33%.
According to a study conducted by Wells Fargo (1), the number of small businesses that have a business plan might not be as concerning as you'd expect.
Today's newsletter focuses on everything related to business plans.
Many of us, especially people of color, often start businesses out of necessity rather than from a position of innovation.
When launching a business under these types of circumstances, the primary goal is often to establish operations quickly to ensure survival, rather than pursuing innovation-driven entrepreneurship like many startup companies, such as Uber, which aim to revolutionize markets and eventually the world..
See below⬇️
In my six years of experience in business and entrepreneurship consulting, I've noticed a common trend: small business owners and entrepreneurs often overlook the importance of a business plan until they're seeking funding or capital to expand.
Basically we wait until the last the minute.
However, business plans aren't solely about securing funding; they play a crucial role beyond those significant events. They serve as a roadmap for your business, guiding its from year to year and should be revisited annually.
Why Business Plans Still Matter
Establishing goals and objectives: A well-crafted business plan helps entrepreneurs clarify their vision, set achievable goals, and define the steps needed to reach them.
Creating a roadmap: By outlining strategies, tactics, and timelines, a business plan provides a clear path forward, reducing uncertainty and increasing the likelihood of success.
Internal alignment: A business plan ensures that everyone within the organization is on the same page, understanding the company's mission, values, and objectives.
External communication: Whether it's investors, partners, or stakeholders, a business plan serves as a powerful tool for communicating the company's vision, strategy, and potential.
Building credibility: Presenting a well-thought-out business plan demonstrates professionalism and competence, instilling confidence in investors and partners alike.
Strategic agility: Entrepreneurs can use their business plan as a dynamic tool, regularly revisiting and revising it to reflect changing circumstances and new opportunities.
Balancing stability and innovation: A solid business plan provides a stable foundation while still allowing for experimentation and innovation, fostering long-term growth and sustainability.
Now on to some fun shit.
I’ve been starting and stopping creating this brand for over 6 years and time to not be a hypocrite and keep pushing out my ideas.
Introducing Feliberty ❤️🌿
Feliberty is a online learning and teaching marketplace for black and brown founders looking to start, grow, or scale their small business
At Feliberty, our mission is to empower black and brown founders by providing a dynamic online learning and teaching marketplace. The difference is that we are tailored to not lecturing but giving you tangible actionable steps that are realistic to real-life business situations.
We are committed to fostering a supportive community where entrepreneurs can access high-quality resources, expert guidance, and practical educational experiences to start, grow, and scale their small businesses. Through our platform, we strive to break down barriers, promote diversity and inclusion, and cultivate economic empowerment within marginalized communities.
Feliberty is dedicated to equipping individuals with the knowledge, skills, and confidence needed to succeed in the ever-evolving landscape of entrepreneurship, driving positive change and fostering a brighter future for all.
So with that being said.
So there is NO EXCUSE for you not to have a business plan done by the end of this week because this template goes line by line.
Go get it done.
-Méndez
Climb Your Mountain. Reach Your Ocean.⛰️🌊