For those of you just joining us, here is a convenient link to our Part 1 of this 3 part series.
Now that you have written out your business dreams, let us work on building a strong foundation for your business.
Step 2: Proper Filing and Inventory Costs
- How much money do you have on hand to invest in your business for the next 3 years? I know, this can be tricky to answer and sometimes is not the type of question we want to even think about. But, let’s really consider how much will you need to invest in your business to maintain where it is and where you want it to be?
2. How much time do you have available to devote to start building your business each week in 2016? Take a moment to think about every aspect of your life. Think about the time you need to set aside for family, church, hobbies, friends, etc. Now, you also need time just for yourself and to sleep, after all of this, how much time is left?
I understand that these aren’t easy questions, but that is why we are breaking this down into four manageable pieces. We don’t need to be overwhelmed while making important decisions about our business.
3. Have you filed the necessary paperwork? Not every business has the same requirements.
- Different levels to consider:
- City: business license, taxes
- County: business license, taxes
- State: sales tax, business name, type of business
- Federal Government: IRS, EIN (employee identification number)
For those of us who don’t already know the answers to these questions, here are few resources for you that may help!
VendRaleigh hosts educational workshops in the Raleigh, NC area.
Wake Tech provides educational workshops and classes in Wake County, NC.
Secretary of State website urls all in one convenient place.
Google your local universities and business related non-profit organizations to find out who is providing workshops and classes in your area.
4. How much does each individual product or service cost to create? This question may seem tedious; but take your time, write out each item, then break down what it costs to create each one.
This amount may include: the time it takes to create each item (just like paying an employee), any shipping costs, permit fees, patent fees, editing fees, printing or manufacturing costs, filing fees, and individual piece creation costs incurred prior to you creating the finished product.
This will not include the following costs: packaging, shipping costs to your customers, marketing the product/service, time updating website, time posting out to social media, etc)
Congratulations, you are half way through creating your business plan for 2016!
I would like to thank my editor, Kari Campbell, for helping me with my grammar and clarity!