Plans.

This week in my class, we learned about business plans. There was a lot more than I realized, as I have never written on before. I never had to as my business is just mine, and I have never needed or wanted investors. It is small and I like it the way it is. However, as I read about all the various things needed in a business plan, I saw the benefit of making one for myself.

I was asked to create a one page business plan for my "big idea" and the "$100 challenge." I am grateful for the assignment. It allowed me to put down some very real goals, and some plans and steps on how to achieve them. I won't be sharing my business plan with anyone, but I believe it is a good thing for me to have created. It is a growing and living thing and can and will change as the year(s) go on. My needs and expectations for myself and my business can also change. That is the beauty of it being my business. It has the flexibility to be what I need it, when I need it.

I am excited about the $100 challenge and creating a fundraising opportunity each year in order to give back to the world around me. The business plan helped me fine tune my thoughts on how I was going to proceed with my fundraiser. It also helped me get an idea of how I can make this a permanent part of my business. I am looking forward to seeing just how much I can create with $20 of raw materials to donate to the charity of my choice each year.

Names.

Names. Names are incredibly important in helping create our identity as individuals as well as in business. As a parent, I took incredibly care in finding the right name for each of my children. It wasn't an easy task, and one that took more than a little time to consider. When one wants to name their business, they should take the same kind of care with it. It helps create your identity. This week, I read an article that talked about the importance of naming your business. It was an article written by Philip Davis called  "5 Company Naming Mistakes that Can Kill Your Startup." Recently, a friend asked me for help in naming her new business. She was following into a few of the mistakes that the article warns against. I am excited to share the article with her so she and her business partner can avoid those mistakes. I am also going to keep the information nearby as I search for names for different product lines I want to develop in my own business. I am going to be aware of them as I work on my $100 challenge for my class. As I have narrowed down what I want to do, I will need to create a name for the product/campaign that I will be promoting. I need to be mindful of the naming mistakes that could be an obstacle towards reaching my goal for the project.  

New Year, New Goals

The new year is always a time to reflect about where we are in our lives, where we have come from, and where we want to go. This January, I enrolled in a Small Business Creation class to help me find a way to jump start my business. I have put my business on hold the past few years, only doing minimum work on it, as I was busy adjusting to my new life as a single mom. Now that I have gotten my footing, it is time for me to take back my business to where it was before and make it even better. 

One of my assignments has me reading Dave Ramsey’s book, “The Total Money Makeover.” It is a book that tells its readers that it is a “proven plan for financial fitness.” I know that it is normally a book for personal finances, but I believe it’s principles will be of great value to my business as well.  It teaches you to use the resources you have and to not go into debt. As I am getting ready to relaunch my business, it is tempting to go out and purchase new tools and glass colors. I shouldn’t do that, but instead look at what I already have and create with those supplies and tools. If I need some new tools, then I need to sell tools that I have and am not using to finance the new ones. Debt should not be an option that I consider. I would rather grow slow and be debt free.

I will also be participating in a $100 challenge in which I will take $20 and create a business or product and see how much profit I can make. The goal is at least $100 which we will donate to other small business entrepreneurs. I am finding it to be a tricky challenge, as I can’t have a “fake business” when I already have my own, so I am trying to come up with the way I can do the most good in creating the highest amount of profit to donate. I am trying to decide upon a fundraiser where I donate my profits over a specific time period, or if I create a specific product that I will donate the profits from. 

The class also asks us to keep a journal of our journey through the class as I way to help us learn and grow. I know that this will help me along my journey because it will help keep me find a way to focus my thoughts and energy into what will hopefully be the best path for me to take.