Business Plan Tips

For the past two month (July & August) I focused on my Entrepreneurial training Program that was offered by NLBWA "National Latina Business Women Association " from Orange County.

This has been one of the best business courses I've taken. This program was in partnership with SBDC (Small Business Development Center) http://www.sba.gov/sbdc/and Cal State Fullerton and sponsored through Citi Bank.

During my first few months of being in business, my SCORE consulant http://www.score.org/, suggested that I have a business plan. 3 1/2 years later I finally have one!... Why didn't I have a business plan before ? Like most other business owners, an entrepruner has so many hats to wear (marketing, PR, Photographer, book keeper, accountant, CEO, web master, buyer, janitor, sales, writer, designer,....) Handling all of the above is very overwhelming; adding anything else takes away from your business. It is very easy to say when I'm I going to have time? This year, I finally told myself that I had to focus and complete my business plan.

What a major accomplishment, the experience, the research, analysis and learning how to use the software was so beneficial for my business. Through this experience, I cleaned house, organized everything, I remained focused and I set time lines for everything that I needed in planning for my family and business. It was truly an awakening experience, now I plan on making some major changes.

My experience with this project was really intimidating and overwhelming. As Linda Pinson, author of Anatomy of a Business Plan (A step-by-step guide to building the business and securing your companies future) explained (pictured to the right) you have to take each segment at a time. When you take each segment Executive Summary, Organizational Plan, Marketing plan, and Financial Documents it makes a difference. The examples from the book as well as the software really provided so much information and insight. Many, many hours was spent reading, researching, editing and thinking, thinking, thinking.... the results provided much confidence and ability to deal with every weakness head to head. There were many moments that were extremely demanding and caused so much pressure. (Daily life challenges of running a business and caring for ones family while trying to squeeze time for this project). Nothing comes easy as an entrepreneur.

My tips for anyone one whom has a business or thinking of it is make time for your business plan. The books and software by Linda Pinson are very reasonable priced (English/Spanish) and their examples. Linda provides an outline of a business plan. All the research will open your mind so much...it's amazing how empowered I felt after this course. This experience will provide you will tools in order for you to survive, grow and seek opportunities. As Nike says "Just Do It".

In addition to completing the business plan, we also had to present an oral presentation to a panel of 5 judges. The 19 page business plan was then condensed with into a 10 minute presentation with 5 minutes question and anwers. More pressure on thinking about what needed to be projected while also allowing me to show my product and talk about my strengths and how I was going to address the weakness. The truth is no one is perfect, everyone has their strengths and weakness. I was not afraid to share my weakness with the panel. I realized that there are so many other people like me with the same phobias.

I must "Thank" the following people for all their help in accomplishing this major task. Thanks to Linda Pinson, author of Anatomy of Business Plan http://www.business-plan.com/pinson.html
. She took time in assisting me and showing me how to use the financial work book. Once Linda explained the softward, I felt so confidant in utilizing her book and software. The financial software was incredible... it was like magic. You input the information, and the numbers start appearing for other financial documents. Ms Janet Cronick, Ultimate Gifts www.ugpromo.com (Past president of NLBWA for her sound advice,) and Alicia Macial. Alicia was our moderator for our course and is a Harvard graduate. Thanks to my wonderful entrepreneur friend Tanya Zabalegui from Crafts from Argentina www.craftsfromargentina.com Special, special thanks to my loving husband that kept our little ones busy on the weekends. I know I would know have accomplished the many things these past few years with out his unconditional love and support.

What a deal this program was!..... We paid $100.00 for this class, we received these wonderful tools plus we also had a fellow member bring in her delicious Mexican food every session. Our Last session was held at Mortons. What a BARGAIN!!!! Another added incentive is that our the class consisted of 35 people. We competed with one another. 5 individuals will be selected at the Nordstrom event celebrating Hispanic Heritage Month selected to recieve $1, Wish me luck!....

Stay tuned as Addy's drives away in the Addy mobile with sparkle and bling.