Business coach Requia Proctor joined us on CEO Chatter LIVE last month to discuss how to write your 6-part business plan.
Some of you may already have a business plan that you are working, but it’s always good to pull it out and revisit it. You may need to make some updates or changes, but for those of you who do not have a business plan, Requia’s tips are great for getting started.
Before we dive into things, here’s what your business plan should answer.
- What exactly is the brand?
- What does the brand want to do?
- Who is it trying to reach?
- What gaps does it fill in the market?
“If you look at a thoroughly planned out business plan that really has all the meat and potatoes it’s supposed to have in it answers to every single one of those questions,” says Requia.
Parts of the Business Plan as Suggested by Requia
Executive Summary: Your executive summary really kind of outlines everything else in the business plan.
Description: Your description is really going to go through who you are as an owner. Like, you started this business. What is it to you? Why did you start this business? What are your credentials for owning this business?
Marketing Plan: Then you have your marketing plan. This is where I strongly advise people to do your research and figure out the best way for you, simply because when it comes to marketing, it’s not cookie cutter for every industry. In certain industries, you will find that with marketing, it’s better to do it this way because for that industry, that’s what works.
Implementation Strategy: Your implementation strategy is really how exactly your organization is ran. Sometimes it looks a little more complicated if you’re a bigger company. That section may look more detailed if your plan spans a long time. Typically when I write business plans, my sweet spot is about five years.
Financial Statements: Your financial statements are going to be like your profit and loss sheet. It’s going to be your balance sheet, your sales forecast. I know with the ones that I do, I probably have probably anywhere between 15 to 20 different tables that I use to break down costs. That could be breaking down personnel costs. How much does each employee make overtime? And then I break all that down. What do sales look like for the first year, month to month, and then every year thereafter, breaking that up? The financial statements, I would say, are extremely important, especially for investors, because they want to know, “Hey, if I give you, let’s say, $100,000, how exactly are you going to use $100,000?”
Future Plans: Let’s say you’re in the beauty industry and you do lashes right now, but your future plans may include I would love to one day own a studio where I teach people how to teach how to put lashes on.
To better understand, watch the video above.
About Requia Proctor
All great people can attribute their accomplishments to moments in their life that defined who they are, or inspirational influences that paved the way for their successes. Requia Proctor is no different, and has no problem with giving credit where credit is due.
Most known as the small but loud business coach, she is an inspiration to many and a powerhouse to others. From her no nonsense approach to business and success, to her desire to see entrepreneurs succeed in a world that thrives on competition, she continues to pave the way and provide stepping stones and pathways for others looking to succeed. Although her successes are far from over, she is and will remain a voice to be heard in the business world.
In order to fully appreciate where Requia is today, you must first see how far she has come, and what stepping stones she crushed to get there.
As a born and raised Midwesterner, Requia grew up in a household that only accepted success, and took no questions regarding the matter. Sustaining excellent grades while also participating is sports and the local church choir were all just a part of growing up.
Requia became a mother at the age of 20, and took the traditional route of trying to climb the corporate ladder and still maintaining a level headspace as a parent. Although this is a path that most choose, this just wasn’t working for Requia. She saw something greater for her future, and she knew there was much bigger things for her to accomplish. Sitting in a cubicle just wasn’t going to make room for all of that to happen.
Refusing to accept the mommy guilt of working long hours for another company, Requia decided that the work-life balance she was seeking could only be maintained if she did the things she truly enjoyed. She already knew she had a passion for business, but she wanted to be able to share her knowledge and expertise with others. The helping spirit had never left her, and it was about time she showed it.
“Day after day my kids remind me that life should be lived to the fullest. What is it all worth if you can’t do what you love while also enjoying yourself. They may not realize it now, but they are the biggest inspiration in my life. I am an example to them, so why would I strive to be anything less than what I want them to be. Greatness is the only option!” -Requia Proctor
Packed with slight trepidation for what was to come but engulfed with the security in knowing she was following the path she knew she had to, she created Proctored Affairs Management. She decided to take all of the knowledge she had already ingrained in her being, coupled with business strategies she learned along the way, and paved the way for others seeking entrepreneur freedom.
Through this company she is able to coach, mentor, educate, and speak to emerging entrepreneurs and experienced business owners along their journey.
What started as a way to help local business owners she knew were in stressful situations, ended up being a way others could connect and relate to her. Requia has been fortunate enough to mentor and coach real estate chain owners, retail franchise operators, construction workers/owners, beauty professionals, and even hobbyists turn successful business owners. Along the way gaining more experience and leaving paths for others.
Requia continues to expand her goals and aspirations beyond what most see. She is determined to travel the world inspiring others and instilling confidence in owners. Her plans don’t just span the generations she will witness, but the generations yet to come.
Although Requia’s journey is far from over, she has proven to be a force to be reckoned with in business. Through setbacks and challenges she continues to show others around her that nothing is impossible if you have your mind made up on accepting nothing but success.
Requia currently has two children that keep her busy between baseball and band. Also a furry baby, of the pitbull kind, that refuses to be anything but her shadow. When not working Requia can be found handing out with her family, in her garden, reading and rereading romance novels, and being a food connoisseur. She really thinks she was a food blogger in another life.
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