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It’s the “Most Wonderful Time Of The Year” to do your business plan.  We have given or have heard all of the excuses as to why there is no time to make a one page business plan.  All of them are BS unless you are on your deathbed. 

Of course, you can’t make ALL the decisions in 15 minutes. But you can get broad strokes on paper. Sometimes, that’s all you need to motivate a start. And if this is your first business plan, 15 minutes may be all you need to understand if you even want to keep moving forward on the idea that just won’t go away. Join us, get out your pencil and a piece of paper or just hit pause and take a voice memo and you too can have this done in 15 min.

Link to the one-page business plan we used.

HIGHLIGHTS:

0:01  Writing and planning your business smartly 

3:56 Identifying the business objectives

4:41 Identifying the Marketing and Distribution of products

5:12 Making social networking for possible sales

6:30 Knowing your team’s strength and weaknesses

7:30 Hiring a reliable personnel for the new business

9:03 Competitive  Business is knowing the latest and classic trends

11:35 15-Minutes Business Plan

12:59 Implementation of timeline

13:41 Time Study: Supplies, Production, Packaging, Distribution, Marketing, Sales

14:50 Research and Development of products

15:45 Strengthening marketing strategies to get good sales

17:04 Product costing 

17:44 Making industry analysis

19:00 Turning your hobby into a business

21:19 Considering a financial partner

21:57 Hit that one page business plan

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TRANSCRIPT:

0:01  Writing and planning your business smartly 

I told you don’t do that fire and welcome to if these heels can talk. I’m JoyGenea with Solutions by JoyGenea and Michelle with Bad Cat Digital. And I threw JoyGenea for a little bit of a loop this morning. Really what was the loop cuz you texted me this morning at 6:30 and said I had this great idea let’s do a business plan in 15 minutes. So we didn’t know that my idea was this way I would have my business plan done in 15 minutes right and I just naive we assumed that we were going to make up a business idea and then write a plan and 50 minutes for the people could understand what they should think about when they’re start when they get a new idea. And in reality I love that you’re creative, creativity kicked in. I love that it’s so that’s what we’re going to do. That’s what we’re going to do so unfortunately JoyGenea’s not walk out of this session with her business plan written. She’s going to have to make her own time for that but what we’re going to do today is, today is we’re going to use a template and make a one-page business. And this is because business plans can feel super overwhelming, super official and like 75 pages long. Like there’s so much work and it stops people from pursuing ideas and if you are going to be applying for funding those types of things with your idea I always have everybody just start with the one-pager. You’re going to need more if you’re not starting from one page like get that out and it makes it a lot easier to expand because then you’ve done your thinking and now you’re just writing. Yeah, if you are planning or if you haven’t done your thinking yet it hurts of the one-page business plan she is about thinking. It’s also a great idea for people who currently have business is like JoyGenea and I to do annually, yeah just to make sure that we’re still on track with what we are wanting to do. So well and it helps to remind the team why we’re doing what we’re doing for just a year. I can start kind of my urine recap and my next year reboot yeah yeah. Is a good time of year to do it and if you are like me one of those like you have a gut response against doing something cuz somebody told you to, which is totally what I have to do. Do it in June it doesn’t matter pick a time that works for you that works for business that works for your seasonality some businesses are super slow and June’s other businesses are super slow in November with whatever pick whatever you want it doesn’t have to be the new year but it’s a good kind of reminder cuz everybody’s freaking talking about what 2022 is going to hold. Let’s just hope it’s not a dumpster fire in a dumpster fire like the last two years have been all I have to say is my husband watches a lot of sports and there’s all this pre-game stuff which I think is hilarious cuz I’m like what’s the point of any of the advertising many conversations for advertising. The first question is the business opportunity and we are going to talk about a soap-making business. We’re going to start a soap making business and we talked a little bit about the name and we’ll get to kind of industry analysis the second but we ultimately decided that we are going to name this soap business sudsy glitter very nice yes. What problem are we solving with this business? Like what problems do consumers have that we’re solving with glitter?  Able to take a shower with soap that’s going to leave them with additional glitter. I don’t feel like a body glitter inside the soap a little bit in your hair like on your face.

 

3:44

For some people this could be a need so glitter, glitter is something that I am adamantly opposed to that’s what’s making this even more funny for me to body glitter inside soap.

 

3:56 Identifying the business objectives

Okay got it so that you could have listened to much glitter. It sounds like a vampire in the sunlight all the Twilight. It is subtle and it encourages cleanliness so it’s like a toy. So it became some ways I could see a younger audience. All it becomes like a toy alright so our first question was what’s the business opportunity? What problem are you selling a challenger? Pain points really resolved for you and so do what challenges did your company solve? We make the soap we make and distribute the package.

 

4:41 Identifying the Marketing and Distribution of products. 

Market and distribute.So that means that we’ve got all kinds of logistical challenges with the marketing and distribution. So sometimes people like have a hobby like they like to make soap spray, so they think we’ll make a business out of it but aren’t thinking past that and that’s what this question does on making it and I’m packaging it and I’m working it and I’m just repeating it and I’m selling it right sales.

 

5:12 Making social networking for possible sales.

Do you think we have some Distributors possibly I think for Marketing sales and distribution I might for something like this. I might wrap them all together and stay at Sea would be the partner for this. Or some third-party or boutiques. Yeah maybe both. Maybe we start with one, we get the shipping down and then maybe we know somebody who has a clothing boutique or a gift shop for Florist along that way you know who is on your team and then why are they the right people to be on your team. So why are we the right people to do this primarily.

 

6:04

Because we know the importance of having just a little bit of body glitter instead of a whole kit and caboodle and yeah well. And because I am very creative and you are very organized and those two things go together really well. They do and I’m not saying that you are not creative and I am not an organizer you can’t be creative and I can’t be organized. We have good strengths but those are like natural yoke spots.

 

6:30 Knowing your team’s strength and weaknesses

Cancel that would be the other thing I would recommend to people is to really think about why somebody’s on the team and his available time is sometimes the thing that people grab on to like my kids board they can help me package stuff right. But that doesn’t that’s not a good long-term strategy it’s not on top of the fact if you have an enrolled them that the people that are on your team need to be aware that they’re on your team right and your expectation for them in that part and a free labor is part of your expectation of them they need to understand that and you need to understand what you’re asking yes and what you’re going to get for your you know I would bet we’d have in our case we have a little bit of the bad cat marketing team of course.

 

7:15 

And then I think I’d be enrolled because this is a new company. We would need an attorney to probably do a little bit of paperwork, an accountant to do a little bit of bookkeeping and then we’re for sure going to need it.

 

7:30 Hiring a reliable personnel for the new business

Well that can help us with the website Etsy that we were at some point going to need.

Shipping picking packing kind of partner. Whether so is that somebody just literally put things in bags, put things in boxes, tribution associates and maybe something to work toward maybe 2022. We want this business to be able to hire that person and if so you know maybe we save these, are kind of the hours or the things I’m just thinking. We have mutual friends that had a beard oil business and these are all like you shouldn’t see. What they would recommend is that they learn a bunch of these things so they’ll still be now on our team and they don’t even know it yet they’re definitely going to be a great conversation, yeah. We’ll get some more things there. Okay industry analysis, who are your competitors, what are some key factors related to being successful in your industry so Google. Random number one to go whatever you want to use but who’s your Google who are your competitors for business names before we came up with sudsy glitter yeah. Because there were businesses that were related to soap making for all of the other names that we came up with and we didn’t want to.

 

9:03 Competitive  Business is knowing the latest and classic trends

Fringe on anybody and we were not the only ones. We don’t want to depend on anybody but we wouldn’t ring for our name. If there was a more established Business ranking for that lie.  Competition and then we would check and see and see. But I would also say who else is making so what are the trends there’s a lot of soap makers of Tik-Tok. There’s a lot of soap tutorials on YouTube which are the most popular. What are the trends what’s showing up on the may be looking at some of the sales data on SD to see what’s the most popular colors; what do people call things; do all of those things can really help; how much should it be in. The story behind it. Yes I would say you know when you’re going into something like what we’re looking at which is kind of mitchi and get to you you know when people will gravitate to it for a couple reasons. One that’s soap they really like soap or their glittery kind of people and or they like the smell of. So yes, that sense is kind of that’s part of the story and people really are.. With that when it comes to something of this nature and thinking and the other thing that I think really really helps and I’m in an industry analysis because when I buy fancy soap it’s all about the packaging. Packaging should be an incredible differentiator like the box and the tissue paper and maybe some stickers, maybe a little piece of chocolate or something, maybe if it’s like beeswax to get like a little honey stick with it or right leg. A little extras that come along with it maybe we can put in the little phial of glitter. Maybe we partner with some form of a certain amount of your proceeds go toward yeah it’s a lady is a scary movie it’s like a fairy story and maybe it’s like a proceeds go to this. You know kid’s storytelling, yeah I think those are the kinds of conversations around industry analysis that you want to have. If you have a really clear understanding about what it is you’re trying to achieve you’ll have a lot of the answers. But that’s what you’re looking for, you’re looking holistically how did people do this and how are you going to do it differently, better the way that it makes it yours.  You still didn’t answer you do some Google search and so forth and then you went marinate right cuz you will probably have even more answers and keep adding to that and that’s why I was really important to revisit these overtime because you learn something new you know you figure out what works for you and what doesn’t and you’re going to add to this overtime so yeah that’s a really good one. 

 

11:35 15-Minutes Business Plan

When we say a business plan in 15 minutes, it’s about getting thoughts out. Yes, it’s about sketching out and outlining which is better than the nothing you have. Way better than the nothing you have right now and starts a longer conversation where and when you need it to start. Yes, okay next item on our list to go ahead with my fancy soap. And I would say mostly women have glitter and not all are not being prejudiced. Not all who make a target audience segment buyer personas an ideal customers look I close my eyes and I see a 28 year old.

 

12:38

I can also see Grandma buying it for the grandkids absolutely because I can and probably.

68 year olds I would say that I merely a I would save those of him going to marry Liam and in the middle.

 

12:59 Implementation of timeline

And with enough income to buy fancy soap because not everybody has enough income on his phone to buy a fancy soap. Implementation of timeline. Briefly didn’t put that word in this one roll out the business and which phase it will be involved. Well if it’s something like this I have to figure out I had to cost my time and I’ve lost my good cuz I have to set a price for myself and I have to make sure that my prices in keeping with my industry research so the first thing I have to do is make a fairly large batch of the soap. 

 

13:41 Time Study: Supplies, Production, Packaging, Distribution, Marketing, Sales

Recording all of the supplies all of my time all the way down to Packaging.

Getting in a box ready to ship I want to know how much does it cost me to make it and get it out the door at this like this level bare minimum at this level and then I can figure out how to price it I can you know start taking I can start making things making and taking pictures of things and getting it out of the market at what point in Phase 10 you’re kind of doing that or we documenting what we’re doing and are we starting to talk about it in social media or in Phase 1 is something like this or weed it’s merely an internal I think we’re documenting it and I think we’re waiting until we have a buying mechanism to start talking about it I like that because that’s right and I would like personal social media so I can see my auntie Channel what do you think yeah you know yeah yeah so I think the woman timeline perspective I would say we’re probably somewhere in the realm of three months of hard work away yeah. From Dean’s Market.

 

14:50 Research and Development of products

And then once that phase two that is being in the market yeah I am doing the lifting on that and you know you can. Either you can fulfill the last thing you want to do is get a thousand or just overnight that you can’t fulfill our supply chain absolutely don’t want to be a new little company right now but we also don’t want to just have what we need for right now and I want to put get a time in R&D because I always want new things being able to come out so I have to practice and I have you know put things into development so that I can have a new product release maybe I want to set a goal to have a new product come out every couple of weeks and that means that I always have to be testing out new sensory recipes new ideas

And that’s why we make a good team.

 

15:45 Strengthening marketing strategies to get good sales

What what you’d be creating them doing the R&D and billing other things and I’d be making sure that the other end of that things are actually going out the door to implementing a timeline you have a marketing plan channels and platforms that you will use to reach and convert your target audience will that’s I think why we start with Etsy thing I think long-term you need your own website and I think developing a social media platform and following is going to be absolutely essential I would focus on video I would focus on YouTube and they talk I would focus on maybe Instagram for some great sexy pictures of soap and that’s where I would what I would do perfectly kind of talking about the whole time if you could be at we have cut it wanders in their financial summary what is your cost structure and what are your revenue streams describe your fixed variable cost and how will you make money. Are your sales goals for the near future and the long-term structures and what are your revenue streams to our cost structure of our revenue streams we talked about and first is going to be at the in our website Ryan and that it’s going to be third parties.

 

17:04 Product costing 

Any other thing is and all of those all of those things cost actual money so make sure that’s about part of your costing yes everything is you the more you shop for the supplies for this the chief or they’re going to get right so you’re going to want to look at setting up commercial licenses for suppliers you don’t want to like Trot down to Jo-Ann’s and buy extra something right or Michaels or wherever your whatever your local craft store is you want to be buying in bulk you want to be you know you want to be doing all of that and then your time has value as well so I’ll tell you what somebody told me when I started business he said.

 

17:44 Making industry analysis

Take what you want to make it a year divided by the number of hours that you’re willing to work and that’s how much you need to pay yourself per hour he said you can’t say you’re going to make a hundred million dollars in 10 hours a week a good luck good luck good luck selling your soap from million dollars but I would say I would say that that’s a that’s a realistic way to do it and so if you need to pay yourself to pay your bills to live when you need to pay yourself $30 an hour then you need to cost yourself appropriately for $30 an hour and then you go back to the industry analysis and say is that really a realistic how do I make it value at that four people how do I make this. It’s value with that or how do I adjust my cost on the other side so I can continue to pay myself the salary I want yes well I do this and that’s one of the ways you figure out in one page if this is a viable business that can even lunch right sometimes you get to the I get to the bottom part of this. Like oh damn it was a good idea damn it was a good idea but I 5 to sell those soaps for $12 a bar I can’t sell them for more than 11 or 10 or whatever because the market just won’t bear it.

 

19:00 Turning your hobby into a business

And now I have a problem now we don’t have a business now I don’t have a business I have a hobby right and there’s nothing wrong with a hobby but just get that it’s not going to bring in revenue and you’re going to put a lot of time and energy into it and that’s fine that’s what he is. I don’t tell my quilts in this is why yes funding required this is an incredibly important one way to figure out what your startup costs are going to be we just said not too long ago three months is our timeline which means I need to live for three months that’s a start up cost because I have to put that’s three months full time yep so I need to live for three months without any income and there’s no guarantee of income for the first couple of months so maybe I do is look for a 6-month anticipate a ramped-up hear your message on Shark Tank you you know you until those moments that first years going to definitely. And this is where Partners come in handy by the way I need the start-up cost for a commercial sized amount of the equipment and the supplies Subspace the packaging materials cuz I’m the one of those in bulk and you’d figured those out over in the implementation so now you’re you can scale right so I basically need to come up with a number that says this is how much I need to basically start and it’s it’s not going to be in the hundreds and even in this moment I’ve kind of got a rough number that I’m going to put down on what I think it would probably be are you writing down 60 to $80,000 you said 45 you have different living.  You’re right I’m thinking of this on the set like I can do this but overhear your back hurt when you talk about location and stuff yeah as far as in the guest room space to be working on it. Even if you were going to be in the kitchen it’s a massive disruption to your garage so all of these things and I took a little longer than 15 minutes. We only went over by about 5 and we’re discussing it if you’re doing it in your own head.

 

21:19 Considering a financial partner

That’s your business plan that’s a template for a business plan and this exercise gives us understand viability gets us to understand next steps it gets us to understand if we need to get a financial partner yes or if we can sell fund ourselves capitalize this it’s something that we maybe have done on paper to show our partner to get their buy-in to enroll them in this idea and it we quit our jobs if snakes helpful time all of those things that’s what we just accomplished 20 minutes 15 minutes.

 

21:57 Hit that one page business plan

We highly recommend you hit that one page business plan will have a link where does one find yeah I was going to say where did you want to do just Google this cuz you have like three different ones here I did a nice little items for this the reason I like to this one cuz you brought two is because it had guiding questions for the sections the other one just had like section titles for those of us that have been running a business for a long time I thought that we challenge you to get your one page business plan done this week.