Archive for April 11th, 2007
Nikki writes: I saw you mentioned that you’re working on an article about business plans. I’m working away on my business plan as we speak, and I’d love to read that article before I wrap up the final draft.
Nikki actually sent me this note last month, and the article is now out, in NAFE Magazine, published by the National Association for Female Executives. Sometimes they put the articles online, but this time they did not. It’s a no-no for me to run the article in its entirety here, but you can find it here. And here are some of the do’s and don’ts that didn’t make it into the online version:
Do…
- Flesh out everything but the executive summary of your plan first: the numbers, the competition, the industry trends. If you write the executive summary first, you wind up with a vaguer, weaker document.
- Toot your own horn. Don’t be afraid to promote yourself. It’s not bragging. Leaders list their achievements — plain and simple. Investors will want to see this.
- Be clear and concise. Ensure each section of your plan stays on topic. You want to make it easy for an investor or advisor who’s just skimming it to find the information they need.
- Obliterate all industry jargon from your plan. Likewise, nix all superlatives and adjectives. Prove you’re unique without having to come right out and say so.
Don’t…
- Say that you have no competition. Customers and investors won’t buy it. If there is nothing else like it out there, there probably isn’t a market for it, say the experts.
- Fudge the numbers or present only best-case financial scenarios. Use reliable numbers that are as recent as possible. Investors will challenge your numbers anyway, so you need to be able to defend them.
- Try to hide your weaknesses. Instead, include a “challenges that keep me awake at night” section in your plan to address the bigger hurdles — and your ideas for resolving them.
- Write a tome. If you’re writing a business plan for yourself (as opposed to investors), it can be as short as 10 pages. If you’re writing a plan for investors, keep it under 35 pages.
Some resources that can help with a business plan:
- SCORE.org. Free or low-cost business classes and one-on-one consulting throughout the U.S.
- The Planning Shop. All kinds of bestselling business planning books. They’re also the people behind TitleZ, a highly addictive site for us publishing types.
- Springboard Enterprises. A nonprofit that educates women on landing business funding. Great free resources on their site. (See the Learning Center section.)
- Venture Architects. A woman-owned consulting firm that helps those seeking financing write better business plans.
- Are business plans really evil? After you’ve read all the “rules” from the aforementioned experts, check out this take on more fluid, informal business planning from BootstrapMe — especially valuable if you’re not seeking any big fat financing.
[Tangential note: Nikki and I agreed that English majors should really take some business classes in college so we don’t have to play catch-up in our twenties and thirties and forties when we decide we want to work for ourselves.]
UPDATE: Since I first wrote this post, the article’s been posted online. You can read it here.
If you have a question you want the Cubicle Expat to answer, send it my way.
April 11th, 2007
The anti 9-to-5er: Kristen Fischer, Manasquan, NJ
My job: I am a copywriter working for myself. I run KristenFischer.com. Recently, I wrote Creatively Self-Employed: How Writers and Artists Deal with Career Ups and Downs. You can learn more at CreativelySelfEmployed.com.
What makes my gig anti 9-to-5: I work whenever I want to, usually regular business hours. But most of all, I have the freedom to set my own schedule and work on projects that I like.
What I did in my former 9-to-5 life: I worked as a reporter and then tried to decide if I wanted to use my degree in environmental science as a communications consultant for an environmental company.
How I made the anti 9-to-5 leap: Built up some business, then switched to a part-time job while I strengthened my business.
My biggest obstacles: The hardest thing for me was dealing with being alone. I liked being around people and having fun at work, so I now have to make more of an effort to be social.
My tips for other cubicle expats: Learn about business. Especially if you’re doing something creative. Many times people think they just have to be good in their skill and that’s it. But if you want to be self-employed, you also have to be apt in marketing, communications, and accounting, to name a few.
What’s that link again? KristenFischer.com and CreativelySelfEmployed.com
Have an anti 9-to-5 tale to tell? Just fill out this here survey.
April 11th, 2007
The anti 9-to-5er: Erin Blaskie, Ontario, Canada
My job: I am a virtual assistant or online business manager. My business is called Business Services, ETC and I started it in 2004.
What makes my gig anti 9-to-5: As a virtual assistant, I get to work from home each and every day and avoid the near mandatory 1.5 hour commute to a decent-paying job. I am my own boss and I get to set my hours, take vacation when I want, and stay at home with my dog, Molly.
What I did in my former 9-to-5 life: Before I took the plunge to self-employment, I was working as a public relations advisor at a private college. I did that for one year. Previously, I worked for one year as an accounting clerk at a company that provided batteries and before that as an administrative assistant for eight months.
How I made the anti 9-to-5 leap: I began my virtual assistance (VA) business as a part-time business that I ran when I came home from my full-time job. I set a goal of being self-employed within one year, and within six months, I had a client offer me a contract that paid better than my current salary. Luckily for me, beginning my VA business took very little in terms of cash. I actually was able to start it immediately because I do web design and I had an office setup already.
My biggest obstacles: My biggest obstacles when I first started was finding clients. I had no clue where to find people to work for/with and it took me a few months to figure that out. I also was quite clueless when it came to pricing and I didn’t set my prices very high in the beginning.
My tips for other cubicle expats: I would say that you need to look for someone who is willing to give you that ’start’ you may need. I had one client who offered me some security while I was setting my business up, so I definitely think you should always have some sort of safety net. Be prepared to work a lot and try to get really clear on what you want right from the beginning.
What’s that link again? Business Services, ETC
Have an anti 9-to-5 tale to tell? Just fill out this here survey.
April 11th, 2007
