Thrive! Business Coaching
For Motivated Entrepreneurs
Stage One:
Plan and Launch
So, you have a good idea for a product or service and want to turn it
into a successful business. Great! Now what?
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Did you know that over 99% of all U.S. businesses are considered small businesses? More than 30 million of them! So you are in good company. The Small Business Administration (SBA) defines a small business - depending on the industry you're in - as up to about $40 million in revenue, and up to 1500 employees.
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Now is the time to create a viable plan for your business, raise any necessary start-up funds, and prepare to launch.
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Let's get started!
There are a lot of things to think about as you begin the process of planning your business. Here are a number of key questions for you to consider. Your answers to these questions will become the basis of your business plan, which will provide an ongoing roadmap for your business. You will find a downloadable Business Planning Worksheet version of these questions in the Next Steps section at the bottom of this page.
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Questions regarding your business:
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1. Describe your product or service idea as fully and specifically as possible.
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2. What problem (or unmet need or opportunity) in the marketplace does your product or service address?
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3. How will your product or service provide the solution to this problem?
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4. How is your solution unique and different in the marketplace for solving the problem or need? This is the value your idea brings to the marketplace.
5. What are the key features and benefits of your product or service?
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6. How well do you understand your chosen industry (trends, profitability, etc.)?
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7. Who is your target market (your ideal customer)? What are their defining characteristics? What additional customer groups could you expand into?
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8. Who are your main competitors, and what gives you an edge over them?
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9. Why will customers buy from you and not from your competitors? What are your competitive advantages?
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10. How will you produce your product or offer your service?
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11. How will you deliver your product or service to your customers?
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12. What marketing strategy will you use to bring your product or service to market?
13. Describe your brand. What do you want your business to be known for?
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14. Will you be registering a domain name (URL) for your business? Is it available?
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15. How will you sell your product or service?
16. How will you get your product to your customers?
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17. What kinds of suppliers will you need? Are sources of supply readily available and reliable?
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18. What are your start-up costs (including items such as tools and equipment, lease and leasehold improvements, licenses and permits, professional fees, initial inventory, working capital reserve fund)? What are your estimated ongoing monthly expenses?
19. How will you generate revenue? What is your estimated initial monthly income?
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20. Are you adequately capitalized? What kind of funding will you need? Where will you get it, and how will you use it? You should plan on being able to cover 6 to 18 months of expenses - the average time before a new business makes a profit. Insufficient capital at start-up is one of the main reasons for the failure of a small business.
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21. What are your key metrics? How will you evaluate the progress of your business?
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22. What particular risks or threats do you anticipate? How will you mitigate them?
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23. What will be the legal structure of your business? Download the Legal Structures Worksheet here.
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24. What kind of professional services (legal, accounting, insurance, etc.) will you need?
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25. Are there any intellectual property issues, such as necessary copyright or patent filings?
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26. With what government rules and regulations will you need to comply (examples: business registration, business licenses and permits, zoning approval)? When you make your first hire you will also need an EIN number, and to consider labor and immigration laws, as well as Federal and State withholding and payments.
27. What kinds of insurance will your business need?
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28. What is your vision for your business? Where do you see yourself and your business in a year? Three years? Five years?
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29. What needs to happen in order for you to reach your vision?
30. What are the core values of your business?
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Questions for you:
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1. What is your primary reason for starting your business? What is your “why”? What will keep you going when things get tough? It's been said that with a big enough why, you'll always be able to figure out the how.
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2. What do you see as the rewards of building your own business? What are the risks?
3. What would success look like, both for you personally and for your business?
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4. How do your unique skills, experience, and education fit with your business idea?
5. What are your strengths that will help you run your business?
6. What are your weaknesses or challenges that may affect your ability to run your business?
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7. How risk tolerant are you? How does your experience affect your start-up risk?
8. Who will provide support for you (emotional, mental, financial, professional, spiritual)?
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9. How are your time management and organizational skills? Both will be critical in running your business.
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10. How strong is your personal financial situation?
11. As a small business owner in the budding stage, you will be wearing a LOT of hats. In fact, you will be wearing ALL the hats until you make your first hire. In addition to the overall leadership of your business, some of the areas you will be responsible for are Administration, Finance, Marketing, Sales, Customer Service, Production, Delivery, and IT. In which of these areas are you strongest? Weakest? How do you plan to improve your skills in the areas where you are weakest?
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12. How is your work ethic? How are you at multi-tasking? How are your management skills?
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13. How is your health? How will you maintain self-care?
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14. Is this a good time to start your business? Why or why not?
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15. Owning a small business is extremely rewarding, but - don't be fooled! - it is also a lot of hard work. Here are some additional qualities that you will need to ensure the success of your business: self-motivated, resourceful, responsible, persistent, decisive, resilient, passion for your business idea, and - perhaps most importantly - the willingness to ask for help and advice when needed. How would you rate yourself on each of these qualities?
16. What would you like your day-to-day life to look like once your business is successful? Your personal life goals will help shape your vision for your business.
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How coaching can help:
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​- A coach can help you think through each and every component of your business plan, and provide additional resources as necessary. The #1 reason small businesses fail is lack of adequate planning.
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- Once the components have been thoroughly thought through, a coach can help you put together a viable business plan. (If you are looking for outside sources of funding you will likely need a more traditional business plan. If you are self-funding you can go with something less formal.)
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- A coach can help you determine your next steps and hold you accountable to the goals you set.
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- A coach can help keep you focused, on track, and out of overwhelm.
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- When you run into an issue, a coach can help get you unstuck.
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- A coach can help you best utilize your strengths to drive your business idea, help identify your weaknesses and challenges, and help develop a plan for working through them.
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- A coach can motivate you toward achieving your business goals and larger vision.
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- With a coach you have someone who will ask you the right questions, help you strategize and plan, and advise, guide, and support you every step of the way.
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NEXT STEPS:
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1. Click here to download the Stage One: Business Planning Worksheet. Start where you are and complete what you can. Bring your worksheet and your questions to your first coaching session. Your answers will help assess where you are in the planning process, and recommended next steps.
2. Take a first crack at your business plan. Click here to download the Stage One: Business Plan Template. What areas need additional attention? Is more research needed in a particular area? Is your business idea a feasible one? Do your numbers make sense?
3. Review, revise, fine tune. Complete your initial business plan. Your business plan is a roadmap for where your business is going and how to get there. You will revisit and update your business plan on a regular basis as your business grows and changes.
4. Are all of the pieces in place? Is it time to launch? Click here to download the Stage One: Launch Checklist.
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Recommended read:
The E-Myth Revisted: Why Most Small Businesses Don't Work and What to Do About It
by Michael E. Gerber
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