unrealistic expectations or be too close-minded about your company’s future.

Leave room for growth and change in your business while still having a main goal. Your mission statement can be a great asset to help you attract support and show the values of your company.

Creating a business plan is an exciting opportunity to build your future. Use these tips to make your plan as strong as possible and prepare yourself and your business for the future, whatever it may bring.

Need help starting your consulting business? Grab my Ebook and get started on the right foot!

Other Posts You Might Like

Three benefits of studying business

Studying business may sound intimidating, but the skills that you’ll develop along the way can be life-changing. A business course...
Read More

Three AI tools for freelancers, that’ll help you work smarter

AI is revolutionising the world of business. Industries of all different descriptions are capitalising on the latest advancements that are...
Read More

UI vs UX: Are They The Same Or Different, And What Is Their Impact On A Website? 

The phrases ‘User Interface’ (UI) and ‘User Experience’ (UX) are frequently used in tech-related settings. What does a UX or...
Read More

Get Your Creative Business on the Map

As a creative professional, obviously you want to get your work out there. Often, though, that’s easier said than done....
Read More

How to Write Compelling Email Copy that Converts

In 2022 alone, there were a total of 333.2 billion emails sent out and received globally. Sounds outrageously high? That...
Read More

Running A Business & Having a Life

Running a business brings many challenges, and so does running a household. While the two aren’t mutually exclusive, keeping all...
Read More

Legal Issues Every Freelancer Should Know About

You may not have the resources of a larger company to handle legal matters, but it's important to know the...
Read More

Why You Should Become a Freelance Writer

Writing is a skill that doesn’t come easy to everyone, but if it’s something you do well and enjoy then...
Read More

How to Get Out and Promote Your Brand

As a small business owner, it's important to get out and promote your brand. You can't just sit behind your...
Read More

The Benefits of Working as a Freelancer

Freelance work has become more popular, but for many people, it can still be an unfamiliar idea. While there are...
Read More

Hi, I’m Kate

Hey, I’m Kate! I’m a designer, digital nomad and founder of Six Figure Freelancers – I love to help talented tech pros start businesses.

Work with Me

Get The Book

AppSumo badge

Featured Post

Would You Like Help Finding Freelance Clients?

Learn more about the Six Figure Freelancers training programs, and learn how to take your freelance business to the next level.

Pin It on Pinterest