by aniewee_. Posted on Sep 11, 2020    2    3

Ok I’m starting a small business with my friend and I have no clue what to do. All I know is that I need to start a one year budget and advertise my product. What tips can you give to add in the business plan?


BigSlowTarget 1

You first need to learn what you need to learn. Based on your question it is going to take a few steps until you understand what is going on and then know what you need to do.

Businesses are driven by customer needs. You need to identify your customers, find out what they want, figure out how to make or get it, figure out how to tell them you have it and figure out how to deliver and support it. While doing that you will need to implement accounting, tax reporting and manage legal/liability issues.

Your one year budget is one element of that and it does summarize many of the activities of the business because most of them have some cost impact but there are many that it doesn't catch because they are impossible to accurately reduce to a single set of numbers.

I would recommend your business plan (and so budget) emphasize how you understand specific customer needs, your product(s) and how you will get to them. You will need to include proof (to yourself) you are making a profit on the products and know how they will get to you and out to the customer. You will want to think about burn rate (how fast you will go through cash as you start) and how much financing you have. You will want to think a little about support or returns. Your business plan will inevitably change as you implement and it will have a different structure depending on who is using it (and for what). An operational business plan is probably where you need to start and it is for you to make the best guess about how things will work.

cybersaint2k 2

Like they say on shark tank, you are here too early.

We can't invest in something we know nothing about. And that you seem to know nothing about.

Even the information you are giving us that you "know" could be wrong.

Here are many, many templates for business plans in MS Word. Fill one out.

JaySayMayday 3

I have no idea what type of business this is or any other necessary information such as a budget or anything. You're asking this sub to set up your entire business from the ground up, without even giving any details about the business. If you want to know more about a business plan, Google the keywords "business plan."