Phew!!! I've been working my tail off all evening and the only thing I've been doing is taking a business plan template and breaking it down into outline form. At least it's a start and it'll allow me to break it down into small, concise little bites. There's a LOT to go over! Thank goodness a lot of it doesn't necessarily apply to us since we'll be working out of our homes, won't have employees (although I think I may sort of consider myself and employee for the purpose of this exercise), and probably won't need financing.

I'm hoping to have it completed by the end of June (realizing of course that it's organic and will grow and change over time). I would like to even include some tables and graphs and just try to make sure that it looks as professional as possible. It's probably overkill, but I figure it will be good practice.

I'm curious... For those of you who have already completed a business plan, about how long did it take you before you were satisfied with your first draft (before you started adding to it and changing it)?

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Stephanie
New VA in the research phase

Stephanie, I don't think it's possible to be satisfied entirely with your plan, because things change daily. A good business plan is one that never has a final draft, and is always covered with notes. It's a working document.

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com

It basically took me about a month working PT at it. I had writen one previously before for our other business so I was familiar with the format. It really is a working document and I frequently refer back to mine and make adjustments to it.

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Dawn Riley
A Virtual Assistant in Paradise
Our business is about making yours better

Thanks, that's what I was thinking. Of course, mine's already growing and I haven't even started writing it yet...lol I've got so many things that I'd like to eventually grow into. Not to mention additional marketing, training, and network ideas that I'll went to delve into once I'm a bit more established. I'm trying to keep those out of my main business plan (other than maybe a quick mention) and have sections for those types of things behind it to store notes and such.

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Stephanie
New VA in the research phase

I just finished a draft for the "Goals and Objectives" section of my business plan. I tried to be as specific as possible (goals and objectives should be realistic, measurable, and time specific) but I know it may sound a little broad at the moment. That's mainly because, although I would like to niche, I have a lot of different interests at the and I'm not sure what direction I'd like to go in. That'll come after I learn more and have more experience. Anyhow, without further ado, here is what I came up with. Any feedback and suggestions is greatly appreciated. Thanks in advance.

The overall goal of …Under the Sun Administrative Solutions is to become a successful home based virtual business with an average total of 60 billable hours per month by January 1, 2013, offering top-notch services and excellent end-products to busy professionals, small businesses and non-profit organizations throughout the United States and abroad.

Our objective is to maintain a minimum of 15 billable hours per month by the end of our first year in business and to experience a 20% growth rate each year thereafter. We intend to put tracking and quality assurance systems in place that will allow us to monitor client satisfaction, enabling us to respond to customer relation issues in a timely fashion and to proactively react to the changing needs of our clients with additional training and the addition of new services and technologies.


Woohoo!!! One section drafted

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Stephanie
New VA in the research phase

Way to go Stephanie! It's a huge job!

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Julia

HI Stephanie, I'm late jumping in here but wanted to say it sounds like you've made great strides in this area and I'm so happy for you! Congrats on working on this - so many new business owners don't take it as a necessary component for helping build their foundation but even if it's just a scratch pad with ongoing notes (or something more formal) it's really crucial AND it can be a neat way to measure your growth as you can always look back on the notes and additions you'll have made over the months.
Great job!

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Notice, y'all, this is not just a business plan, it's a five year busines plan! Stephanie, you go girl!
I'd like to humbly venture to suggest that if you want to, and you work hard, you'll be way past 15 hours a month before you know it!

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com

I don't think I've ever been happy with my business plan and I change it all the time. Good luck with it and keep at it. You'll start to hate the blasted thing but when you reach your goals you'll know why and how exactly you got there.

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Kylie Short
Tilda Virtual Services - Making virtual personal

I like to refer to my business plan as my road map. I consult it when I get lost or need further direction and it reminds me of where I am going!

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Doreen R. Patrick, MVA, ACS, CIVA
www.virtualbusinesspartners.net

I've been working on my business plan for several days and today I'm on the goals and objectives - perfect timing. I'm glad I decided to come to the forum for suggestions, thanks Stephanie!!

Well, I actually realized that I already need to tweak it...lol My numbers are off. I was thinking weekly numbers (20 hours per week) before I can go full-time. I can hardly work full-time at $7,200 per year or so...lol I need to increase by about 40 - 50% year over year for 5 years (starting at 15 hours per month).... I thought it seemed a little too easy...lol

At 40% growth rate each year:

Year 1 - 15 hours per month
Year 2 - 21 hours per month
Year 3 - 30 hours per month
Year 4 - 42 hours per month
Year 5 - 59 hours per month

Does this seem about right to everyone? And does it seem realistic based on your experiences?

Overall, it's only about a 25% total growth over 5 years. I think I can do better than that.

(this is the bare minimum I need and it will probably be different with cost of living increases and such)

Thanks for all of the encouragement and input

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Stephanie
New VA in the research phase

When I read your original post I thought WOW she's planning to take it easy. One of the ways you can grow your business is by increasing your fees. You can do this by adding value to your current services or adding new services requiring more skills. It's much easier on you to increase your rates than to increase your hours.
I belong to a marketing/coaching class and this is what they teach us.

Great advice! I have a lot of skills, but the thing I need to figure out are which ones I really want to hone up on. I just figured in a base starting price for my Goals and Objectives.

So, rather than a certain number of billable hours, you're saying that it might be a good idea to think money instead?

(sorry if I sound a bit dense right now. I've been crunching numbers all day at work and I'm a little brain dead...lol)

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Stephanie
New VA in the research phase

Adding value is key is raising your fee..What things that you do well now.. Offer those things and ask you learn you can expand your services.

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Tamika R. Johnson, MBA, Principal
administrative partners, llc
www.administrativepartners.net | http://adminpartners.blogspot.com