How to Write a Business Plan [Powerful Step by Step Approach]

How to write a business plan… let’s talk about. Of course, creating a business plan is very important because it can help you to get funding, it helps you establish a timeline, but most importantly, it can help you actually be successful in business.
Tax Planning & Tax Preparation Services: bit.ly/3iC6FCI
Social Media Marketing Services: bit.ly/4aUFNV5
Business Plan Template: bit.ly/3sUgDBB
Operating Agreement Template: bit.ly/3LQOFNB
Here how I suggest you create a business plan step by step game :
Intro Joke (0:00)
How to Write a Business Plan (0:08)
What is a Business Plan? (1:22)
Step #0 - Passion (2:33)
Step #1 - Market Analysis (4:27)
Step #2 - Marketing & Sales (7:58)
Step #3 - Management (10:30)
Step #4 - Products & Services (11:30)
Step #5 - Financial Projections (13:16)
Step #6 - Business Name (15:45)
Step #7 - Executive Summary (17:45)
Now, most people are going to tell you just follow those 7 steps to write a business plan, heck they may even give you a tip to write your executive summary last.
But I’m going to go a little bit deeper and actually break down where you need to start, step-by-step, and why.
And along the way, I will share some additional tips from my experience with launching a new business as well.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Пікірлер: 165

  • @LYFEAccounting
    @LYFEAccounting2 жыл бұрын

    Suggested video to watch next: "How to Start a Business" kzread.info/dash/bejne/mZZpq9SSfNTag7w.html

  • @zealnormany7645
    @zealnormany76452 жыл бұрын

    *Every family has Someone Who Breaks the Chain of Poverty, I pray you be that Person!!*

  • @Assamofrecent

    @Assamofrecent

    2 жыл бұрын

    Starting early is the best way of getting ahead to build wealth,investing remains the priority. Forex trading has plenty of opportunities to earn a decent payout,with the right skills and proper understanding of how the market works

  • @samuelbills4941

    @samuelbills4941

    2 жыл бұрын

    @@Assamofrecent I agree with you, I had a friend in the office who lived well but never had an investment, unfortunately his job ended so he went from living well to surviving

  • @samuelbills4941

    @samuelbills4941

    2 жыл бұрын

    investing still remains the top note for any individual who wish to save for the future

  • @martinstrong9333

    @martinstrong9333

    2 жыл бұрын

    one of the best steps of a good business is planning

  • @dominicwright6032

    @dominicwright6032

    2 жыл бұрын

    @@martinstrong9333 In few years to come people will be kicking themselves in regrets if they miss the opportunity of buying or investing in Crypto currency

  • @LilsAF1
    @LilsAF12 жыл бұрын

    “She got a business plan but she just ain’t have time to write it down”- Drake on TSU Nice video btw✊🏾

  • @shnnajones6201
    @shnnajones62012 жыл бұрын

    Oh my goodness!!! Bravo young man you understood the assignment. You have a great sound, you speak with a lot of clarity, and you have a very aesthetically pleasing presentation to say the least, lol. Thank you so much 🔥🔥🔥🔥🔥

  • @jrutledge713
    @jrutledge713 Жыл бұрын

    Well, I have been looking and looking and taking note in many videos but I knew need something else...until got this one. It has it all and finally I can finish my business plan. This is THE BEST! Thank you.,

  • @andremccoy6751
    @andremccoy67512 жыл бұрын

    Great info! Love the breakdown of the content, such as step 0 and making the business name identifiable with the business was definitely a 💎.

  • @inventyoullc7150
    @inventyoullc7150 Жыл бұрын

    Spot on. If you fail to plan, you're planning to fail. Love your perspective here!

  • @yoshira321
    @yoshira321 Жыл бұрын

    I am new to this channel and I want to say that you guys are doing a great job breaking down all the information. I am an entrepreneur and I am slowly growing, I always go back to "learning" and I'm so glad I found this channel.

  • @billyselinga6783
    @billyselinga67832 жыл бұрын

    this is the best present 2021 could have ever given.thank you brother

  • @cristelaolivo787
    @cristelaolivo7872 жыл бұрын

    I really appreciate and enjoy all of your content. This is what I needed to learn. Thank you for teaching us how it's done ✅☺️

  • @breew2968
    @breew29682 жыл бұрын

    These are the types of videos I like to watch because I'm still in the (re-)planning stage! Step 0 is a wake up call because Ive talked to other entrepreneurs trying things they aren't passionate about, I made the same mistake a couple times. The blind are leading the blind if your circle of aspiring entrepreneurs is at step 0. I definitely recommend attending workshops with the SBDC for guidance too. Seeing the comparison chart at the end was helpful too, and I like your order better! I've seen business plan template created the traditional way and it wasn't helpful for arriving to the destination I wanted for some reason. Thanks for the guidance!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thanks for sharing, Bree! And always for your support. I hope we can significantly help you accomplish your goals a business owner :)

  • @breew2968

    @breew2968

    2 жыл бұрын

    @@LYFEAccounting I'm going to get there! Just need to stay focused, not get distracted with other things, and plan accordingly. Appreciate yall feedback/videos!

  • @JusDaFactstv
    @JusDaFactstv2 жыл бұрын

    I have to give you guys kudos, you're always giving us quality content with the keys to kingdom attached.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thank you! Thank you! for your kind words and support of our channel :)

  • @hypnoticvibes5409
    @hypnoticvibes5409 Жыл бұрын

    Appreciate the time that you have taken to give all this valuable information. Let's go‼️💪🏿

  • @plannergirl888
    @plannergirl8882 ай бұрын

    Thank you so much for this video This is so well explained In the middle of writing my business plan & came across your video

  • @Sofinegoddess
    @Sofinegoddess2 жыл бұрын

    Wish I saw this video before launching my business 😩 It’s trials and errors but definitely I’m thankful for the knowledge 🤞

  • @stebbiej

    @stebbiej

    2 жыл бұрын

    Yep

  • @holleelifestyles2844
    @holleelifestyles28442 жыл бұрын

    Love the blazer and tie look today! So proud of growth with you guys. Keep it up! 💕

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thank you so much, Hollee!!

  • @TheReal_JHud_61
    @TheReal_JHud_612 жыл бұрын

    I'm a new subscriber with lots of experience but nervous about launching my business. This is helpful

  • @jakesmallwood9122
    @jakesmallwood9122 Жыл бұрын

    Great content! Wrote everything on paper with ease! I think the chart at the end of the video has your last 3 steps out of order compared to the steps you described in the video and in the description.

  • @tytydee77
    @tytydee772 жыл бұрын

    Excellent! Thanks I Learned how to organize the plan in a simple way.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Glad it was helpful!

  • @SelfEvaluate
    @SelfEvaluate2 жыл бұрын

    Thank you for your content greatly appreciated!

  • @Valerie-mz4et
    @Valerie-mz4et2 жыл бұрын

    Thank you. The tips on marketing was very helpful. That’s the most intimidating part of the business plan for me. It’s nice that you broke it down a little.

  • @jss3018
    @jss30182 жыл бұрын

    I'm hoping to start a bus. in 2022. This info helps a lot. Thanks.

  • @ExamExpertsUSA
    @ExamExpertsUSA Жыл бұрын

    Great video! I used it as a reference in my class. Kudos!

  • @Soulcaliber808
    @Soulcaliber8085 ай бұрын

    Love your content bro thank-you I am starting a business with no money

  • @kenisthistoo7499
    @kenisthistoo74992 жыл бұрын

    Great video! never thought about some of the things mentioned all great ideas. Thanks

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thanks for watching! Are you considering launching a business?

  • @jss3018
    @jss30182 жыл бұрын

    I'm hoping to start a bus. in 2022, this info helps a lot. Thanks.

  • @vimolly
    @vimolly2 ай бұрын

    I appreciate you taking the time to share information and knowledge.

  • @peaceandloveonearthandmars
    @peaceandloveonearthandmars Жыл бұрын

    Great articulate and informative video!!

  • @sorrell9046
    @sorrell90462 жыл бұрын

    You guys are going to rapidly increase!! you rock

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Thanks for the support! We truly appreciate it.

  • @janine2317
    @janine23172 жыл бұрын

    Thank you again! I am a new subscriber and I am getting so much out of the content you provide!!! Keep it coming please!!!! You mentioned the "Build your management (partner) team" doesn't really apply to Sole Proprietorships or Single Member LLC's. Is there an alternate step that you would insert here for these types of business entities?

  • @elementsofelle888
    @elementsofelle8882 жыл бұрын

    Right on time! Thank you!

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Glad I was able to help!

  • @saratdontula
    @saratdontula2 жыл бұрын

    Thanks for the quality content. Can you please create a video elaborating how one can go step by step performing market research/analysis step (including viable data sources for gathering demographic information etc) ?

  • @blck_brsh
    @blck_brsh2 жыл бұрын

    Glad I found this channel

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    We won’t let you down!

  • @zulmy5160
    @zulmy51602 жыл бұрын

    Thank you!!! Great advice definitely sharing this

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    You're so welcome! Thanks for sharing.

  • @laurend3413
    @laurend341311 ай бұрын

    Super helpful. Thank you!

  • @DiamondPressed
    @DiamondPressed Жыл бұрын

    Great advice thanks!

  • @joyceharris5218
    @joyceharris52182 жыл бұрын

    Great information!!!

  • @mtaraouat
    @mtaraouat2 жыл бұрын

    Excellent

  • @JP-wn4jn
    @JP-wn4jn2 жыл бұрын

    Keep the jokes coming 🤜🏽🤛🏽. This is a great channel.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Definitely!!

  • @nnaemekaezemuo2344
    @nnaemekaezemuo23442 жыл бұрын

    Simply made clear. Pls if you you are reading this please can we talk privately?

  • @Hames-ll3tk
    @Hames-ll3tk8 ай бұрын

    life changing i must say

  • @naapongkuubermeedward3868
    @naapongkuubermeedward386810 ай бұрын

    Great one

  • @crystaltouch
    @crystaltouch Жыл бұрын

    Thanks for sharing 👍

  • @yosiefkidane7070
    @yosiefkidane70702 жыл бұрын

    Christian. This is wonderful. Do you help to prepare a plan for insurance?

  • @jss3018
    @jss30182 жыл бұрын

    Thanks!

  • @blvrdialogue
    @blvrdialogue2 жыл бұрын

    Very good video. Thanks for sharing. That logo spinning in the background distracted me the whole video though. It's so bright and takes the attention off of you.

  • @msdeej538
    @msdeej538 Жыл бұрын

    yes i did it 👍

  • @medamissles1
    @medamissles12 жыл бұрын

    Great content! Question if I have multiple ideas but in the same realm.. say I have a swimwear company where I want to have a high-end offer and a low-end offer should I make two different business plans? Or should I keep in the same plan? I say this because my high-end offer will have a different target audience than the low end typically

  • @BedStuyBro
    @BedStuyBro2 жыл бұрын

    Really GREAT CONTENT. I just wished more people would drop a like. At least for that dance! 😀👍🏽.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Haha You and me both! Thanks.

  • @850samgoody
    @850samgoody Жыл бұрын

    Thanks so much 🤞🏾

  • @LYFEAccounting

    @LYFEAccounting

    Жыл бұрын

    You bet

  • @dhora33
    @dhora332 жыл бұрын

    Awesome

  • @brianmeleck
    @brianmeleck Жыл бұрын

    Yu got a future billionaire and new subscriber😎.

  • @hannathomas2962
    @hannathomas2962 Жыл бұрын

    Hello Sir, You Are Brilliant! thank you for this I have a viable business trying to take it to the food truck world. Any suggestions?

  • @cornellwilliams9051
    @cornellwilliams90514 сағат бұрын

    Excellent info guy 😂

  • @mr.biglow7674
    @mr.biglow76742 жыл бұрын

    Needed this

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    So glad to hear that, are you starting a new business?

  • @mr.biglow7674

    @mr.biglow7674

    2 жыл бұрын

    @@LYFEAccounting yes a coffee brand and blog +store

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Very cool, we're rooting for you! Definitely take some of the advice in Step #2 - Marketing & Sales (7:58)

  • @devgatling
    @devgatling Жыл бұрын

    thank you

  • @LYFEAccounting

    @LYFEAccounting

    Жыл бұрын

    You're welcome

  • @agnesnoul
    @agnesnoul Жыл бұрын

    Thanks

  • @user-by5kh7gf5d

    @user-by5kh7gf5d

    4 ай бұрын

    😂😂😂😂😂😂😂😂😂😂😂😂😂 haha

  • @magnateservices748
    @magnateservices7482 жыл бұрын

    Gratitude

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    💯

  • @kell4524
    @kell4524 Жыл бұрын

    Top of the top. I just came across your videos. I am a 52young male who is looking to start a business. I would like to pick your brain in how to really start a business that will be successful 5/10 years down the road. How can I reach you so that we can share our thoughts?

  • @lorihill4686
    @lorihill46862 жыл бұрын

    good

  • @Towerbrian23
    @Towerbrian238 ай бұрын

    I want to start a hotel and dispensary in Michigan. May I see an example of a hotels business plan? This would help

  • @loanarrangerlimited9186
    @loanarrangerlimited91862 жыл бұрын

    I specialize in delivering fast and efficient loans for business startup and expansions.

  • @11supplementfacts47

    @11supplementfacts47

    2 жыл бұрын

    Good for you what’s the name and what state … listen to this guy and you’re going places

  • @KRGP08
    @KRGP082 жыл бұрын

    Great video! You guys still waiting to take on new clients??

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    Yes, still pending. Special announcement coming soon regarding this though.

  • @rosebellamalo2211
    @rosebellamalo2211 Жыл бұрын

    can i ask for a detailed sample of business plan ,

  • @Jes-pq9fd
    @Jes-pq9fd Жыл бұрын

  • @robertdavila6391
    @robertdavila6391 Жыл бұрын

    How do you build a product before having a business?

  • @MrAce832
    @MrAce832 Жыл бұрын

    Skip to 4:27

  • @GyptscyHuss3L206
    @GyptscyHuss3L206 Жыл бұрын

    Nice intro 😅

  • @dryedgetech2853
    @dryedgetech28532 жыл бұрын

    14:17 minutes in the pop up screen has typos.

  • @nomondeportia4866
    @nomondeportia4866 Жыл бұрын

    How to get a business funder coz I've tried😔....please help.

  • @The843legendz
    @The843legendz2 жыл бұрын

    I hear you. But are Robert Townsends son or no?

  • @melaniefuifui6811
    @melaniefuifui68112 жыл бұрын

    Dang... I started at step 6...help!😰😱😳😓

  • @samantha.almonte
    @samantha.almonte7 ай бұрын

    Invest in your business to elevate it! I design modern websites.

  • @waynethompson9515
    @waynethompson95152 ай бұрын

    warning templates are not free. You have to buy something so before you start filling out the forms and wasting valuable time just be prepared there is a cost. It's fine I just wish I knew it ahead of time. Kinda deceptive, says it's free account but then says to download you have to buy a license.

  • @ratumotaung6115
    @ratumotaung6115 Жыл бұрын

    This is one thing I can't fix

  • @purpleblack1428
    @purpleblack1428 Жыл бұрын

    Still don't know how to write a business plan 😐

  • @jonathankelly2655
    @jonathankelly2655 Жыл бұрын

    "Mer-Made Swimwear" ;-)

  • @greencrowncollective874
    @greencrowncollective874 Жыл бұрын

    I DISAGREE WITH STEP OPNE BEING YOU MARKET ANALYSIS , MUST DEFINITELY FIND OUT SOME SORT OF SLOGAN OR IMAGE AND LOGO YOU WANT BEFORE YOUR BUSINESS . ITS LITERALLY WHO YOU ARE OR TRYING TO PROJECT

  • @prince_eliel
    @prince_eliel Жыл бұрын

    take a shot everytime he says idear

  • @RajeshYadav-vd6sw
    @RajeshYadav-vd6sw Жыл бұрын

    What is that green thing rotating in background..... That's irritating

  • @Arthur-Silva
    @Arthur-Silva2 жыл бұрын

    Most cellphones are waterproof

  • @4hotchocolate
    @4hotchocolate Жыл бұрын

    While I appreciated the insight from your video, the Free Business Plan template link with Law Depot wasn't really free at all. I truly hate this type of marketing where someone puts in time and effort in filling out the template only to be told at the end you must provide a CREDIT CARD to proceed. Even if it is a trial offer. It just left a bad taste in my mouth. Just tell me from the beginning that the "free template" will require a free trial offer and credit card from the beginning.

  • @Marynett_2024
    @Marynett_2024 Жыл бұрын

    I might have skipped a few steps lol

  • @user-wi9fq4ni8y
    @user-wi9fq4ni8y8 ай бұрын

    “Lower quality product at a higher price is a recipe for failure” Starbucks: 🗿🗿🗿 Don’t be so naive bro success and quality have nothing in common

  • @paulettehammond-duerson8989
    @paulettehammond-duerson89892 жыл бұрын

    I am done with that business!!! Almost 20 years!!! The Hell With It!!! I feel liberated and freed from it! I am walking away with peace of mind knowing I tried 4x. And you (the haters) can't steal it. You have take me to court and challenge my copyright!!! And I am going to subpoenas all of those people.

  • @LYFEAccounting

    @LYFEAccounting

    2 жыл бұрын

    What business are you talking about?

  • @stardommansion6773
    @stardommansion67734 ай бұрын

    7 COMPONENTS EXEC SUMMARY WHO YOU ARE: ANALYZE YOUR MARKET : NEED/DEMAND COMPANY DESCRIPTION MARKET ANALYSIS SERVICE AND PRODUCT LINE SALES AND MARKETING STRATEGY MANAGEMENT PLAN FINANCIAL PROJECTIONS PROJECT REVENUE BUSINESS PLAN MARKETING PLAN FINANCIAL PLAN OPERATIONAL PLAN

  • @JustinTrueDough
    @JustinTrueDough9 ай бұрын

    I funded a kickstarter campaign for a pair of adventure/swimwear shorts 🩳 with a waterproof pocket, which fits a phone. AquaNautia Thank you for your videos!!