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The Right Way to Build Your 2022 Business Plan As the last couple months of 2021 approach, it's time to start thinking about how to reach even greater heights next year.
By David Partain • Oct 22, 2021
Opinions expressed by Entrepreneur contributors are their own.
One thing that never changes is the fact that having a great plan for your organization is essential. Even after you open your doors, you'll continue to analyze, tweak and perfect that plan in order to improve operations. With the pandemic creating so much uncertainty, building a plan for 2022 may feel more difficult than in the past.
However, there's some good news. Sticking to a few key points will take some of the edge off.
1. Identify your assumptions and biases
Most business plans are built around at least a few assumptions. For example, you might assume that you have to follow a specific set of regulations or that you're the right person to run the organization. One thing I've learned in the investment world is that even though cycles repeat, nothing ever goes strictly to plan. What you assumed will happen can be very different from what actually happens.
Take a look at your assumptions from the previous year. What held up? What didn't? More importantly, why didn't they hold up? If you can answer that question, then you can avoid repeating the same mistakes. If you've never built a plan before, then try to identify the biases that could create problems. In either case, give yourself some breathing room and remember that life happens.
Related: How to Build Your 2021 Business Strategy in the Face of Uncertainty
2. Look at your results
Sometimes, your results are very different from expected. This is not necessarily because you did something right or wrong, but it can be because there are so many moving parts involved. Look at what you ended up with, and let those results give the business some direction. For example, if you find that people bought twice as much of a product as you thought they would — and market conditions and attitudes haven't changed — then it would make sense to invest more into that product for the upcoming year. Be discerning about what actually caused your results to know whether they're anomalies or real, long-term trends for the company. But don't start blind.
3. Create some projections
Projections tell people what you're committed to. For instance, you might say you're going to spend $500,000 on advertising or $1 million on Project A. That's very attractive to investors and shareholders who want to know that you know where you're going. In one of the companies that I started, these kinds of projections helped me find partners. If you're both honest and bold enough, your projections can mold your circumstances and influence the support you get.
Projections also acknowledge foreseen issues and anticipate circumstances to keep you prepared. To demonstrate this point, when I started a small business in the FinTech sector, I didn't project that I'd need more funding. I didn't look at what would happen if the stock market really took a dive. I just assumed that everything would work. When venture capitalists asked how it would work financially under different scenarios, I didn't really have an answer for them. When trouble hit, I had no plan for how to survive and the business went under. If I would have outlined what to do in different scenarios, then I might have been able to keep my doors open.
Always look at your best and worst-case scenarios, work with different people across departments, and create projections that paint a realistic picture of the company.
Related: How to Have Meaningful End-of-Year Vendor Meetings — Virtually
Business plans have to be somewhat fluid because both the market and the world change incredibly quickly. Be ready to respond and pivot. You can apply these same three points every time you need to create a plan for your organization. Just start early, define who you are, and make your commitments. The sooner you can clarify your identity and intentions, the faster great things can happen.
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CMO of FlexShares
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How to Write a Business Plan, Step by Step
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1. Write an executive summary
2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. add additional information to an appendix, business plan tips and resources.
A business plan is a document that outlines your business’s financial goals and explains how you’ll achieve them. A strong, detailed plan will provide a road map for the business’s next three to five years, and you can share it with potential investors, lenders or other important partners.
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Here’s a step-by-step guide to writing your business plan.
» Need help writing? Learn about the best business plan software .
This is the first page of your business plan. Think of it as your elevator pitch. It should include a mission statement, a brief description of the products or services offered, and a broad summary of your financial growth plans.
Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.
» MORE: How to write an executive summary in 6 steps
Next up is your company description, which should contain information like:
Your business’s registered name.
Address of your business location .
Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.
Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.
Lastly, it should cover the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.
» MORE: How to write a company overview for a business plan
The third part of a business plan is an objective statement. This section spells out exactly what you’d like to accomplish, both in the near term and over the long term.
If you’re looking for a business loan or outside investment, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.
For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and how much you think sales will increase over the next three years as a result.
In this section, go into detail about the products or services you offer or plan to offer.
You should include the following:
An explanation of how your product or service works.
The pricing model for your product or service.
The typical customers you serve.
Your supply chain and order fulfillment strategy.
Your sales strategy.
Your distribution strategy.
You can also discuss current or pending trademarks and patents associated with your product or service.
Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.
Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.
» MORE: R e a d our complete guide to small business marketing
If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.
You may also include metrics such as:
Net profit margin: the percentage of revenue you keep as net income.
Current ratio: the measurement of your liquidity and ability to repay debts.
Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.
This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.
» NerdWallet’s picks for setting up your business finances:
The best business checking accounts .
The best business credit cards .
The best accounting software .
This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.
List any supporting information or additional materials that you couldn’t fit in elsewhere, such as resumes of key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts and personal and business credit history. If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.
Here are some tips to help your business plan stand out:
Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well. Providing unreasonable sales estimates can hurt your chances of loan approval.
Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.
Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. You can search for a mentor or find a local SCORE chapter for more guidance.
The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.
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Tips for 2022 Business Planning and Goal Creation
One year ago, as organizations were starting to plan for 2021, pretty much everyone threw up their hands and said, “There are too many unknowns with COVID-19 to even try to plan!” Now, driving toward 2022, we feel like we can see a little more clearly… starting to visualize life after COVID-19, though admittedly through a bit of a haze.
That haze continues to make planning tough. Is Delta winding down… what about MU or other variants? Is business travel coming back? What about returning to the office? Sooner… later… never? Suddenly, it starts to feel like late 2020 again.
But we have to plan! We owe it to our employees, customers, capital providers, and to ourselves.
Planning provides an opportunity to reexamine our business strategy, performance drivers and the internal and external forces impacting our business. Planning is never perfect, but it enables us to be better prepared for the inevitable challenges over the coming year.
Here are several recommendations for 2022 planning:
Whether you call it budgeting, planning or forecasting, putting together a picture of what you expect the next year to look like usually comes down to numbers… orders, sales, margins, expenses, profits, etc. As you look at 2022, keep the following in mind:
- Scenario Planning: It has long been a best practice to consider a variety of alternatives when looking forward. Many terms are used, but the most common practice is to consider the MOST LIKELY case, an OPTIMISTIC case, and a PESSIMISTIC case. In the past, it was not uncommon to consider a range of outcomes +/- 10-20% different from the MOST LIKELY case. If COVID-19 taught us anything, it taught us that the potential range of outcomes is much broader than that. As a result, for 2022 we recommend considering a wider range of possibilities than normal.
- Government Assistance: Based on the large amount of funding already provided and the increasing concern about government debt, we recommend assuming NO additional government support in 2022, even if things slow down again.
“we recommend assuming NO additional government support in 2022”
- It’s not just the P&L: Many organizations prepare just a P&L budget, but this ignores consideration of cash flow and balance sheet impacts. We have seen cases where significant projected P&L growth would require cash or credit facilities well in excess of what current capital providers can provide. Run the P&L projection through the balance sheet and cash flow analysis to anticipate additional funding needs. Don’t forget capital purchases!
- Focus on people costs: We generally see 70-90% of operating expenses being comprised of people costs. In spite of that fact, when it comes time to make hard decisions as part of a planning process, we see the focus often shift to other costs. “Oh, we can save money on office supplies,” or “We can cut back on unnecessary travel expenses.” If you find that you will need to make significant cost reductions to prosper or even survive, you will have to follow the money and look carefully at people costs. Don’t plan on another round of PPP. Alternatively, if you’re forecasting significant revenue growth, don’t forget to account for associated increases in number of people and costs. Key areas to consider include:
- Sales commissions
- Sales support staff
- Warehousing, shipping, and receiving staffing costs
- Back-office operations staffing costs
In addition to budgeting, many organizations use the 4th quarter to set goals and objectives for the next year. Here are 4 hints for completing that process:
1. Keep consistent with the budget
As you plan new initiatives, make sure that their financial impacts are captured in the financial plan. Evaluate and prioritize now. Aligning what you will commit to do with the dollars in the budget is an iterative process. Make sure you evaluate priorities over the course of the year so you maintain flexibility and can adjust if market conditions or planning assumptions change.
2. Focus on people costs
Some organizations will not be looking to cut people costs, but instead will be looking to staff open or new positions. Finding and keeping good people is very challenging right now. A few ideas to help in this area:
- Don’t lose your A players. Pay them what they are worth and give them more challenging assignments. Build this into your budget.
- Eliminate tasks that don’t add value. What are you doing that you don’t need to do? When I took over as fractional CFO for a company that previously had a full time CFO, I took a critical look at the voluminous reporting package that took days to complete each month. After surveying the recipients of the report, I determined that only one spreadsheet, that could be completed in a matter of minutes, was being used. We stopped doing the rest.
3. Give yourself a full 12 months
It is an annual plan, not a first quarter plan! We see many goals and objectives heavily front loaded to the beginning of the year. Invariably, all of those things do not get accomplished that quickly. Prioritize and be realistic about when various initiatives can be accomplished throughout the year.
4. Incorporate technology
Take a look at your goals and objectives for the year. If they do not include a healthy dose of technology initiatives, go back and revisit. Companies that are not focusing on technology either to improve customer experience, to better support decision making, or to reduce costs run the risk of being left behind in the marketplace.
Need an objective look at your 2022 business plan and goals? Fahrenheit’s experienced advisors work with companies of all sizes across different industries to help them map the straightest path forward. Reach out to us now at [email protected] .
About the Author
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Blog / Small business tips / Small business planning tips for 2022
Small business planning tips for 2022
As we move into the third year of the pandemic, small business owners face some uncharted territory. There have been new mandates and supply chain issues, shifting work processes and changing consumer demands. As a result, SMEs and entrepreneurs must rethink and adjust how they do things to remain relevant.
Recent business decisions have been largely reactionary as companies worked to keep up with disruptions. But after nearly two years of uncertainty, adaptations to the way we work may mean the worst is behind us. As you return to pre-pandemic standards of operations, you can set yourself up for success in 2022 with good business planning.
There’s no guarantee of what “business as usual” will look like in the next year. You will likely have to analyse and adjust as the year progresses. But having a blueprint in place from the start can set you up for success. In fact, the right planning will let you work toward your vision with informed direction and ensure your company continues to thrive.
Whether you’re starting a new enterprise or seeking to stabilise in the wake of recent events, follow these tips to plan for a successful 2022 business year.
Table of contents
Revisit your business strategy, create a calendar of important dates, assess and improve your workplace culture, automate business processes, optimise your accounting processes, review, pivot or create a new marketing strategy, wrapping up.
Even at the best of times, the economic and competitive factors that affect your company can change rapidly. You always need to be ready to adapt to new circumstances and stay on top of industry trends. And that starts with a good business strategy.
Your strategy acts as a road map that clarifies where you’re going, so it’s a good idea to review it regularly. Start by taking a good hard look at how your existing strategy may or may not still apply. Then take the following to update it for the current climate and the coming year.
1. Set clear business goals
You may need to adjust your objectives based on what’s changed for this year. Have you gained or lost market share? Clients? Set goals that will help you grow your business in light of these changes.
Conduct a SWOT analysis to figure out where to focus your attention. Analysing your strengths, weaknesses, opportunities and threats in the current market will help you set meaningful goals for the year. Consider each element:
- Threats. Similarly, identify any threats you face. Are there new scams or fraud attempts you need to be aware of (such as circulating COVID schemes that prey on small businesses)? The recent hiring shortage or unstable global markets may also pose threats to your business. Understanding the threats you face will help you avoid or overcome them.
Top Tip: Knowing how to recognise common scams is essential for protecting your company. Learn what to watch for in our guide to keeping your business safe from fraud 💡
Once you’ve done your analysis, you’re in a good place to set new objectives for your business. Set smart goals that will build up current strengths and turn around weaknesses. Put plans in place for addressing threats and taking full advantage of opportunities.
2. Review your business plan
Business planning should be an ongoing process. Continuous planning is especially important in a year where the market is still stabilising. Does your business approach still hold up in light of your new goals? If you’re already an established business, regularly reviewing your plan will:
- Keep you on track to meet your goals and targets
- Help you prioritise as you make key business decisions
- Give you a benchmark against which to measure your progress
- Drive your business strategy
Periodically revisiting your plan will let you see when you’re off track and take corrective action sooner with regular reviews. Consider doing a big review at the beginning of the year. Then, follow up with check-ins every three to six months.
Top Tip: A good business plan is key to successfully launching any business. It’s the roadmap that lets investors and lenders know you’re a good bet. Find out what you need to include in your plan with our complete guide to writing a business plan ✍
3. Develop a budgeting process
Cash flow is always a top concern for small businesses. Recent changes to the market and the workplace mean you’ll need to give it special attention in 2022. A budgeting process gives you an overview of your revenue and expenses.
Once you know where you stand, use your new business goals to determine the most efficient use of funds. Take a moment to consider the big expenses you anticipate this year and budget accordingly.
For instance, your company may be facing decreased revenues and increased costs. You’ll need a budgeting process that helps you make decisions and prioritise spending to keep costs down. If one of your goals is to tap into an emerging market, you may decide to set aside a bigger budget for advertising within that segment.
Going into the year organised will help you keep things running smoothly. One of the best ways to do this is to create a calendar of all your important dates.
Start by establishing times for recurring administrative events. These might include new client calls, regular team meetings or recurring operations tasks. Find times that work for each of these and schedule them as repeating events.
Next, consider major dates that you don’t want to lose track of. These might be important investor conversations, media appearances, conferences or networking events. Make sure they get on the calendar and that they stand out to ensure you notice them.
Finally, keep your finances on track by including key tax- and accounting-related dates on your calendar (with reminders!). Being aware of key deadlines will help you plan ahead and maintain a good cash flow. It will also save you from penalties for late filings or payments. Be sure you include things like
- Tax registration deadlines. Depending on the type of business you run, you’ll need to register with HMRC for either Self Assessment tax or Corporation tax. And depending on your income, you may need to register for VAT. These registrations are one-time events, so you only need to note them if you’re just starting in any of these categories.
- Tax return due dates and payment deadlines. Self Assessment and Corporation returns are due annually, as are the payments.
- VAT reporting and payment deadlines. These generally happen quarterly, so you’ll want to make sure you’re tracking these every three months.
- PAYE registration and remittance deadlines. If you pay employees through payroll, you’re responsible for registering for the PAYE scheme each year. You’ll also need to plan on reporting and paying taxes and benefits monthly.
Top tip: Taking care of your accounting and tax obligations on time is vital for keeping your finances strong. Learn what you need to know in our guide to key dates for 2022 📣
The office landscape has changed dramatically over the last few years. From a suddenly remote workforce to a small business labour shortage, workplace cultures are undergoing major changes. Prepare for it by analysing your current situation. Then develop workplace policies that support employee retention and wellbeing.
Establish return-to-office protocols
If you’re still working remotely but planning to make a return to the office (or start a hybrid working model) in 2022, how will you make sure the transition is as smooth as possible?
- Create a safe workplace. What protections will you offer employees against viruses? How can you comply with local mandates or expert suggestions?
- Stay flexible . Determine who’s required to be in-office and establish means of allowing employees choices where possible.
- Establish channels for communication. Clarify how you’ll stay in contact with employees and customers. How will you conduct meetings and training? To what extent will you welcome customers back to your place of business?
Respond to remote working trends
Employee expectations are shifting. Remote work is now seen as a desirable benefit for many employees. At the same time, without guidance and boundaries, the blurred lines between work and home life can lead to burnout.
Be aware of the trends in what employees want and how remote work is playing out in your industry. Then make plans for an optimal experience in your company. Talk about things like expectations around hours and availability, how you’ll communicate and who will be in the office when.
Also, with an eye to recent history, make contingency plans for global disruptions. Even if all or most of your employees are back in the office, have remote and/or hybrid work models in place to minimise the impact.
Top Tip: Protecting your own wellbeing is just as important as protecting that of your employees. Learn to manage the pressures related to running a business in our guide to managing entrepreneurial stress and anxiety 🏆
Save yourself time and money this year by finding ways to simplify and streamline your business processes. Identify repetitive tasks from last year, or any you expect this year, and review them for automation. When you automate processes, you save time and reduce the chance of errors.
Look to technology to help. Digital solutions like project management software, electronic reminders, automatic messaging and accounting software are quickly becoming standard across industries. Consider whether a digital solution could transform the way you handle recurring tasks like:
- Social media posting
- Employee onboarding
Top Tip: Automating employee onboarding is one way to make your business processes more efficient and thorough. As you build out your process, make sure you’re aware of all the legal requirements that go with it. Learn everything you need to know in our legal guide to hiring employees 🌟
Improving your accounting proficiency is an easy way to increase your cash flow. Take time as you plan for the year ahead to note financial deadlines and due dates. But don’t stop there. Consider eligible business expenses and initiatives as well.
If you’ve got regular costs that qualify as tax deductions, track them now. They’ll reduce your overall tax bill at the end of the year. And in some cases, you may be able to claim them in advance and withhold money along the way.
You should also review recent initiatives to see if there are any that apply to you. Do you qualify for small business COVID recovery plans or tax extensions? Take advantage of those that will keep your business financially stable.
Top tip: It’s crucial to keep accounting processes running smoothly to protect your cash flow. A Tide business account has features to help you automate, from invoicing and flagging overdue payments to forecasting with free cashflow insights 📌
Just like with your business plan, it’s a good idea to review your marketing strategy regularly. Going into 2022, you’ll want to evaluate what’s working with your existing strategy and make changes that fit the fluctuations in your market. Even if you’re starting from scratch, consider the following questions:
- How will you attract new and existing customers for the new year?
- How will your marketing plan help you achieve your goals?
Continue the strategies that were a strength for your company and make updates where needed. The following steps can help you adjust things that aren’t working and prepare for future market changes.
1. Place your finger on the pulse of customer needs
Do your research and learn about general customer service trends for the new economy. For example, more business is being conducted remote and on the go. So optimising your site and online offerings for mobile use is going to be more important. What other technology advancements might present opportunities for better customer service?
You can also stay relevant to your audience by speaking directly to your customers. Find out what they need and how you can solve their problems in 2022. Survey clients to pin down your demographics. Has your target audience changed in age, geographic region or company role? Run surveys or test groups to find out how they’re struggling.
2. Prioritise the right channels
Take a look at what worked in 2021 and what didn’t. Did certain campaigns perform as expected? Or even exceed expectations? You may find your video marketing wasn’t as strong as you’d hoped, but guest posting in industry publications created good buzz for your business. Maybe you’ve seen competitors grow their market share by producing regular podcasts on topics your audience cares about.
Do your research on the best performing channels for your industry. Decide which marketing activities you’ll double-down on this year and which you will experiment with.
3. Create your marketing content calendar
Once you know what channels you want to target, get organised around how and when you’ll use them. Decide where your top original content will debut. Also, think about how you can repurpose that content to fill other channels.
Create a strategy for what content you’ll release. Then add to your calendar when you’ll publish articles, when you’ll follow up with social media messaging or when you’ll sponsor content in key publications.
Once you’ve prioritised content creation, document your dates. That may mean simply putting the due dates into your Google calendar with reminders. Or, for more robust content plans, you may rely on task management tools like Asana or Trello to keep everyone on the same page and moving forward.
Many businesses are approaching 2022 with more caution or different tactics than they thought they would a year ago. Unexpected changes don’t mean you can’t move into 2022 with confidence and every intention to prosper this year.
If you start planning now, you can keep your company’s approach agile. You’ll be prepared to better serve your customers and capture a greater market share. Thinking ahead will help you make this year productive and set you up for business growth in 2022 and the years to come.
Photo by Mateus Campos Felipe, published on Unsplash
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10 Best Businesses To Start in 2022
As time goes on, trends change.
There are always the traditional businesses that will still be relevant years down the road but here are ten of the best small business ideas for 2022.
Importantly, a critical step in starting any successful business is to complete your own business plan. Research has shown that companies who create and update their business plan on a regular basis are twice as likely to succeed. To help you out, download Growthink’s Ultimate Business Plan Template here .
Download our Ultimate Business Plan Template here
Most Profitable Small Business Ideas for 2022
1. social media marketing agency.
LinkedIn has over 500 million users with employers spending more than $40,000 per year per employee for LinkedIn profiles and endorsements. Many companies now rely on social media marketing agencies to create, optimize, and maintain their presence on all of the most popular platforms including Facebook, Twitter, Pinterest, etc.
This is an ever-growing field with new networks popping up every day that require attention from web experts who know how to connect with target customers through social media.
Providing a social media management service or another digital marketing agency are great online business ideas because they are in-demand services that can be highly profitable.
2. Senior Care Services
As the Baby Boomer generation continues to age, demand for senior care services is only going to increase due to improved life expectancy and improved medical technology allowing people with diseases such as Alzheimer’s and Dementia to live longer.
Businesses like Home Instead and Comfort Keepers provide temporary and long-term help with daily activities like housekeeping and meal preparation in the comfort of the client’s home. Placing trained caregivers in seniors’ homes will require a reputable agency that screens potential employees thoroughly and trains them extensively before sending them into homes. This is yet another in-demand service with increasing profits.
3. Organic Beauty Products
People are becoming more aware of the ingredients used in skincare, haircare, and beauty products. Many people prefer to use natural products when possible for this reason. There is a growing market for organic beauty products that can be found in stores like Whole Foods, online at iHerb, or its own ecommerce business.
This idea is in high demand because consumers want natural beauty without harmful chemicals and entrepreneurs who develop natural products can meet this need.
4. Healthcare Consulting
A healthcare consulting business will always be in demand as the number of regulations within the industry increases. This is an especially important industry considering that healthcare costs are rising significantly due to increased regulations and service demands. Hospitals, clinics, and other medical facilities will need consulting services such as data analysis and quality assurance.
This type of business is in high demand because it assists the healthcare industry to meet federal requirements efficiently and effectively while increasing profits for clients who can afford these types of consulting fees.
5. Healthy Fast Food
Millennials are looking for convenient food options made with fresh ingredients and served quickly by friendly employees so they can eat fast without compromising nutrition or taste. Healthy fast-food chains like Sweetgreen, Cava Grill, Freshii, etc., are popping up everywhere to fulfill this need for healthy convenience foods. Many Americans do not have time during their busy workdays to prepare lunch or make a stop at a restaurant before heading home. These entrepreneurs are in high demand and they can make a lot of money selling healthy fast-food meals.
There is always a demand for writers who benefit from ghostwriters because it takes years to perfect the craft of writing and many people don’t have the time or patience to hone their skills before publishing a book.
This type of business is in high demand because there will always be people willing to pay an experienced writer to produce literary gold, especially if they hire a ghostwriter who has experience with the topic at hand and knows how to market that specific genre effectively.
RELATED ARTICLE: Business Plan Template
7. Translation Services
Translation services for websites, newspapers, brochures, legal documents, etc., will continue to be important as more people and businesses explore global opportunities and international trade becomes more common. Many online marketers rely on social media for advertising; therefore, they need the text of their website to be translated into languages that will appeal to different regions.
This small business idea is in high demand because there is a growing market for translation services as people become more aware of global opportunities and technological advancements make it easier than ever before to benefit from those opportunities.
8. Auto Repair Concierge
Auto repair shops have notoriously long wait times for appointments due to the sheer volume of work needing to be done by hand. An auto repair concierge service could efficiently handle vehicle repairs, parts distribution, car detailing, etc., so the time a customer spends waiting can now be used more productively.
This great business idea is in high demand because although the auto repair industry is strong, there are still many people who cannot afford to spend their whole day at a shop waiting for repairs and don’t want to risk hiring someone they don’t know and trusting that person with their car.
9. Freight Trucking
While manufacturing continues to be an important part of the economy, imports and exports play a huge role in the development of markets worldwide. For this reason, freight trucking will continue to be in demand as international trade increases exponentially over time.
This business idea is in high demand because it benefits international trade by making it easier for businesses to transport goods internationally without relying on ships or planes, which can take a long time and cost a lot more.
10. Beer, Wine & Liquor Stores
Craft beers and microbreweries can be found in most regions of the United States and they continue to draw a loyal following from customers who are willing to pay a little bit extra for fresh, full-flavored beer that is made locally. This demand for local breweries will only increase as craft beer becomes more popular.
In addition, wine connoisseurs will always have a place to purchase their favorite wines with rare vintages being released every year. These types of beverages sell well in restaurants, bars, concert venues, etc., so this trend is expected to continue.
This small business idea is in high demand because people who appreciate a good beer or wine will always be willing to pay a little extra for higher quality; this means there is a good chance the small business owners who make the effort to find it and sell it will benefit financially.
The demand for all of these services has increased over recent years, mostly due to technological advancements that have made global trade more common. These are just 10 of the most profitable business ideas or businesses to start in 2022 to help inspire any entrepreneur. We have a library of business plan examples to help you get started with any business venture!
Whether entrepreneurs plan on opening brick-and-mortar locations or they would rather create small companies that offer online services, there are plenty of opportunities out there to get involved with profitable industries. As long as people have access to technology, there is no danger of any of these types of businesses falling out of favor.
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The Thriving Small Business
Tips And Tools For Small Business Owners
2022 Business Planning – 6 Things You Should Be Doing Now!
November 10, 2021 By Patricia Lotich
Estimated reading time: 5 minutes
We have managed to plow through another year of pandemic confusion, mandates, and changes in how we manage our businesses.
The good news is that it seems the worst is behind us, and we can look forward to continuing our business journey.
We’re a few weeks into the 4th quarter, and I thought it might be helpful to talk about those things your organization can be doing now to plan and prepare for next year.
I am a firm believer in the old saying, “If you fail to plan – you plan to fail”.
There are no truer words in business, as sustained growth rests on an organization’s ability to plan and budget toward the vision.
Now is a great time to be meeting with your leadership team and discuss the vision and strategy for next year.
So, what 6 things should you be discussing?
1. business strategy.
It is no secret that the economic and competitive business climate changes rapidly, and keeping up with those changes is challenging at best.
Every organization should invest the time to strategize and plan for predictable and unpredictable business changes.
For example, try to figure out what stands in the way of where your business is now, as compared to where you see your organization going, and then map out a plan to get there.
Do a SWOT analysis and think about your strengths, weaknesses, opportunities, and threats.
Then, consider how you can strategically address your weaknesses and threats while building on your strengths and new opportunities.
Running a business is very much like playing a chess game. You have to anticipate others’ moves so you can make the right moves and ultimately win the game – it’s all about strategy!
For instance, if you are in the restaurant business, the past two years have not been your friend.
Take the time to think outside the box and figure out ways to serve the public while keeping them safe.
2. Business Goals
The changing economic climate makes it even more important than ever to stop and take the time to plan and strategize.
No matter the size, every organization should take the time to strategize and write goals .
Well-thought-out and written business goals provide the roadmap for organizational success.
Written goals incorporated into a structured pe rformance management process are how organizations get things done and move to the next level.
For instance, let’s say you have a restaurant that has struggled to survive the pandemic. Meet with customers, employees, and managers and determine SMART goals for attracting and retaining customers.
Many organizations are struggling with decreased revenues, increased costs, and an unpredictable business climate during the pandemic.
Develop a budgeting process that supports the organization’s vision so your business can not only survive but grow.
You want to control spending and invest resources into those things that affect the customer experience .
Think about those big-ticket items that are likely to hit your organization in the next year and put a plan and budget in place so you have the available resources when needed.
For example, if your employees are working with outdated equipment that is beginning to affect the customer experience, now is the time to map out a plan to get that equipment replaced.
An example of this could be anything from outdated software, hardware, or aging production equipment.
When you are proactive and think ahead, you will have the necessary resources to eliminate a customer service nightmare down the road.
4. Customer Focus
We all know that there is no business without customers, so it is important to incorporate customer needs and expectations into business planning and strategy.
Develop a customer service strategy and spend time talking to customers. Or solicit customer satisfaction data so your organization can offer products and services that not only meet but exceed customer requirements.
The goal is to create a wow experience, so your customers not only come back but tell others about the great things your business does. The wow moment is the secret sauce to business success.
5. Employee Involvement
Don’t ever underestimate the value of engaged employees.
The 4th quarter is also a great time to look at your employee census, review and modify job descriptions, update employee expectations, and develop employee goals based on organizational strategy and business goals.
Talk to employees and continually look for ways to keep them engaged. It will be time and money well spent.
Without customers, there is no business, and satisfied customers depend on great employees who are engaged with the organization.
Your employees take care of the customers, so be sure to take care of them!
6. Emergency Preparedness
The climate of our planet has changed as evidenced by the extraordinary weather patterns these past few years.
The 4th quarter is a great time to review your emergency preparedness plan and ensure your organization is prepared should something unexpected hit your business.
Knowing what to do and how to respond in the event of a disaster is simply good business management.
Challenging Times Makes Planning Even More Important!
No one could have predicted the likes of the pandemic that businesses had to endure. Changes in how services were delivered, and sanitation procedures were unprecedented!
The challenging business climate is forcing business owners, executives, and entrepreneurs more than ever to think about what they are doing and how they can sustain and grow their organizations.
There are no secret formulas, but good planning coupled with strong performance management and fiscal responsibility is a great way to start the new year.
Have you mapped out a plan for next year yet?
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Your 2022 Business Plan: It’s Time to Start Strategizing
Photo credit: eakgrunge/iStock / Getty Images Plus via Getty Images
What is your single greatest business goal for 2022?
If you don’t know, it’s time to start thinking.
If you do know, it’s time to start planning.
For a lot of business owners, October isn’t exactly a time of new beginnings. There is a tendency to see this final quarter as our last big push for the year. We’re getting through hurricane season, wildfire season… preparing for the season of burst pipes and ice dam damage.
You might be fantasizing about taking a breath, taking a break and starting fresh. But if you’re like most business owners, setting a New Year’s resolution for your business is the furthest thing from your mind.
It shouldn’t be.
This is the perfect time to start planning for 2022.
You don’t have to create an in-depth business plan just yet. But you do need to have eyes on the future. Here’s why:
Why You Can’t Wait Until January
When I talk about your 2022 business goal, I am talking about your One Big Thing.
The One Big Thing (OBT) is the biggest move you can make over the course of the next year to accelerate your business growth . This OBT should be rooted in your company’s greatest strengths and current opportunities.
Maybe you want to revamp your entire marketing strategy . Or perhaps you want to introduce a new service that could double your revenue. Maybe you’re realizing your mission, focus and company culture needs an overhaul.
Now, the thing about an OTB is that it takes time to pay off. The effort you put in today won’t yield results for three, six, or even twelve months.
If you wait until January to identify your one biggest goal for 2022, guess what happens?
You spend January identifying the goal and creating a strategy to reach it. You spend February sharing your vision with your team and gathering their input. By the time Q1 is up, you’ve only just gotten started. Soon, you realize that your 2022 goal is going to have to be a 2023 goal.
Start now. Get clarity for yourself, share your vision with your team and start setting things in motion. By the time January rolls around, you and your staff will already be moving toward that One Big Thing.
How to Identify Your Top Priority for Business Growth in 2022
Your big goal for the new year could be one of many things. A few common OBTs for growing businesses include:
- Implementing a new, more efficient system
- Expanding the team
- Expanding the territory
- Optimizing marketing strategy
- Improving client services
- Revamping mission, vision and/or company culture
A SWOT analysis can help you focus your attention on the areas where you are most likely to see the biggest payoff. If you haven’t done a SWOT analysis before, I’ve created a free tool that can help you generate one.
A few other things that will help you zero in on your priorities for 2022 include:
- Asking your mentor or advisory board for their input.
- Inviting input from employees — particularly those who have demonstrated an active interest in contributing to business growth.
- Reviewing client feedback to learn more about your strengths and weaknesses, as well as their values and unmet needs.
- Asking yourself:
- “What is the greatest obstacle to our growth?”
- “How can we tap into our strengths to overcome that obstacle?”
- “What opportunity are we neglecting?”
- “How can we build on our greatest strength?”
- “What do the numbers say about our performance? Should we focus on increasing leads? Improving lead close rates? Developing more efficient systems to increase our profit margins?”
Odds are good that choosing one central mission for 2022 will be the hardest part of this process. You probably have several goals for your business.
Don’t worry. Once you identify your top goals, look at each one and ask one more question:
“When we succeed at this goal, how will that success set us up to attain other goals?”
For example, implementing a new system will also have the effect of improving customer service, boosting morale and increasing profit margins.
Consider choosing the goal that comes with the widest ripple effect.
The Steps You Need to Take Right Now
So you’ve nailed down your OBT… now what? How do you set yourself up to hit the ground running in 2022?
Pinpointing the goal is really the biggest challenge. Your next step is to move toward it.
First, write it down. Be as specific as you can. How many new team members do you want to bring on and by when? What numbers do you want to see from your new marketing strategy?
You get the idea.
Then, communicate your goal to the entire team. Make sure everyone knows what the big priority is for 2022 and how their role plays into the overall vision.
Once everybody is on board, you can start strategizing together. You may even be able to start putting those strategies in motion before the next quarter.
But even if all you can manage to do in these next couple months is to identify your goal, commit to your goal in writing and share it with your team, you’re in a much better position than you would have been if you’d waited until January to decide on that next big step for your business.
Just get moving now. This time next year, you’ll be so glad you did.
Share This Story
Founder and CEO Idan Shpizear grew 911 Restoration through perseverance, ingenuity, and good business sense. With his friend and business partner, Peleg Lindenberg, Idan’s success with 911 Restoration has flourished and he is now a successful entrepreneur, business leader, and innovator, with over a decade of experience transforming small, struggling businesses into successful, large ones with his unique perspective and drive.
Idan is a uniquely experienced leader with complex public and corporate enterprise management skills. Backed by this history in entrepreneurship, Idan understands 911 Restoration and continues to grow the brand through the success of franchisees nationwide. In a continued commitment to provide the best support in the industry, the 911 Restoration leadership team places a strong emphasis on developing a corporate team of quality people who focus on excellent service, fairness, mutual respect and living the Fresh Start Attitude. Idan has created a mission to build a fresh start culture that provides people with the highest customer experience and better future throughout all of his brands.
You can purchase Idan's latest book here .
View his YouTube channel here .
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Top 5 Business Planning Tips for 2024
- Nico Apfelbaum
- November 7, 2023
Table of Contents
The past couple of years have been anything but predictable when it comes to business planning, from drastic shifts in buying preferences and overwhelming demands, to shorter supplies and a more constricted supply chain..
The pandemic only exacerbated business challenges, which resulted in production disruptions and logistical bottlenecks, and next year may not be very different when it comes to conducting business in a stable environment.
Navigating such a tumultuous business environment using traditional methods may not be as simple as creating an annual business plan for the upcoming year. With such drastic changes happening at any given time, continuous business planning will be the best way to navigate this uncertain business climate.
Business Planning vs. Forecasting
There are generally two types of business planning: planning and forecasting. While planning is forecasting, forecasting is not necessarily planning. Here is the difference.
The goal of business planning is to outline a road map for the organization that can be executed, including:
- The organization’s goals and objectives
- An outline of each step and timeline to complete outlined goals
- Defined responsibilities detailing who is responsible for completing each objective
Business forecasting, on the other hand, is evaluating the progress and direction of the business plan, in the current conditions, to better shape your decisions. Forecasting helps pinpoint where an organization needs to focus the most.
5 Business Planning Tips to Best Prepare for 2024
Below are five business planning tips to best help you prepare and plan for 2024.
#1: Define Your Business Goals
It does not matter the size of your organization. You should take time to write down a few important business goals that you would like to achieve in the upcoming year. They do not have to be extravagant, but they should be specific, measurable, achievable, realistic, and timely (SMART).
The clearer the goals, the more likely you will stay on track to complete them. Defining your business goals creates the ultimate roadmap for your organizational success in 2024. You can rely on them to keep you anchored on what’s important, which will help you successfully achieve them.
#2: Create a Flexible Budget
The past two years have been challenging when it comes to sticking to a budget, let alone accurately creating one. Whether you have to circumvent rising inflation, increase in the costs of material and labor, or just plan around an unpredictable business climate, it does not mean you should skip the budgeting process. It just means you may have to be more flexible with how you allocate funds to best support your organization’s vision so that you aren’t limited to just surviving, but you can also grow.
When creating a flexible budget, consider what you are spending and investing in, and which resources most affect your customer’s experience with your organization. Take big-ticket items that will hit your organization the following year into account when creating your budget so you will be able to have and allocate resources as needed.
#3: Be Customer-Centric
You have likely heard the saying: the customer is always right. That is because, without customers, a company can’t survive, let alone thrive. Your business plan for 2024 needs to incorporate your customer’s needs and expectations from your organization, which could include creating a good customer service strategy or speaking with your customers to compile their satisfaction data and provide new products or services to better meet and exceed their needs. Remember that your customer is your biggest marketer and advertiser. So, how can you make them loyal to your organization?
#4: Get Your Employees to Buy-In
Have you ever considered how well your employees are engaged or bought-in to your organization’s product, services, and mission? Having their buy-in and engagement can often result in improved customer satisfaction and employee retention.
It’s always good to be in constant communication with your employees. Their feedback helps you review and modify job descriptions, update employee expectations, and develop employee goals that align with your business objectives and strategies.
#5: Prepare for Emergencies
If there is one thing that the pandemic has taught us is to be prepared for (economic, public health, structural, etc.) emergencies. Whether it is extraordinary weather patterns threatening your organization’s property and production, or a pandemic that limits employees from gathering in a physical location, creating emergency plans is an important part of business planning.
Create Your 2024 Business Plan
Businesses have been challenged to creatively plan their sustainability and growth in the unusual conditions of the market. While there may not be a secret formula, a good business plan is only as good as its execution and fiscal responsibility.
To best prepare your business for 2024, you should take some time to create an annual business plan and frequently forecast the direction of your business’s plan, goals, and progress.
At Apfelbaum Law, we versed in business law, which can help you navigate your business plan, forecast, and any legal matters that may arise in the future. Apfelbaum Law can be your legal team and advise you in either business transactions and contracts, as well as business litigation.
Contact us today to learn more about how we can help you with your business’s needs.
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Follow these steps to write a business plan
Why do you need a business plan, start writing your business plan, business plan templates and tools.
How to Write a Business Plan
Noah Parsons | Oct 27, 2023
Writing a business plan doesn’t have to be complicated. The more you know about what goes into your plan, the easier it will be to write.
In this step-by-step guide, you’ll learn how to write a strong business plan that’s detailed enough to impress bankers and potential investors while helping you start, run, and grow a successful business.
Follow these eleven simple steps and download one of our free business plan templates to make writing your business plan quick and easy.
1. Start with a one-page plan
Outline all of your important business details with a simple highly focused document that's easy to complete and update.
A one-page business plan is a succinct, high-level overview of your business concept, key objectives, and strategy for success. It serves as a roadmap that outlines the essential details of your business and its operations in a clear and concise format.
Common components of writing a business plan include a problem and solution statement, an outline of your business model, target market, competitive advantage, a breakdown of your team, and a financial summary.
The one-page plan is where you will outline all of your important business details with a brief and focused document that’s incredibly easy to update and expand. Despite its brevity, a one-page business plan can be a powerful tool that provides a clear vision of what you aim to achieve and how you plan to do it. It’s not only a foundational document for your business operations, but also a persuasive tool when pitching to investors or potential partners.
You may even find that it’s all you need to run your business.
2. Summarize with an executive summary
To make sure that people will actually read your business plan and understand your business—you'll need a brief but thorough introduction to that is both convincing and easy to digest.
The executive summary is the first, and possibly only, thing investors, employees and anyone else will read. It should provide an overview of your business operations, strategy, and goals within one or two pages. While it does come first in your plan it should be the last thing you complete—after you have written the other parts of your business plan.
Despite its brevity, you will still want to include several important pieces of information when writing your business plan executive summary . These include the unique product or service your business offers, the market it targets, and why it holds a competitive advantage. It establishes both high-level facts like the company’s vision and mission statement , as well as previewing technical details like an overview of financial projections or funding request.
3. Describe your products and services
This is where you describe what you are selling and how it solves a problem for your target market. Any other information, like initial traction or patents, should further demonstrate how your product/service stands out.
Is there actually a need for what you plan to offer?
Whether you’re selling products, services or both, this section is where you will detail not only what you provide, but also how your offerings solve problems your customers are dealing with, the value you provide and how your solution sets you apart from competitors. It is also where you can show you have a solid grasp of logistical details like pricing and distribution.
To truly showcase the value of your products and services , you need to craft a compelling narrative around your offerings. How will your product or service transform your customer’s life or work? This narrative will draw in your audience, whether they’re potential customers or investors.
Above all, it is the area when writing your business plan to really showcase the value of your products and/or services.
4. Conduct a market analysis
When creating a business plan, spend time researching the market you’re entering to identify emerging trends and hone in on what is attainable– your ultimate goal is to be able to define your ideal target market.
This is likely to be one of the most time-intensive steps in writing your business plan. It requires developing a comprehensive assessment of the environment you plan to operate in. Especially if you’re writing a business plan to secure a loan or investment, you will need to show that you understand the dynamics and trends in the market.
Conducting a marketing analysis involves segmenting your market based on demographic and psychographic information. These are attributes like their age, income level, interests and habits. Your target market is the specific group of people who are most likely to become your customers.
The goal of this section is for you to paint a clear picture of who your ideal customers are , determine if the market is viable for your business, and back up your claims with supporting information. If you were to present this part of your plan to an investor, they would hopefully have no questions about who your business will be serving.
5. Conduct a competitive analysis
Everyone has competition and you should show that you understand who they are and how you compare as part of your business plan.
Part of defining your opportunity is determining what your competitive advantage may be. To do this effectively you need to get to know your competitors just as well as your target customers. Every business will have competition, if you don’t then you’re either in a very young industry or there’s a good reason no one is pursuing this specific venture.
To succeed, you want to be sure you know who your competitors are , how they operate, necessary financial benchmarks, and how you’re business will be positioned. Remember, this will likely be something you revisit and update in the future as the competitve landscape shifts and changes.
6. Outline your marketing and sales plan
This section describes how you plan to reach and sell to your potential customers, what your pricing strategy will be, and what marketing activities you will use to make your small business successful.
The marketing and sales plan includes how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. This section should give a clear picture of what your growth trajectory looks like, the milestones you intend to achieve, and how you plan to measure success.
Your marketing strategy should align strategic goals with concrete marketing activities that aim to engage your target market and persuade them to purchase your product or service.
The sales plan should clearly estimate how much you aim to sell, and provide actionable steps to achieve those goals.
Together, these specific plans paint a picture of how you will not just connect with your target audience but how you will turn them into paying customers.
7. Describe your business operations
How will your business run day-to-day? You'll want to have all the necessary details in this section to show that you have an understanding of how you'll produce and maintain your product or service.
The operations section describes the necessary requirements for your business to run smoothly. This includes elements such as inventory, supply chains, equipment and technology, distribution, and manufacturing. In short, this section is where you talk about how your business works and what day-to-day operations look like.
Operations do not cover your business model and organizational structure. Instead, your operations and distribution are tied strictly to execution and help further fill out how you will achieve your goals and objectives.
For businesses without a physical product, you can use this section to describe the technology you’ll leverage, what goes into your service, who you will partner with , and any other factors that keep your services running.
8. Track milestones and metrics
While not required to complete your business plan it can be incredibly useful to map out key business milestones and the metrics you’ll be tracking along the way.
A good milestone clearly lays out the parameters of the task at hand and sets expectations for its execution. You’ll want to include a description of the task, a proposed due date, who is responsible, and eventually a budget that’s attached. You don’t need extensive project planning in this section, just key milestones that you want to hit and when you plan to hit them.
You should also discuss key metrics, which are the numbers you will track to determine your success. Some common data points worth tracking include conversion rates, customer acquisition costs, profit, etc.
It’s perfectly fine to start small and grow the number of metrics you are tracking. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking over time.
9. Describe your organization and management structure
This is the part of your business plan to detail the history of your company, list out roles and specific employee qualifications, as well as logistical information.
This is a fairly short, but important, section. Investors look for great teams in addition to great ideas—and this is your chance to prove that you have both.
Include brief bios that highlight the relevant experiences of each key team member. It’s important here to make the case for why the team is the right team to turn an idea into a reality. Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before?
Your company overview should also include a summary of your company’s current business structure. The most common business structures include:
- Sole proprietor
Be sure to provide a review of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.
10. Make a financial plan
Creating a financial plan and budget prepares you with the necessary financial statements and forecasts to set goals and pursue business loans or investment.
Many business owners feel intimidated by the financial component of writing their business plan. But it doesn’t require a business degree or advanced math skills to create well-structured, accurate financial statements.
Creating a comprehensive financial plan starts with a sales forecast , where you estimate the sales expected over a given period. Just as important is an expense budget , where you project future costs such as personnel costs , equipment, marketing expenses, and taxes.
A strong business plan will include assumptions about the future and potential risks that could impact the financial plan . Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.
11. Add supporting information to an appendix
This is the place for additional data, charts, or other information that supports or just doesn’t fit into specific sections of your plan.
Including an appendix in your business plan can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea and are backing your ideas up with solid data.
Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.
Even after reviewing these steps you may be wondering, “Why should I spend my time making a business plan?” Here are the top reasons why you should invest in planning:
Businesses that plan grow 30% faster.
A surprising amount of research has been done on business planning and has shown that companies that take the time to write a plan and review it regularly grow 30% faster than those businesses that don’t plan. Not only do these companies grow faster, but they perform better and are less likely to fail in the long run.
Lenders and investors need business plans
If you’re growing your business and plan on getting a business loan or raising money from investors, you’ll need a business plan. Most lenders and investors will ask for a plan , but even if they don’t want to see the actual document, they will ask you questions that only a solid business plan will be able to answer.
Business plans reduce risk
Starting and running a business is always risky. Instead of flying by the seat of your pants, you can use a plan to forecast potential cash flow issues and get ahead of any potential roadblocks so you aren’t caught off guard. A business plan will help you reduce your risk and help you navigate the future.
Business planning helps you make smart spending decisions
Before you make a big spending decision for your business, you need to know the potential impacts on your finances. With a business plan in place, you can easily explore different scenarios and see what impacts a new hire or an expansion to a second location will have on your business.
Need more reasons for why you need a business plan? Read our full list of reasons why having a business plan is important for small businesses.
Whether you’re writing a plan to explore a new business idea, establishing steps to start a business, looking to raise money from investors, seeking a loan, or just trying to run your business better—a solid business plan will help get you there.
Business planning is a continuous process that can help you validate your idea, set goals, manage, and successfully pitch your business. One of the most helpful things you can do to build a successful business is to jump in and start planning.
For detailed guidance on writing specific sections of your business plan, check out the links above for additional resources.
For more on business planning, including tips for writing a great plan , what options are available , and even specific industry guides —check out our full Business Planning Guide .
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Small Business Trends
22 small business ideas for men in 2022.
There are a lot of opportunities for men who are looking to start their own businesses and earn extra cash or gain financial freedom in 2022.
The business ideas for men in this article are some of the most promising opportunities available. We’ll talk about home inspection, event planning, and more. So if you’re thinking about becoming your own boss, read on!
What Kind of Business Can You Do as a Guy?
There are many profitable small business ideas for men. For example, men have a unique advantage in the business world because we are natural risk-takers and are more likely to start our own businesses.
You’re also in a better position to start a billion-dollar business because nearly all businesses worldwide were started by men.
- READ MORE: How to Start a Business: Step by Step Guide
Our Methodology for Choosing Small Business Ideas that Cater to Men
When it comes to choosing the right small business idea targeted at a male audience, there are several key criteria to consider. We’ll rate these criteria on a scale of 1 to 5, with 5 being the highest importance and 1 being the lowest:
- Market Demand (Rating: 5) : Assess the demand for products or services tailored to men in your chosen niche or industry. Strong demand is vital for a successful business.
- Unique Value Proposition (Rating: 4) : Determine how your business idea offers a unique value proposition to men, addressing their specific needs, preferences, or challenges.
- Market Research (Rating: 4) : Conduct thorough market research to understand the interests and buying behavior of your target male audience.
- Quality and Reliability (Rating: 4) : Emphasize the quality and reliability of your products or services. Men often value durability and performance.
- Budget and Pricing (Rating: 3) : Consider the budget constraints of your male customers and set competitive pricing for your offerings.
- Marketing and Branding (Rating: 3) : Develop effective marketing strategies and branding that resonate with men, using language and imagery that appeals to them.
- Customer Engagement (Rating: 3) : Plan for excellent customer engagement and support, as building trust and loyalty is crucial in businesses targeting men.
- Technology Integration (Rating: 2) : Incorporate relevant technology solutions that enhance the user experience and convenience for your male customers.
- Accessibility and Convenience (Rating: 2) : Ensure your business is easily accessible and convenient for men, whether through online platforms, physical locations, or mobile services.
- Sustainability and Long-Term Vision (Rating: 1) : Develop a long-term vision for your business and consider its sustainability and growth potential within the male-oriented market.
22 Best Small Business Ideas for Men
Looking for profitable small business ideas for men? No matter your interests or skill level, there’s sure to be a business idea on this list that’s perfect for you to start your own successful business. Let’s check them out:
Small Business Deals
1. home inspection.
One of the best small business ideas for men is doing home inspections. The demand for home inspector services is only going to grow as more people buy homes.
2. Pressure Washing Business
The second business idea on this list is offering pressure washing services. This is a great opportunity for men who are handy and enjoy working outdoors.
3. Barber or Salon Business
Barber shops and salons are great local businesses for men to start. If you’re looking to start your own business in this industry, choose a location with lots of foot traffic.
4. Landscaping Business
If you have a green thumb, then starting a landscaping business may be perfect for you. The startup investment is relatively low, making it a great option if you’re on a tight budget.
5. House Painting Business
Painting houses can be very profitable for men who are detail-oriented and have an eye for color.
6. Online Store
Starting an online store like an e-commerce business requires low investment and can be a great way to reach a global audience.
7. Personal Trainer
If you’re passionate about fitness, then starting a personal trainer business may be the perfect option for you. You can work from home or at a local gym.
8. Bakery or Catering Business
If you love food and enjoy making good money, then consider starting a restaurant business, bakery business, or catering business.
9. Home Repair and Improvement
Handyman services are in high demand, making home repair and improvement a great business for men. You can start this business with just a few tools.
10. Business Consultant
As a business consultant, you can help small businesses with start-ups, marketing, and financial planning. This is a great idea for men who are experts in their fields.
11. Cleaning Business
A great small business idea is the cleaning business. You can work with both residential and commercial customers. This type of business flourishes in areas with a high turnover rate, such as college towns.
12. Pet Sitting Business
Pet sitting is a great business for men who love animals. You can start this business by advertising your services online or through word-of-mouth.
13. Freelance Content Writing
Freelance writing is great for those men who enjoy writing, and want to get paid well, but don’t want the responsibility and hassle of starting their own website.
14. Photography Business
Photographers are always in demand. You can shoot headshots, weddings, or special events. You can even start a pet photography business.
15. Tailoring Business
As a tailor, you can offer your services to both men and women. This is a great business for those who are interested in fashion and have an eye for detail.
16. Tutoring Business
Are you great at certain subjects? If so, then you can start a tutoring business and help students improve their grades.
17. Dropshipping Business
There are countless successful small businesses that use the dropshipping business model to make lots of profits. It’s perfect for those who don’t have a lot of money to invest upfront.
18. Drone Business
This profitable business idea is perfect for those men who have an interest in technology and enjoy flying drones. It’s one of the best business ideas on this list.
19. Solar Business
This business is in high demand, due to the growing popularity of solar energy. You can install solar panels on homes and businesses.
20. Data Entry Business
This is a great home-based business idea for men who have good computer skills looking to earn money online. You can easily find clients online in need of your services.
21. Event Planning Business
If you enjoy planning events, then starting this business may be the perfect option for you. You can work with both corporate and private clients.
22. Corn Roasting
Corn roasting is a great low-cost business idea for men who enjoy working outdoors. You can start by setting up a booth at local festivals and fairs.
What are the 5 Most Successful Small Businesses?
If you want to increase your chances of success, there are five businesses in particular that you should consider.
- Restaurants. With a relatively low startup cost and a high potential for profitability, this is a great option for those looking to get their feet wet in the world of small business ownership.
- The retail business. Whether you’re selling clothes, books, or home goods, a retail store can be a great way to reach your target market.
- Service business. From personal trainers to dog walkers to wedding planners, starting a service-based business can be a great way to tap into a growing market.
- E-commerce business. With more and more consumers shopping online, this is an ideal option for those looking to reach a global audience.
- Franchise business. If you’re looking for an established brand and proven business model, franchising may be the right option for you.
How to Determine if a Small Business Idea is Profitable
A very crucial factor before starting any business is to make sure it’s a profitable small business idea. Here are four ways to determine if a business idea is profitable:
- Research the market. Before you invest time and money into a business, it’s important to make sure there is a market for your product or service.
- Know your costs. A key part of determining if a business is profitable is understanding both your start-up and your ongoing costs.
- Understand your pricing strategy. For your business to be profitable, you need to charge enough to cover your costs and leave you with a profit.
- Have a solid marketing strategy. You need to have a solid strategy in place to reach your target market and convince them to buy from you.
Embracing New Horizons: Men in Business
As we delve into the world of entrepreneurial pursuits, let’s take a moment to acknowledge the dynamic landscape that awaits men in the realm of business. With the rise of innovative ideas and changing economic paradigms, there’s an array of opportunities for men seeking to chart their course toward financial independence and creative fulfillment.
- Breaking Boundaries: The traditional notions of business and entrepreneurship are evolving rapidly. Today, men have the chance to transcend established norms and dive into ventures that align with their passions and talents.
- Diverse Ventures: From tech-driven startups to community-centric endeavors, the spectrum of possibilities for male entrepreneurs is as vast as it is exciting. Embracing the fluidity of business avenues allows men to explore uncharted territories and push the boundaries of their potential.
- Innovative Mindsets: The contemporary business arena thrives on innovation. Men are uniquely positioned to bring their inventive ideas to life, revolutionizing industries and carving niches that resonate with modern consumers.
- A Global Landscape: In the digital age, geographical barriers are diminishing. Men can harness the power of technology to connect with audiences around the world, transforming local concepts into global success stories.
- Collaboration and Diversity: The spirit of collaboration and diversity in business has never been more integral. Men have the opportunity to partner with individuals from diverse backgrounds, fostering creativity and inclusivity in their ventures.
- A Journey of Empowerment: Each business endeavor embarked upon by men is a journey of empowerment. It’s an opportunity to redefine success, break free from limitations, and inspire others to pursue their dreams with unwavering determination.
- Navigating Uncertainty: As men navigate the unpredictable currents of entrepreneurship, they’ll find that adaptability and resilience are their compasses. The ability to pivot, learn, and evolve is key to steering their ventures toward success.
As you embrace your role in this dynamic landscape, remember that the path to achievement is as unique as the individual embarking upon it. The opportunities are boundless, the challenges are surmountable, and the impact you can create is immeasurable. So, to the men venturing into the world of business, here’s to charting your course, seizing opportunities, and shaping a future that reflects your vision and passion.
Nice information Kevin. Some Business ideas are really new and unique. It is always good to have some extra income sources with the help of new business ideas and implementation.
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More From Forbes
3 reasons for business owners to open a solo 401(k) before year end.
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Is now the time to open a Solo 401(k) to help reduce the taxes on your small business profits?
If you are self-employed or own a business and are annoyed by how much you pay in taxes, you should check out the Solo 401(k). While saving for retirement may not be top of mind for those who love what they do, paying fewer taxes helps you keep more of your hard-earned money. Keep reading to see if now is the time for you to open a Solo 401(k) plan for your business.
This time of year, I've been speaking with quite a few business owners who are setting revenue and income records for their businesses. Several of them just filed their 2022 taxes and are freaking out about what their tax bills for 2023 will look like. One of the easiest ways to reduce their tax bills is to pay themselves first and fully fund a Solo 401(k) plan.
3 Most Valuable Benefits To A Solo 401(k) Plan For Business Owners
Tax planning is a major part of owning a business. It isn't how much you make but how much you keep. ... [+] A solo 401(k) can help you keep more of your hard earned money.
1. How A Solo 401(k) Lowers Your Taxes
You've been busy building your business, which means you probably haven't spent much time planning for retirement. Or, perhaps you have been killing yourself by working day and night so you can retire as soon as possible. Either way, a Solo 401(k) can help you reduce your current tax bills. If it wasn't obvious, paying fewer taxes as a business owner will make it easier to retire ASAP.
Best Tax Software Of 2022
Best tax software for the self-employed of 2022, income tax calculator: estimate your taxes.
The Solo 401(k) often provides the most significant tax savings versus a traditional IRA or SEP-IRA. For 2023, you could potentially contribute $66,000 pre-tax into your Solo 401(k). This number jumps to $73,500 if you are age 50 or older.
2. Easier To Set Up Than Traditional 401(k)
Solo 401(k) plans are best for businesses with no employees besides the company's owners (and their spouses). This limitation allows for much more flexibility in setting up and running your Solo 401(k) compared to a traditional 401(k).
Keep in mind that once you begin hiring employees who are less than five percent owners, you will be required to switch to a traditional 401(k) and all the regulations and limits that come with these plans. It is still a valuable tax-planning strategy, but it is more costly and burdensome.
Financial Freedom is the day work becomes an option. Optimizing the benefits of a Solo 401(k) can ... [+] help you reach financial freedom faster and easier.
3. Reach Financial Freedom Faster
Financial freedom is the day work becomes an option. Reaching financial freedom is a huge accomplishment and helps reduce the stress of running a business or living life. A Solo 401(k) can help you achieve financial freedom faster by reducing the tax drag on your portfolio and income. The more you contribute to your accounts today, the more compounding interest can help you become a 401(k) millionaire.
Extra Tax Savings - Add A Cash Balance Plan
If you already max out your 401(k) contributions or $73,500 is less than 10% of your income, you might consider adding a Defined Benefits Pension Plan to your tax-planning strategy for potentially even more tax deferral. I recently set up a Cash Balance Plan for a new client; he was able to contribute over $400,000 to his family's account above and beyond their Solo 401(k)s. This retirement plan will likely save him over $2 million in taxes over the next decade, potentially more, if his income or tax brackets increase during that time frame.
Being in business for yourself means you've chosen to live your own way and on your own terms. Taking advantage of Solo 401(k) benefits can see to it that you can retire your way and on your terms, too. See how quickly the tax savings can help you reach financial freedom faster and easier.
Your 2023 contributions will be limited if you haven’t opened your Solo 401(k) plan before year end.
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Gregory Forzley speaks to his food and beverage operations team at Mercedes-Benz Stadium in Atlanta, Georgia. (Courtesy Photo)
Gregory Forzley's day-to-day work is far from dull, whether he's feeding thousands of hungry Atlanta Falcons fans or planning the menu for "Swifties" attending a multi-day Taylor Swift concert.
Forzley ’08 serves as vice president of hospitality strategy for Mercedes-Benz Stadium in Atlanta, Georgia. His path to managing food and beverage for a large sports and entertainment venue started in New England, first as a kid working at his family’s restaurant in Maine, and then as a hospitality management student at the University of New Hampshire Peter T. Paul College of Business and Economics as well as working in the hospitality field on New Hampshire's Seacoast.
Like many professionals in the hospitality industry, Forzley's career path included stints at various types of restaurants and hotels, each offering unique insights and skills. However, the opportunity to merge his professional background with his passion for sports proved impossible to ignore.
“The people that I've seen be successful in the sports and entertainment world are those who came from hotel and restaurant backgrounds. They usually come in and they're used to the hours worked and the time put into it, and in some cases, it's even a little bit of a reprieve for these individuals because they have a little bit more time for themselves,” Forley says.
“I oversee anything that involves food and beverage and any strategic planning around it,” Forzley says. “The strategic piece focuses on what’s new and innovative in the industry, whether that’s frictionless technology, autonomous bartending solutions or something as simple as curating our food and beverage story through local offerings.”
Mercedes-Benz Stadium has earned a reputation for offering the most fan-friendly food and beverage price options among sporting venues, and Forzley collaborates with multiple partners to maintain this reputation while providing a high-quality menu.
The stadium operates year-round, is home to the National Football League’s Atlanta Falcons and Major League Soccer’s Atlanta United and holds several significant college football games, including the annual Peach Bowl. Additionally, the facility hosts private events and major concerts featuring prominent artists like Taylor Swift, Beyonce and Ed Sheeran.
“It’s a fun environment. My favorite part of this job is that it’s never the same, every day is always something different, a new challenge,” Forzley says. “A lot of people come here and spend their hard-earned money, and sometimes it's a one-off event for fans who waited a long time to come to a particular event. Our food and beverage team has the most touch points at these events outside of ticket takers and the ushers, so we’re a big part of curating those special moments for fans when they come to the stadium.”
Forzley’s team uses data and analytics to plan menus for the different events and will collaborate with his employer, Levy, and other Levy-associated sports venues.
“We had three concerts with Taylor Swift earlier this year and her demographic is completely different from what we’d plan for an Atlanta Falcons game, so it’s important to share information from venue to venue,” Forzley said.
According to Forzley, data shows that the top-selling items at a Taylor Swift concert typically include chicken tenders and fries, water and other non-alcoholic beverages, while Atlanta Falcons fans prefer hot dogs, barbeque products and beer.
Studying at UNH was an easy decision for Forzley based on the strength of the hospitality management program and the positive experiences that multiple family members had in Durham, starting with his grandfather John David DuRie ’38.
“I think the biggest thing I learned at UNH was the importance of relationships,” Forzley says. “It has helped me in my current role, where a lot of my job is being a liaison between the stadium group and my food and beverage team. It’s my job to build relationships with the people in the organization, and I think it's one of my biggest strengths, and I attribute that to my time at UNH.”
During the next eight years, Forzley worked in various management roles at multiple hotels and restaurants in Maine, Pennsylvania, Maryland and Florida. The experience gave him a well-rounded view of the food and beverage industry. After multiple promotions, he was recruited by Levy to work at the Miami Heat’s arena, where he managed food and beverage for premium areas, which included suites, clubs and catering. He worked his way up to director of operations at the arena before moving on to his current role in Atlanta in 2022.
Forzley says he uses lessons from UNH and his family's restaurant business in his management style, particularly when he encourages his employees to treat the business like their own. He also draws on lessons from his previous leader in Miami on mentoring employees.
“I love seeing my team members, leaders and managers grow in their roles and be promoted into their next positions and continue to learn,” he says. “I always tell my employees that when you’re working with me, if you’re in your position for more than two years, then I’m doing something wrong. I want to see them succeed and give them the tools to run the races they can win.”