Transformational
Career and Business Coaching

Many people have asked me how crucial it is to have a business plan. My answer: you aren’t serious about your business if you don’t have one.  However, your business plan can be as simple as one page. If you have partners, investors or are trying to get a start-up loan, you must cover every aspect of your business and will need a longer, highly detailed format.

Three common questions are:

What is a business plan?

A  document fully describing  the business—it makes the business idea tangible. It is used for goal setting, answering financial questions, and establishing the overall structure of the business.

What does a business plan include?

Non disclosure statement, table of contents, company logo, company name and address, company email and telephone, website address, number of employees, legal structure, description of type of business, competitive analysis, marketing plan, financial documents.

Where do I start?

Put in writing the basic information:

• Purpose/vision/mission statement
• Long-term goals
• Target market/niche
• Financial needs/resources
• Legal structure
• Description of products/services

Finally, go onto the internet and search for business plan templates and use the one that fits your needs.

Whether you are creating a new business or tuning up an existing one, there are basically five areas you must be managing. I refer to these as the five layers of the business pyramid.

Foundation layer—Dream/Vision/Core Values/Core Strategy/Market Niche/Strategic Planning

Layer 2—Operations: products and services, technology, physical needs and resources, equipment, personnel management, leadership development

Layer 3—Finance: billing, payroll, taxes, compensation, investing, organizational structure

Layer 4—Business development: marketing strategies and resources

Layer 5—Customer service: how the values and mission statement of the business are translated to the customers/clients

All five layers can be detailed in a business plan, and then modified as needed. When you are consistently setting business goals you can review how you are doing in each category on a quarterly basis. This allows you to do a critical gap analysis of where you are vs. where you want to be, and set up an action plan to make the necessary changes.

According to the Small Business Administration, one in 3 new small businesses fail in the first year. Although having a skill or profession you love is the cornerstone of building a small business, it is not enough to ensure success.  You may love the idea of being your own boss, and having the freedom to set your own schedule, but before you even start the research on start up costs, competition, target market, and viability of your business idea, stop and ask yourself these questions.

Twelve basic business start-up questions:

1. How many hours do you want to work?
2. Are you willing to work long hours to get started?
3. What are your revenue needs and by what date?
4. Are you willing to live on a lower income while you are starting your business?
5. Are you going to partner with someone else, hire employees, or be a sole proprietor?
6. Do you have a suitable work space?
7. What are your strengths and weaknesses, what do you like to do and not like to do?
8. Who do you have/need on your team?
9. Who is in your sphere of influence to help you get started? (Family, friends, colleagues)
10. What product or service do you want to offer, and to whom?
11. Do you have any experience or background with running a small business?
12. Do you believe that there is a need for what you have to offer and that you can be a successful business person?

Remember the last time you sat on the airplane listening to the flight attendant drone on and on…”and in the event we should lose altitude, please  put your oxygen mask on first before attending to the child, or spouse, or grandparent sitting next to you.”  This has always struck me as a great metaphor for operating effectively in real life because in order to take care of the ones we love, we must take good care of ourselves first. Taking good care of yourself gives you what you need to be the best you can be in your own business.

On a scale of 1-10 (10 being completely satisfied) circle the number that indicates your satisfaction with each category:

•  I focus on my priorities and avoid the urge to multitask.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  I give myself permission to be imperfect and allow others the same parameters.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  If someone is pushing my buttons I walk away and don’t get pulled into the negative emotions.

1- 2- 3 -4 -5- 6 -7- 8 -9- 10

•  I have made a list of my top ten values and align my behavior to honor those values

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  I have let go of being perfect and am OK with letting good be good enough.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  Sometimes I “play hooky”  (take the day off) with NO GUILT.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  I spend time at least once a month with friends –“just for fun.”

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  I can say “no” when necessary so I maintain balance and do not go into overwhelm.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  My priorities include eating healthy, exercising, and getting regular medical check-ups.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

•  I listen to calming music, practice slow breathing, meditate, walk etc.  to create balance and reduce stress.

1- 2- 3- 4 -5 -6 -7 -8- 9- 10

TOTAL SCORE (out of 100) _________________________________

What action step would you like to take this week for better self care?

Obstacle #3: GREMLIN

This is the little voice inside (sometimes referred to as the “monkey mind” or “inner critic”) that pops up when you are trying something new and basically says, “You are not good enough.” The Gremlin might sound something like this: “Why are you trying to start a business, you aren’t smart enough” or “What makes you think you can lose weight, you aren’t committed enough” or “Why would you even think of changing careers, you aren’t young enough.” And the list goes on…you are not pretty enough, strong enough, educated enough, old enough, young enough…whew! That voice can make us very tired, and keep us from exploring all the exciting possibilities in life.

Here’s the thing about the Gremlin–somewhere, way back when, it started talking to you to protect you. But because  it is essentially fear-based, it holds you back when you don’t need that protection any more. By creating a dynamic relationship with the Gremlin, you can learn from it.

My invitation to you is this:  when the little voice shows up, have a dialogue with the Gremlin and ask:

“Why have you shown up at this particular time?

“What message do you want me to consider?”

“What are you trying to protect me from?”

“Why do you think I will fail?”

You can let the Gremlin hold you back, or you  can use the information to catapult you forward with a realistic plan to meet your goals. The choice is always yours.