Your business plan is your idea’s resume not your personal resume

All start-up business loans are difficult to get, but having the best resume that describes you best and a well written business plan will not only get you a step closer into getting a loan but it can also turn any business idea into possibilities.

As your starting out and writing a business plan, I suggest that you write it yourself because remember if your loan gets approved you will have to go through an interview to wrap up your application.

How to write your own business plan:

ü  Research the ideal that you have.

·         Learn as much as possible about your ideal and if it doesn’t exist yet create your own research, I mean you came up with the idea after all.

Your research should answer the following questions:

·         Do you have what it takes to start that kind of business? E.g. skills, etc.

·         Are you planning to be in charge for the first two full years? Or 3 to 4 months in business will you be hiring somebody to be in charge? Like a manager, supervisor, etc.

·         As a start up will you be hiring employees? And if so how many? And what kind of positions will they have in your business?

·         Does your idea have competitors and how can you make yours better?

·         Are your competitors anywhere near the location you want to start your own?

·         Is it a good time to be starting your business where you want to?

·         Who are your potential buyers? How do you plan on reaching them?

·         What kind of quality will your business be producing?

·         Is it what you potential buyers want? If not how will you make them want what your business is offering?

·         Do you have personal objectives for your business? And what are you business objectives?

·         Will your business affect the environment? And if so how are you planning to dispose the waste?

·         How are you planning to keep track of your business funds flow? And what are your financial projections?

·        How much do you need to turn your dream business into reality?

When you are done with your research you can then start looking for a business template suitable for you and start writing your business plan. If you want your start up business loan to be considered you should not forget to add your updated personal resume.

ü  Take a look at the following writing business plan (draft) that I came up with for example: ONLY!

BUSINESS PLAN

GO GO EDITORIAL SERVICES

199 CHURCH STREET,

 PRETORIA WEST, 0183

31 MARCH 2010

v EXECUTIVE SUMMARY

v CONCEPT

v OBJECTIVES

v MARKETING ANALYSIS

v PRODUCTION

v MARKETING

v ORGANISATION AND PEOPLE

v FUNDS FLOW AND FINANCIAL PROJECTIONS

v OWNERSHIP

                                                EXECUTIVE SUMMARY

To start an editorial business takes things like time, determination, organisation, finding good people to mentor you, and the willingness to make mistakes and learn from them. I am a savvy, gusty person.

GO GO Editorial Services will provide editing, writing, and ghost writing to companies, government agencies, and a wide range of public and private organisations and individuals. This assistance will be provided on a fee- for- service basis, and will be billed according to the service provided.

I am primarily a volunteering business writer for my local small business and editor, which means I will limit this business to this activity. Projects that do not have anything to do with writing will be turned down. The most important thing is for me and my potential staff members to define the skills we would be offering and stick to them. It is not possible to be all things to all companies.

For the first two years I will be working from my home office. After that time, I plan to move to an office outside of my home. The business should be established enough at that point to do so.

This business will begin in May 2010.

I am starting this business because I want to be in control of my own work. I do not want to be limited by managers as to what projects I can work on, nor do I want anyone else to set my hours. I want to offer the best quality service possible, and to continually improve on this service for example, if I want to take an important course that meets during the day, I do not want an employer to turn this down because of production schedules.

I believe in the 11 Batho-Pele principles when it comes to a work environment and in the services I am offering. I know how the business works both nationally and internationally, I have researched the market, and I am certain there are potential buyers. I am limited only by my own creativity, imagination, drive and vision.

I will set up a home- based office with computer, printer, modem, fax, extra phone and fax lines, 35 mm camera and tape recorder, etc.

My clients will be a mix of public relations and advertising agencies, technical companies, and newspapers and magazines.

   CONCEPT

My business concept is to offer high quality business writing and editing services with a fast turn- around time to domestic and non- domestic companies. The advantage of this service is that it can be utilised by companies during peak periods on a project basis. Companies do not have to pay the high cost of overhead to employ extra employees who may sit idle during slow periods. Instead, the company will get the skills needed, the desired high quality at a reasonable price, and deadlines will be met without (as much) in- house, last- minute panic.

          OBJECTIVES

Personal Objectives

v To write and publish at least one magazine or newspaper article each month.

v To increase my business experience by working with many types of businesses and organisations throughout the country.

v To increase my skill level by trying new types of projects and working with people in many jobs/ disciplines to which I have not yet been exposed.

v To learn and grow professionally by taking advantage of courses, seminars, and workshops in my field.

v To learn and grow personally by meeting my goal and objectives each year.

Business Objectives

v To make a minimum of R30 000 my first year in business.

v To increase my second year’s income to R50 000.

v To increase my third year’s income to R60 000.

         MARKET ANALYSIS

There do exist a few concentrations of writing services in South Africa. The trend is for remote servicing using telecommunication equipment and courier services, however. Investment in equipment/ software is key to profitability once client base is established.

Little capital is required to open a writing service. Traditional requirements are telephone, stamps, table, chair, and a typewriter. Today most homes have personal computers, a printer, and a word processing package.

Our competitive advantage to these wannabees- will be experience in diverse written communication products, flexibility, reliability, and state-of-the-art equipment. We will actively solicit Letters of Recommendation and include these in our presentation and marketing materials.

In the last five years, many companies have down- sized their publications and communications departments. This is a well documented international phenomenon. However, the need for publications, advertising, and public relations has not decreased. Indeed, in many cases it has increased.

Gauteng has a special business climate because it is geographically so far from the rest of the country. Not many major corporations have headquarters here. Instead, there are thousands of small-and medium-size companies.

In my conversations with potential buyers of my services, I have been told “there are not enough business freelance writers in South Africa- we just can’t find the people we need; “ “you would think a large company like us would have a large freelance bank, but we don’t; “ “Not many business writers can write both technical and marketing literature- that’s an unusual and valuable skill; “ “With your potential skills I can already give you a list of companies that could use your services.”

These types of discussions both surprised and thrilled me. It was clear that truly professional writing services offered by a person full time in South Africa is very rare.

In terms of newspapers and magazines, competition is definitely stiff. But after reading no less than 10 books on freelance writing over the last year, it is clear that there is always room for good writers who approach their writing as a business. Writers who understand the editorial needs of the publications they want to write for are far more successful than those who do not.

                                                      PRODUCTION

To produce high- quality publications and documents, a good- quality printer, computer, fax, scanner, photocopy and a modem are needed. In addition, GO GO Editorial Services word processing programs will be essential for delivering compatible files to clients. Other programs will be purchased and learned according to client requirements. A 35mm camera is also important because most writers also take their own photographs. A tape recorder is essential for taping interviews. A laptop computer is desirable.

A home office dedicated for just that purpose will increase efficiency and give a professional image to clients. An office at another location is the ultimate goal, but that will not happen until the business’s third year.

An additional telephone line for the business is desirable, as is a separate fax line.

Environmental Factors

The only “waste” produced will be paper, which will be used in our fireplace. When volume increases to the point where paper recycling is feasible, then the paper will be sorted, shredded, and recycled. Various products such as toner, etc. will be disposed of per the packaging guidelines.

GO GO will be a smoke- free environment.

     MARKETING

Technical Companies.

To start, I will accept short- term contract technical writing positions in order to bring in consistent income and build contracts. This will probably require working at the client’s location, which will cut back on the marketing I can do for my other services.

This is going to be a hard one to judge. The income is important, but for the longevity of the business, marketing is also important. Eventually I will have to cut back on the contract work and concentrate full time on developing other sides of the business. The plan is to make enough contacts to get technical writing assignments that I can do from my home office.

Technical writing is a lucrative skill. It will be important to use this skill to “jump start” the business and it also will play an important supporting role as other aspects of the business grow.

Public Relations and Advertising Companies.

Since virtually all of these agencies keep an active freelance file, I will send a biographical statement with brief resume and cover letter to well- known agencies operating in well- known agencies operating in South Africa. Several I personal contacts will; others I know of from reading trade publications. I will then follow up with a phone call and try to make as many appointments as possible. I will then call the agency every three- four weeks to remind them I am interested in working with them.

Newspapers and Magazines.

I will send query letters to regional magazines and local newspapers for the first year. I will then begin sending queries to national publications.

General Marketing and Visibility.

I plan to join and become active in Women in Communications. I also plan to continue doing community work as a responsible business person. This will increase my visibility, as well as allow me to learn more about the community I am contributing to.

Percentage of Time.

The following estimates show how I plan to spend my time in the next three years. All figures are based on a 50- hour week percentage of paid time- first year.

Technical                                                                         =60%

Public Relation/ Advertising Agencies               =20%

Newspapers/ Magazines                                           =10%

General Marketing                                                       =10%

Percentage of Marketing Time – First year

Technical                                                                          =25%

Public Relation/ Advertising Agencies               =25%

Newspapers/ Magazines                                           =25%

General Marketing                                                       =25%

Percentage of Paid Time – Second Year.

Technical                                                                         =25%

Public Relation/ Advertising Agencies              =50%

Newspapers/ Magazines                                          =25%

General Marketing                                                      =0%

Percentage of both paid time and marketing time – Third+ Years.

Technical                                                                        =30%

Public Relation/ Advertising Agencies              =40%

Newspapers/ Magazines                                          =25%

General Marketing                                                      =5%

Future Markets

v Training seminars- Internet, client- defined topics.

v Technical documentation/ Employee handbooks

v Newsletters for clubs & organisations

v Church bulletins

v Presentations/ proposals for executives, contractors, and engineers

v B- monthly regional magazine

Target Market Profile            

GO GO will target business and organisations needing writing works. We will tailor our products to the needs of real estate agents, non- profits, and educational groups. Our clients who will seek to increase their market share through the use of our services.

v Business- owners and managers

v Non-profit/ educational

v government

With my marketing strategy, the results I’m looking for it’s to have at least 30+ clients in the first six months in the business.

     ORGANISATION AND PEOPLE

I will operate and manage this business entirely on my own, for the first six months in the business. I do intend to hire people such as occasional researcher, for my business.

Growth Plan.

The company will eventually be expanded (estimated autumn 2017) to include an office manager designer, and a solid stable of contracting writers. Expansion options include segmenting the company into divisions handling advertising/ marketing, technical documentation, newsletters, training programs, and consumer clients.

My company will be trade marking its name “Pause Let Excellency Necessarily be Yours” (GO GO), and its logo in the second quarter of 2016. It plans to service mark “The necessary writing your business can trust”.

GO GO will seek certification as an Enterprise Zone business prior to hiring any personnel.

Contract Agreement.

When employees are hired, they will sign non- compete agreements valid for one year, and a trade secrets agreement regarding clients’ lists. Employees will sign a confidentiality agreement as a condition of hire.

   FUNDS FLOW AND FINANCIAL PROJECTIONS

This business will be run in the simplest way possible- a cash basis. I will have a separate checking account for the business and all income and expenses will be handled through it. This is the easiest way to track all funds coming in and going out.

Other freelancers charging rates are per month, per word, per hour and per work. I’ll be charging my clients the same way but in an affordable price for starters and changes will be made as the business grows.

Since I have a lot of experience in the ghost writing department, my general cost per hour will be R600.00 plus expenses in the first and second years. It will rise to R825.00+ in the third year (depending on the project). Income should be proportionate to the percentages given in the marketing section.

Start-up costs.     

v Computer                                                                                      R 10 774. 00

v Paper.e.g. notebooks, notepads (per month)                 R 5 60. 00

v Extra phone and fax lines (per month)                            R 4 588. 00

v Letterhead                                                                                    R 7 14. 00

v 35mm camera                                                                             R 1 500. 00

v Tape recorder                                                                             R 3 70. 00

v Printer, scanner, photocopy, fax.                                         R 6 587. 00

v Office furniture & storage                                                      R 17 381. 00

v Apps and software (back-up software external)          R 2 527. 00

v Wireless router                                                                           R 2 499. 00

v Unexpected costs                                                                        R 2 500. 00

Total = R 50 000. 00

           OWNERSHIP

As sole proprietor, I will be the owner of this business. If something happens to me, the business will not continue under the management of anyone else. In the third year, I will incorporate the business for tax purposes. If something happens to me, my older sister will take over the business.