Much of what we learned this week was about writing a business plan. A business plan is crucial for any business. It charts the course for your business. Your plan should be specific enough to clearly describe where you are going and how you are going to get there. You need to determine your goals and objectives, and clearly identify these, as well as marketing plans/objectives. The plan needs to identify any financial needs as well as financial projections.
One thing to always remember when writing your business plan is that this should serve as a living document, not just a piece of paper that's casually read and collects dust in some obscure corner of your office. Make your plan, follow your plan, and when needed, update your plan. With that perspective the business plan has become something crucial in my mind, and it is.
$100 Project Update
I've identified several goals that I hope to accomplish by the end of this semester. I will write up 8 project documents before April including, "How to make a solar cell phone charger", "How to make a survival Crossbow", "How to make a full auto rubber band gun", and "How to make paracable." With these and four additional projects I hope to achieve an 8.25% conversion rate, and a 7% referral rate. If I can keep to this plan I'm confident I will reach my goal of raising $100 profits (marketing fees - project costs) by the end of the semester.
I've ordered materials for the Solar Cell Phone Charger, and the paracord projects which cost $15. With these I will be able to create two of my eight projects and create 36 links. If I can finish the first project by the end of next week I will be on track with my goals.
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