This week was all about Business Plan Creation. A business plan can help a business have a clear vision, mission and measurable objectives. A business plan is also a map for how to duplicate or improve a current business. In the book E-Myth the idea of duplication is one of the main topics. The book explains that every business should have a business plan that clearly identifies all the job functions that must be performed and have explanations for how each job will be performed. This allows a business owner to guide the business without having to be the business. It also allows a business to be sold and or duplicated aka franchised. This can create an additional revenue stream for the original business creator.
$100 challenge
As part of the $100 challenge I created a business plan for the seven weeks that I will be doing this project. I have selected a mobile hair salon as my business. Also, my husband talked to his business associate and he is looking into what challenges there might be with having a mobile salon on site. i.e. OSHA, insurance, scheduling. While I am waiting to hear back I have begun marketing through the local community Facebook page and have received a few inquiries. I hope to be able to schedule appointments with at least 1 client over the next week.
I am also used this same concept for my Big Idea Business Plan but went into greater depth and created year 1-3 benchmarks for success as they relate to clients, professional contracts and retail sales.
Overall, this still isn't my favorite class but I am trudging through it. I have contacted two different entrepreneurs to see if either might be available for an interview.
1. Jim Cline - ExcelCEO http://www.excelceo.com/index.html
2. Eugene Smith - Culver's Restaurant http://www.culvers.com/
If I need a back up I will contact Daren Falter - Founder & Executive VP, Yoli http://yoli.com/
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