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Key Steps to Writing a Successful Business Plan | Grow with Google - YouTube
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ever wonder what goes into a business
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plan then this video is for you
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[Music]
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[Music]
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i'm keisha mabry haymore a grow with
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google digital coach
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having a detailed business plan is an
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essential part of starting or growing a
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company and guiding it towards success
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not only does it inform investors banks
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and stakeholders about your business but
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it also gives you and your team a better
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vision and strategy for achieving your
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goals
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today we'll go over what you should
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include in your business plan
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start by creating a high level overview
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of company details
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write out your business's name where
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your company is located what product or
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service you sell what industry you're in
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who your target audience is and what
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your goals are
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add short bios for the most important
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people in your company such as
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management advisors or the board of
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directors
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describe how their skills and background
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will benefit your business
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make a chart that also shows everyone
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who works for your business and who
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covers what roles
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for example if you are opening a bike
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shop who is the mechanic who handles the
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front desk and cash register etc
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of course
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maybe your business is just you
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think about if you plan on hiring more
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people and include these roles even if
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you haven't hired someone to fill them
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yet
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next
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write an analysis of your industry
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including its size and any trends you've
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noticed
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this can be as simple as doing a google
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search and looking at google trends to
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see what people are looking for
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now consider who your competitors are
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and what you have to offer that they
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don't
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why do you think there's an opportunity
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for you in this industry
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describe your target demographic
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including geographic information
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for instance your demographic might be
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young women living outside of big cities
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who care about sustainability
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do some research online to find out how
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big this market is
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for example how many followers do
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similar businesses have on social media
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explain how you'll meet your audience's
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needs including key differentiators in
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other words what problems can you solve
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that your competitors don't what key
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techniques will you use to do this
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make sure your business plan includes
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important details that you'd like people
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to understand about your product or
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service such as unique features or
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special customer service
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make note of any research and
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development you've done or plan to do
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next detail how you're going to promote
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and advertise your business and how
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you'll make sales
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explain how your marketing will
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introduce your product or service to
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your audience
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which marketing channels you'll use such
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as social media search and display ads
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and email marketing and what your
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strategy is for each of these channels
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for example if you are running a
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restaurant you might create a cadence
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for posting photos of your daily
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specials
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for sales will you rely on partnerships
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distributors an online store physical
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storefronts or salespeople
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list the steps you've already taken and
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what still needs to happen
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state what funding you need now
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how long that funding can maintain your
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business
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and what funding you'll need in the
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future
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give a breakdown of what the money will
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go toward like startup costs operational
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costs research and design salaries
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hiring growth and so on
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write out your financial information
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including your projected monthly and
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yearly sales numbers broken down by
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revenue source
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you should also include projected income
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statements balance sheets capital
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expenditure budgets and monthly or
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quarterly projections for the first year
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if you're an established business show
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the past five years of these statements
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next list what milestones your business
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must hit to be financially stable
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identify when you might take a loss and
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when you expect to break even or gain a
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profit
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you can make your financial information
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easier to understand by using simple pie
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charts bar graphs and other imagery for
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more information about growing your
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business
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be sure to tune in to our other videos
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and subscribe to our channel you can
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also keep learning on the go with google
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primer app or check out our google
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career certificates for job ready skills
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you can put to work
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see you next time
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