0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
18.49% - 24.49% Variable
On Chase's Secure Website.
N/A
Purchases: N/A
Balance Transfers: N/A
21.24%-26.24% Variable
I know several people who've either started their own software development businesses or done freelancing work, both of which kept them very busy. And AI is helping some developers improve their efficiency. I talked to a guy at a coffee shop recently who has his own software development businesses and he and his team use AI to speed up their work.
Before you launch your business, you should have a plan to give yourself the best chance of success. Here are a few general suggestions for getting started:
This isn't an exhaustive list. But doing market research will help you know if there's a need for your product or services, and creating a solid business plan will help you figure out which steps to take to launch your business. So spend some time thinking through the details, like how you'll manage your money in a business checking account or how much you'll need to earn to transition from a side hustle to a full-time business.
Many small business owners also overlook the finer points of managing taxes and accounting. While it's not as exciting as thinking about ideas for businesses, choosing the right accounting software upfront can help you more easily manage your money at every stage of your business.
Starting a small business in tech or any other industry is nothing to rush into, but the good thing is that those who start their own business are generally very happy they did so. A recent American Express survey shows that 95% of small business owners are "overwhelmingly happy" as owners.
Compare that with just over half of workers who are highly satisfied in their jobs, and it's clear why so many people are willing to take on the extra work of launching and running their own businesses.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.
Chris Neiger is a full-time freelance writer with more than 10 years' experience covering personal finance and investing-related topics. He was also a writer for the BBC for three years and marketing manager for two non-profits.
Share this page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Related Articles
By: Cole Tretheway | Published on June 7, 2024
By: Lyle Daly | Published on June 5, 2024
By: Christy Bieber | Published on June 5, 2024
By: Lyle Daly | Published on June 4, 2024
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.
How to make a business plan with 4 sticky notes.
All you need for business planning is a stack of sticky notes.
What if I told you you could have a business plan in half an hour? It might sound too good to be true—but it’s not.
If you have a set of sticky notes and a pen, you can create a business plan. As I talk about in my book Start. Scale. Exit. Repeat. , this is an exercise for you and your business partners—not the robust business plan you will show to your seed investors or use at a pitch competition.
So why sticky notes? Because when you’re coming up with your personal business plan, less is better. Since they’re small, they force you to focus only on what’s critical for your startup idea. And they are also sticky. We can post them on the board to focus on following the plan.
So now you’ve got your four multi-colored sticky notes ready, what do you put on there?
Now, what do each of these mean?
Story is where you’re going to spend the most time. Think of it as your elevator pitch when someone asks, “So what do you do?”
Look at it like a journalist and ask, “Why, What, Who, Where, When, and How?”
Best 5% interest savings accounts of 2024.
Concerning “When,” you’ve got to set up Stage Gates—a point in time to meet a milestone. These are different from goals in that they are tied to big decisions. You can miss a goal and be fine. But if you miss a Stage Gate, you’ll need to decide if you will pivot the business—or kill it.
More than regular goals, Stage Gates must be SMART—Specific, Measurable, Attainable, Relevant, and Time-Bound. And when you meet a Stage Gate, it provides momentum because you can go back to investors and say, “Look, we did what we set out to do—so now we need to raise more funds to scale.”
Your People sticky note is all about who you need on your team to reach your Stage Gates. Even if you’re starting as a solo venture, you still need support: vendors, suppliers, marketing, web support, and so on.
Seek out a business mentor or coach. Find a local startup incubator where you can refine your idea, prove your concept, and develop your MVP. Incubators are also a great way to workshop your pitch for investors—or even connect with investors. Which brings us to…
Many entrepreneurs think, “I can just put it out there, and the money will come,” but 82% of startups fail because they don’t have enough money to launch. You can have the greatest Story, People, and Systems ever assembled, but if you don’t have the money, those won’t matter. Money is the oxygen in your tank—run out, and you’ll suffocate.
Instead, figure out how to fund the company to reach that first Stage Gate. Also, it’s not enough to know the amount you need but where your funds come from: Self-funded? Friends and family? Business loan? Grants or government funding? Or one of my favorites—being customer-funded - the art of getting paid in advance to fund your startup.
Last but definitely not least, you need Systems in place to track your KPIs—your Key Performance Indicators—which are directly connected to your Stage Gates. You need to check on these daily to stay on track and mitigate risks. The startups that scale are often the same ones that develop repeatable Systems aligned to their Story.
Some systems are more obvious, like email or accounting software. But it can also entail hiring systems to identify the right salespeople, setting up distribution channels, establishing sales pipelines, and anything else needed to hit your next Stage Gate.
You can even use the 4-Sticky Note Business Plan as a system for business growth. As my close colleague Michele Van Tilborg said at a recent Startup Club session, it’s a great exercise for teams to do, too—a way to find a common mindset and clarity around business objectives.
With over a dozen startups under my belt, I still use the 4-Sticky Note Business Plan. If nothing else, it’s an easy way to figure out whether your idea is worth developing or not. If you can’t fill most of the four sticky notes, it’s not time to act.
If you are still stumped with blank sticky notes staring back at you. We put a free CustomGPT (AI Tool) to help you complete the 4-sticky-note plan found at www.startplanai.com . Do you have the right Story, People, Money, and Systems? Grab your sticky notes and pen, and take half an hour to figure it out.
Your future self will thank you.
IMAGES
VIDEO
COMMENTS
7 Different Types of Business Plans Explained. Business plans go by many names: Strategic plans, traditional plans, operational plans, feasibility plans, internal plans, growth plans, and more. Different situations call for different types of plans. But what makes each type of plan unique?
Value proposition. Strategic marketing plan. Market evaluations. Projected startup costs. Cash flow projections and income and profit expectations. Within the financial section, a business also needs to explain the exit strategy for investors and how specifically the company plans to use investor money.
5) Feasibility business plan. Audience: Primarily internal, though it can be external if linked to funding requests. Depth: Focused and streamlined. Purpose: To assess the viability of a new product or service. A feasibility plan, or feasibility study, acts as a litmus test for proposed business expansions or new product launches.
One hundred businesses will be honored and one business will be awarded $25,000. Apply Now! Published April 26, 2021. There are five main types of business plans that startups can use — including standard, "what-if" and one-page plans. Find out which one might work best for your business.
In my experience, some of the more common types of plans include: Startup Plan. • Audience: External. • Depth: Standard. • Purpose: Development of a blueprint for building a successful ...
What are the Different Types of Business Plans? In today's fast-paced business world, having a well-structured roadmap is more important than ever. ... Here are the top 5 business plan software options available to help you craft a great business plan. 1. LivePlan. LivePlan is a popular choice for its user-friendly interface and comprehensive ...
Operations business plan. Strategic business plan. 01. Startup business plan. The startup business plan is a comprehensive document that will set the foundation for your company's success. It covers all aspects of a business, including a situation analysis, detailed financial information and a strategic marketing plan.
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
All businesses start with a lean plan. These are things that every business owner needs to do in order to run the business effectively. They apply to all businesses, large or small, startup or not: Develop and execute strategy. Set priorities. Allocate efforts and resources according to priorities.
A Harvard Business Review study found that the ideal time to write a business plan is between 6 and 12 months after deciding to start a business. But the reality can be more nuanced - it depends on the stage a business is in, or the type of business plan being written. Ideal times to write a business plan include: When you have an idea for a ...
In this article, you will learn the different types of business plans and when and where they are used. Based on Audience. ... 5. Operational business plans. An operational plan is a type of lean plan that focuses on the implementation process, achieving milestones, project deadlines, and the responsibilities of management, departments, and ...
Traditional business plans use some combination of these nine sections. Executive summary. Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company's leadership team, employees, and location.
1. Executive Summary. While your executive summary is the first page of your business plan, it's the section you'll write last. That's because it summarizes your entire business plan into a succinct one-pager. Begin with an executive summary that introduces the reader to your business and gives them an overview of what's inside the ...
This is different from the typical startup business plan which focuses on the first one to three years. The audience for this plan is also primarily internal stakeholders. ... 5. Business Acquisition Plan. Investors use business plans to acquire existing businesses, too — not just new businesses. ...
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
This is a fantastic template for an existing business that's strategically shifting directions. If your company has been around for a while, and you're looking to improve your bottom line or revitalize your strategy, this is an excellent template to use and follow. 5. BPlan's Free Business Plan Template.
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
Writer Bio. There are a few types of business plans you might create, depending on your business goals. These include, but are not limited to, start-up plans, internal plans, strategic plans ...
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
Here is a basic template that any business can use when developing its business plan: Section 1: Executive Summary. Present the company's mission. Describe the company's product and/or service offerings. Give a summary of the target market and its demographics.
That's where your business plan comes in. It provides investors, lenders and potential partners with an understanding of your company's structure and goals. If you want to gain the financial autonomy to run a business or become an entrepreneur, a financial advisor can help align your finances. 1. Executive Summary.
Every business plan is different, and the steps you take to complete yours will depend on what type and format you choose. That said, if you need a place to start and appreciate a roadmap, here's what Cobello recommends: 1. Conduct your research. Before writing your business plan, you'll want to do a thorough investigation of what's out ...
1. Draft an Executive Summary and Mission Statement. T he executive summary belongs at the top of your business plan. It's your opportunity to grab your reader's attention by highlighting all ...
Download our free one-page business plan template. A one-page business plan is one of the most important pages you'll write for your business. While there's a lot to think about, it's certainly worth the effort. Good news: we've done the heavy lifting for you by putting together this winning one-page business plan template.
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Earn 100,000 bonus points Circle with letter I in it. Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening. Earn 3 points per $1 in select ...
A balanced business plan that won't break the bank. $32/line. Pricing for 5 lines with AutoPay & 3rd line free ($160/mo). Plus taxes & fees. 100GB premium data Unlimited hotspot w/ 50GB high-speed data Scam Shield Secure Wi-Fi included Unlimited talk and text, and up to 5GB high-speed data in Canada and Mexico ...
If you have a set of sticky notes and a pen, you can create a business plan. As I talk about in my book Start.Scale. Exit. Repeat., this is an exercise for you and your business partners—not the ...
Limited-time offer; subject to change. Postpaid only. $35 device connection charge due at sale. Credit approval & deposit may be required. Plus taxes & fees for accounts paying for additional taxes & fees; taxes/fees approx. 30-46% of bill unless you already have a tax-inclusive voice line.