Read the previous lesson 06 article here.
My apologies for this week’s articles being a bit behind. Projects got in the way which brings up a good point that I would like to share with all you. For me, it was projects. For you it may be Sally’s soccer game or for Pedro’s high school elections. Whatever the case, it’s completely okay to take a breather and take a minute to collect yourself before diving back into your startup. This is why I stress the importance of keeping your day job and starting a business on the side to reduce the risk involved. What if I had already hired employees with this new business and I had to take care of other things? I would be forced to pay them to sit and wait for me to get back into this startup which would have resulted in me feeling overwhelmed. Life does get in the way. I want to let you know that it’s completely okay for this and not to kick yourself in the ass (as long as you get back on the saddle of course).
We’re now at the part where most start-up either dread or miss altogether. Business plans give you the ability to get a glimpse of what your business will look like. There’s always that reference to comparing a business plan to a roadmap when you take a trip. You begin to think about your start-up white label business in a systematic way—this is where the value lies. You start to plan and think of things thoroughly. Many have attributed not making mistakes later in their business because they were able to look at their business idea critically and constructively.
For sake of brevity, I will create a quick business plan guide that outlines briefly what is involved with business plans. When or if you decide to do a business plan, don’t feel like you’re wasting your time if it takes a few weeks to complete. Most of the information that you need can be found online or at your local library. SBA and SCORE also have complete business plan templates that you can use that I’ve included links to those in the below business plan guide.
Guide to Writing a Business Plan
If your startup is going to require funding of some sort, a business plan will show investors and banks that you have done your homework and know what you are talking about. You will have spent time with research and re-thinking your business idea and assumptions that you originally had. If you don’t feel that you have it in you to complete a business plan, my suggestion is to search for one that has already been completed for your particular business, and read it. You’ll get some great ideas from doing so.
Trade publications are also a great way to find information related to your industry. In our white label mobile app development business, there are lots of trade related publications and websites devoted to this tech industry. The first I came across after searching the term ‘mobile app development trade publications’ was App Developer Magazine. The publication is dedicated to providing news, bylines, articles, thought-leadership, and media coverage to the entire mobile app development software industry around the globe (taken from their site). There’s also Mobile Marketer, ADT Mag, and plenty of online forums including the popular Reddit.
Back to the white label business plan guide found here, you will see that when it is broken down in sections, it’s not that overly complicated. Yes, you will need to find financial data and possibly search for industry numbers, but finding that information and having it at your disposal will only make you a better expert with your white label business.
Guide to Writing a Business Plan
The next post that you will see will be inside the Planning for Success with Your White Label Business—Chapter 3 Session: Outline your white label marketing plan (marketing plan or no marketing plan) – Lesson 08.
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Till next time Biz Army…
What’s In My MP3: I’m continuing to re-listen to The 4-Hour Workweek audiobook on my runs. I started to implement his techniques with freeing up my time with voicemails and emails.
Click here to check out Audible by Amazon.