Episode 49: Quick Intro To Business Plans
May 19, 2022

Stepping that out, planning that out in a business plan is really going to help you do that. It also serves as a primary guide on how you will structure and allocate your resources.

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Hi, I'm Dr. Melva you're board certified radiation oncologist, and serial entrepreneur and investor. Welcome to the 1% code podcast. I help top income earners create multiple strings of income to support the career they love or the one they want to love. Again, learn more on the 1% code podcast. Hello?

Hello. Hello. I am Dr. Melva you're board certified radiation oncologist, wife, and mom of three. Serial entrepreneur and investor, and I help other top income earners create multiple streams of income to diversify their wealth portfolio, to trade those golden handcuffs in for true wealth, with a diversified portfolio, let's get to the topic, which is the importance of a business plan in entrepreneurship.

So I was thinking about this topic and you know, which direction we could really go with this and how can I really serve you the best? I want to put a couple of things out there. One they're different levels of a business plan. Okay. So when you were going to the market and you are learning, or you're looking for funding from the small business association, for example, to get funding for your business, they want to see kind of a cut and dry business plan, and there are different levels.

So it's okay. I'm going to buy a franchise or wanting to start my own practice, or, you know, I'm going to use the money this way. Kind of a big picture, maybe who's going to be involved. And then there's the very detailed business plan where they want actual numbers. So for business plans, they can ask you for projections.

So sometimes they want a 12 month projection. When you're doing a business plan, sometimes banks for funding or investors want a two year projection. So the type of business plan that you'll be required to have. As an entrepreneur, will they already, depending on what your business is. Okay. So when you're getting into the franchise world as multi franchise owners, our business plan is pretty much, Hey, look, we're going to follow the franchise.

We're going to use this money for marketing employees. And it's more of a breakdown of what's. When you're doing a startup, so something that's not already established. So let's say you have your own coaching business, or you're starting a brick or mortar. They want a lot more details in your business plan.

So when we talk about business plans and entrepreneurship, you really have to differentiate. Between the purposes. Is it a business plan for the express purposes of funding? If so, it's going to be tailored to why you would need the money and really demonstrating what the bankers like to see after we've underwritten several deals.

And I suggest you do the same. You see what the bankers want to see? They want to know the personal. You know your skillset, why they should really invest with you, even for other investors. So that's going to go into the business plan. That part of that is that you have an idea of why you need the funds, what's your going to do with the funds, the different categories.

It's a business plan for yourself. Like when you're starting a business, that's a little bit. That's more of, okay, what are my revenue goals? What are the milestones that I will have in my business to achieve these? What are the things that I'm lacking in my business that I need to add? Do I need team members?

Right. So there's different levels of business plans. And you know, I've seen anything from like a one to two page simple business plan submitted before. All the way to like 24 and a hundred plus, right. Just depending on what it is, but even starting, even if you don't know what type of business plan you need for what it is that you're doing in your entrepreneurial journey, having a business plan really forces you to think about the money and think about the numbers.

And we always talk about return on investment. He performance indicators, right? So having a business plan will allow you to see what challenges you may have and plan for that. And then having a business plan also helps you to see what kind of help you need. So if you have a product or service, but you haven't figured out all of the costs associated with that product or service or what other third parties you would need to deliver.

Stepping that out, claiming that out the business plan is really going to help you do that. It also serves as a primary guide on how you will structure and allocate your resources. Okay. And then a business thing can be the single most important factor that will present that you can use when you're going to the bank, when you're going to other investors, because there's a structure.

And when you have it together, like I'll never forget the first business plan that my husband. When we first got into real estate investing, the bank was like, well, where's your business plan? So of course we had no idea what it was at the time. And at that point we essentially Googled to figure out what we needed for the business.

Google can be your friend. I'm telling you, like before you have that experience, you can just like fake it till you make it right. And so the business bank can really be your most important factor to present to your investors or bankers. And it provides the structure and confidence that they need to make a decision about your funding.

So if we weren't able to Google or find a simple starter business plan, why would they give us any money for a real estate? Like they would've thought we didn't know what we were doing, you know? So it's kind of like proof is in the pudding. Honestly, a lot of bankers, I feel like they've asked me for things and they know I've never done it before and they really want to see like what I'll do, right.

I'm going to ask for help. And I suggest you do too. If you haven't done. And then finally a business plan can really be your plan of action. Okay. So by laying out milestones, you set goals that you can achieve in short, mid and long-term goals. So a business plan can be your vision board for where you see your entrepreneurship going, you know, your, your biggest dreams.

Like they say the big, hairy, audacious goals, right? Like bee hags. If you haven't heard that. And to do that, to determine first, when to figure out whether you have a solid business idea, if you're going through a business plan and you're struggling, you may not have a solid business idea. Right? So planning that out, doing the research, having that document ready is really going to set you up for success.

So. Was that helpful? Did you learn something? Let me know your takeaways. I don't know how many of you are at the stage now where you're doing a business plan. Have you done business plans before? I think a big part of business plan is that you, again, really have to know like what the purpose is. Okay. So there won't be any large project that you're going to do where you won't be required at some point to do a business.

So if this is your introduction to business plan, I hope this is helpful. Thank you so much for listening to this episode of the 1% code podcast. I'm your host, Dr. Melba until next time. Thanks for listening. And for any of my fellow physicians listening today, I have a free gift for you. Nine business. For busy physicians to get your hands on it.

Just go to Melvin free offer.com again, that's Melvin's free offer.com in the M E L V A S F R E E O F F E R.com. If you enjoyed this episode and you like to help support the 1% code podcast, please share with others post about it on social media, leave a rating, and I would love your five-star review.
Are you a busy physician looking to build additional income streams?
Get my 9 Business Ideas for Busy Physicians here —> www.melvasfreeoffer.com

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