Episode 235

Creating a Business Plan

June 30, 2020

How do you make sure that the business you start will be everything you want it to be? A business plan can help put you on the right path. Being Boss has partnered with Freshbooks to create a Business Plan Template; and in this episode, Emily walks you through every step of using that template to create your own business plan.

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Discussed in this Episode

  • Why your business might benefit from a business plan
  • Deciding on a reason for creating the plan
  • What formats will work for the writing
  • Breaking down the sections of the business plan:
    • Executive Summary (10:00)
    • Goals (18:50)
    • Skills + experience (21:16)
    • Your products / services (23:16)
    • Target Market (28:27)
    • Industry/Competition (29:36)
    • Operational plans (31:20)
    • Marketing plans (33:13)
    • Sales forecast / financial projections (35:04)
    • Startup-Expenses (36:02)


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Emily Thompson 0:02
I'm Emily Thompson.

Kathleen Shannon 0:04
And I'm Kathleen Shannon.

Emily Thompson 0:05
And this is Being Boss. In this episode of Being Boss, I am laying out a massive How-To that will help you my creative boss pals write a business plan. As always, you can find all the tools, books and links they referenced on the show notes at www.beingboss.club.

Emily Thompson 0:34
All right, boss friends. Today I'm bringing you a very special episode. I love the idea of creating in-depth audio guides to walk you through big tasks in your business. And that's exactly what I'm bringing to you today. Over the next 45-ish minutes. That's the goal. I'm walking you through creating a business plan for your business. Now, here at Being Boss, we hold a couple of things pretty dear, like helping creatives make money doing work they love. And helping entrepreneurs and business owners take control of their work and live life on their own terms. And helping all of those people talk about business because I believe that when you talk about business, you do better business. One of the sort of tiers of talking about business is talking about business with yourself. And we shared more about the power of business conversations, including those tiers in Episode Number 233. But you can shelf that for the moment. And I'm not talking about chatting yourself up in the mirror when I'm saying you should be talking to yourself about business. I'm talking about journaling and reviewing your bookkeeping reports and creating a business plan, which is what I'm here to do with you today.

Emily Thompson 1:54
Now, if you're a diehard Being Boss fan, you may recall times when we've stated that you don't need a business plan. And I stand by that 90% of the time. But I don't like blanket statements. And though I don't think many creative businesses need one, I cannot deny that creating one is a powerful practice. And it is a powerful tool for any new or even established business owner to have. And there are definitely times when a business does need one. Now this episode is born out of our relationship with FreshBooks, who has been a sponsorship partner of Being Boss for years, we've done all kinds of fun things together from educational workshops that help business owners manage their money. To that time, they treated a band of bosses to a yacht at an event we held in Miami and so many things in between. A few months ago, we had to sit down to talk about what creatives need to be better business owners. And though you're a wily creative who throws boxes to the wind, I know that what you need most is structure. You need a box, but one of your own making and when that you are welcome to break free of whenever you'd like for sure. But a path that is laid out in front of you will keep you focused and heading towards your actual goals. Not getting sidetracked by all the shiny things, which I'm well aware is really common with you creative types, with me creative types, us creative types. So we decided to do a collaboration that would help creatives make more money and more impact with their entrepreneurial efforts, we created an easy to follow business plan template for creative business owners. If you're coming to this episode from that template page, welcome to Being Boss.

Emily Thompson 3:42
And if you're here, as a fan of the show, I'm positive you're going to learn some good stuff today that you can take with you into your own business even if it's already established. And if you're interested in snagging this template for yourself, you can go to www.freshbooks.com/business-plan or you can follow through the links in the show notes and find all the good stuff that we've put together including a business plan template by Being Boss and FreshBooks. Now the purpose of this episode is to walk you through creating a business plan for your company. And you can literally do this along with me here now, or you can also just listen along. If you do want to do this with me, feel free to snag that downloadable template and open a Google doc or get out a shiny new notebook or your trusty old one or pullover a napkin. Feel free to pause here while you gather your supplies.

Emily Thompson 4:40
Now, because I'd like to do things as differently as possible around here, I'm going to be tackling your business plan a smidge differently than probably anything else that you're going to find. Why? Because normal business plans are boring, less than inspiring, partly because traditional business can really be a snore. And partly because most business plan helpers assume you know something about business and at worst, you'll need an MBA just to get started. But the thing about Being Boss is that we know that most entrepreneurs have never touched a business course. And we don't believe that you need to not even a little bit, almost none of our creative business owner friends have, including me. And I'm not going to expect that you have either, though kudos if you have. So you're getting this through the lens of creative entrepreneurship. So no over your head business jargon, because creating a business plan is only going to help you if one you can actually finish it, and two it inspires you to follow it. So let's make this fun and accessible, shall we? I know I'm ready to get started. Now any good bit of business action is preceded by understanding your intentions when sitting down to do your business plan. What do you want to gain from this experience? Do you want clarity in your business's path? Are you looking to completely define your position so that you can properly onboard an employee to help you or maybe you just need to organize your thoughts so you know what action to take first, those are all great reasons to create a business plan.

Emily Thompson 6:12
And you'll want to keep that top of mind as you create your plan as it will and should affect what you end up with. For example, if you plan on sharing this with others, you'll want to be more clear and detail oriented than if you're just doing this for yourself. Neither is right or wrong. But that intention will shape it. And you'll want to make sure that your end result is the tool that you're setting out to create. Now, the time when you're going to want to take the most care and creating your business plan is if you're doing this to seek funding or some other outside support to start your business or take it to the next level, a whole other level of research and clarity as required for that kind of business plan than when you're just doing for your own peace of mind. Though I do challenge anyone who's doing this to perhaps treat it as if you're taking this out to secure funding, do your homework, and it will have its impact either just on you or the people you're showing it to. And a little side note, even though we've made this business plan structure simple for creatives to understand doesn't mean that it's not totally legit. If you create this plan, you will have a fully functional business plan, you just don't have to Google business terms to get it. So set your intention, you can literally finish this sentence. By writing this business plan I intend to blank. Once you're clear on that very important little why of being here, we can move forward. Now, in order to outline what a quote unquote boss business plan looks like, we scrubbed the traditional business plan to 10 major sections, each heading on the major parts of every business. Here are those 10 major sections.

Emily Thompson 7:58
First, there's the executive summary. This section has several sub sections, which I will hit on in a moment. Then comes goals, skills and experience your products slash services, which does have its own sub sections, target market, industry slash competition, operational plans, marketing plans, sales forecasts slash financial projections, and startup expenses. I'm going to be hitting on each one of these giving each some context so that you can more easily define them for your own business.

Emily Thompson 8:34
Now, I'm going to be going through this linearly. But especially as a creative, you're probably going to want to jump around, go back and forth and color outside the lines, you can totally go for it. In fact, when it comes to the first section, the executive summary, I think it's actually best to give it a quick go through, finish up the rest of the sections, and then come back to the executive summary to really polish it up. You'll see what I mean whenever I dive in, but you do what works for you. And for the sake of this episode, I'm going to be doing something I rarely do. And that's just walk in a straight line. And a common question around business plans is a what does the writing even look like? Is it a narrative? Does it need to be a novel? Can I just make lists? And my answer is yes. Except it doesn't need to be a novel. There are places in a business plan when a couple sentences can do or a couple of paragraphs are needed. Or just a quick list, will hit the spot. Just do what you feel called to do for each section. You can think of this as a practice and trusting your business intuition. My only overall pointer is to keep it concise. Don't get long winded because you feel like it needs to be longer. This isn't college, you're not writing a specific length paper here and don't get carried away. This is also a practice in getting to the point. So let's see how this goes. We're going to start with the executive summary, you can think of your executive summary as your bird's eye view, or some folks call it your 30,000 foot view of your business. It's not concerned with the nitty gritty details or the day to day operations, it's here to define the big broad strokes that make up the outline of your company.

Emily Thompson 10:20
Inside the executive summary, are a couple of important elements, those subsections that I mentioned to you a few moments ago. The first subsection inside the executive summary is the mission and vision, which is actually two different things they just generally get bundled together. Your mission is a statement that clearly communicates the purpose of your business, it will answer the questions of why your business exists and who it will serve. It's often referred to more generally as your why you can also think of it as a more fleshed out version of your elevator pitch, that five second spill about what you do and who you serve. Another simple fill in the blank to get you started is it's the mission of my company to blank for blank, who want blank. Here are some examples of what that might look like. So first example, it's the mission of my company to develop websites for designers who want beautiful and functional websites.

Emily Thompson 11:27
Or it's the mission of my company to build online awareness for small business owners who want more revenue from their digital revenue streams. And last example, it's the mission of my company to help simplify personal finances for young professionals who want to take control of their money. Once you have that core mission statement, you'll want to flesh it out a little bit so that you're very clear as to what your business does, and for whom, you can even do that by filling out this next fill in the blank. We do this by blank, because blank. So let's take that personal finance example which was it's the mission of my company to help simplify personal finances for young professionals who want to take control of their money. The next piece could be we do this by teaching people how to read their financial statements, because every individual should be empowered to understand their own finances. And then you can go from there. Your mission doesn't need to be much more than a paragraph, but it should be clear and to the point.

Emily Thompson 12:43
Next up, your vision. Your vision statement is here to communicate, where you envision your business being and what it's doing in the future. So your mission is what you're doing now. But your vision is what your business has accomplished 5, 10, 20 years from now. Put another way, your mission is now or your immediate future. And your vision is the goal that your business plan will put you on the path to achieve. I have no fill in the blanks for this one, only a couple of things to ponder. Let's try this. Feel free to close your eyes and imagine your business in five years. Oftentimes, creatives struggle with long term vision. So let's keep this closer to home. I think five years will do. So eyes closed, and imagine it. Okay, it's five years in the future. It's get to work time on a bright Monday morning. Are you working at home? Or are you in an office or studio space outside of your home? Are you working alone? Or are you checking in with your team? Is your team remote? Or are they all huddled around you in your office? You sit down at your desk? What work are you diving into? If you have a team, what are they working to accomplish? Look around your workspace at maybe some accolades, a couple of trophies on the shelf a couple of plaques on the wall. What professional achievements have you received in the last five years? Your email dings a customer or client sends you a raving testimonial, what did you help them achieve? You get another email, the email you've been waiting for. Who's it from? And what does it say? All right, everything that you just experienced in that little vision that you just cooked up for yourself. This is the vision for your company. It's all there. It's up to you now to put that into words.

Emily Thompson 14:45
Alright, the second subsection of the executive summary is management and ownership. In this section, you'll do a little introduction of everyone involved in the upper levels of your business, even if it's just you because the purpose of this section is to clearly communicate why each person is on the team, even if it's just you. Creatives are notorious for undervaluing their own skills and experience. So this is where you can highlight yours, but keep it brief in this section, because you're going to have to really lay it all out in the skills and experience section that will come later, a few sentences for each member of your business will do. And you'll want to focus on higher level folks here. So owners and members of management are the only ones that need to be highlighted here. The third subsection is problem and solution. Every business is or at least should be created to solve a problem, you see a problem, you creative businesses solve it. In reality, you're creating a product or service to solve it, while the business is the managing entity of that product or service. But you get the picture. Now, if you're drawing a blank for this section, don't worry, I've already helped you fill it in. You alluded to this back in your mission with those fill in the blank exercises. So go back to the mission section and see how you filled in that third blank in the sentence is the mission of my company to blank for blank, who want blank.

Emily Thompson 16:16
What do they want? What's the solution that you're providing? Now you can do some reverse engineering from there to see what problem your solution is solving. Think about the need that your business is fulfilling state that need is your problem and be clear and concise. This is one of the most important aspects of this doc, you want to hit this nail on the head. Follow that up by describing your business, your proctor offering as the solution, the more clearly that you can demonstrate that you are the solution that your business, your product, your service is the solution to that problem, the more aligned you will be with achieving business success. Now the fourth subsection of your executive summary is fundraising. Whether you're just starting out or looking to take it to the next level business moves forward with funding either by bootstrapping with some good old sweat equity, which is basically you just working for free, or taking on investors or investing your own money into your business or investing your business's profits back into your business. Whatever it is, you need to get clear on that plan. How will you fund your business and not just now but in the future too. Get clear and get it on paper. And remember, your plans can change, you just need to lay the path. The fifth and final subsection of the executive summary is the financial forecast. This is where you need to start getting familiar with your numbers even if you're more or less making them up to get started. Because in addition to understanding how much money you'll need to get started, you'll want to make sure that your business is viable, that it actually financially makes sense to invest that time and money to make it happen.

Emily Thompson 18:00
In this section, you'll include projected sales, which is a larger section further on, as well as an understanding of your ongoing expenses. So how much is it going to cost to run your business not just start it up. And at what point will your business break even which is also known as your break even point, meaning more or less than it makes back the money that's invested into it, but specifically that it's making more money than it spends. This part can really trip folks up, because you are literally making this up. But you can do so in an informed way, do some research and get it down on paper. And remember, this won't be the last time that you do a financial forecast for your business, I make one at the beginning of every single year, you just have to get started.

Emily Thompson 18:50
Now we can finally move away from the executive summary into those other bigger sections and more specific areas. We'll begin with the second section and that is goals. Laying out clear goals for your business will give you context and a direction in which all of your work should be taking you and as always with setting goals don't just focus on business but think about your life too. Your you're doing the work so that you can live the life that you want. And the moment you forget that is the moment when your business achievements no longer matter. When mapping out your goals, you should create three sets of goals. Short term, which is six to 12 months. Midterm which is 12 to 24 months and long term which is 24 months and beyond. Now I'm willing to bet that those long term goals may be holding you up creatives often struggle most with long term goals. If you find yourself in that position, think back to the visioning exercise you did a moment ago. What was that team situation like? Where were you working? What were those accolades? That vision can be a starting point for some of those goals. And be sure that your goals are clear. I'd like to recommend SMART goals. A goal setting approach, first used by George Duran and popularized by Peter Drucker a SMART goal. S. M. A. R. T. is a goal that is Specific, Measurable, Achievable, Relevant, and time bound. Oftentimes goal setting newbies will set a goal like I want to be rich. Yeah, me too. But that's not a goal so much as it is an aspiration, or really, that belongs back up with the intention setting. What does that even mean? Because it's going to mean something different to absolutely everyone.

Emily Thompson 20:37
But with a SMART goal, your goal is crystal clear, making your path towards it much more defined and easy to traverse. So instead of I want to be rich, your goal would become I want to make $40,000 in revenue in the next 12 months. That goal is specific, it's measurable, you can actually track it. It's achievable. It's relevant, and it's bound by time. So as you're setting your goals across all three terms, short, mid and long term for your life, and your business, make sure they're all smart.

Emily Thompson 21:16
The next section is skills and experience. This is where you need to toot your own horn and otherwise elaborate on the bios that you included in the executive summary. You can think of this section as a personal resume, outline the skills and experience you have that's relevant for this business and don't be shy. Creatives are really great at downplaying their skills. So think of this as a practice of owning your expertise. Trust me, this will be a practice you'll work on for years to come. So start flexing. If you've included any team members or partners in your executive summary, you'll also want to make sure they're included here as well. What specific skills and unique experiences are they bringing to the table? How will each of them contribute to a whole that's greater than the sum of its parts? The final part of this little section is to shed light on your blind spots. What skills and experiences are you or your team lacking? What knowledge or experience do you need to gain to start and grow your business, and don't be shy here either, no one is expecting you to be 100% ready for this idea right now. And a key part of being an entrepreneur is being very okay with and totally owning up to the places where you need help or improvement. And if you want to slam dunk this part, go ahead and include the resources that are available to you and your team to fill those holes. Also consider mentors you'd like to reach out to, books you'd like to read. I personally highly recommend the Being Boss book for any newbies looking to get a handle on that creative business boss basics available wherever books are sold, and even look into professional communities you'd like to join for both valuable networking and for much needed support. I also recommend you check out the Being Boss Community if you're liking these vibes. And you're going to go ahead and do this footwork. Because when you're done with this plan, these items will be some of the first things on your to do list.

Emily Thompson 23:17
Next up, you're going to dive into the large section that is products or services, which is really the meat of your business plan. It offers a clear description of your products and or services, including what they are and how you will deliver them to your clients or customers. To help you do that products or services has three subsections product or service description, uniqueness and competitive advantage, and pricing strategy. In your product service description. You'll describe each of the products and or services your business is offering. I'll probably from here on out just call them offerings. This will include the description, obviously, but we'll also outline the deliverables, which is what your customer or client will actually be receiving from you, as well as the benefits for your customer. Now you need to go into detail here and a pro tip star with no more than a few offerings. Oftentimes, creatives especially will get really hyped up on all the things but starting small here will give you the ability to grow into all the things more informed of how your customers buy and how you deliver what it is that you're creating. So start small, you'll always be able to grow.

Emily Thompson 24:37
The next part of products and services is your uniqueness and competitive advantage. You're here creating this business because you see a hole in the market. Maybe you want to design logos for a particular type of business because no one else is focusing on that industry. Maybe you want to make ceramic mugs because you have tiny hands and all the mugs in the market aren't made for folks have little hands like yours, whatever it is, you're here because you think you can offer something that no one else is offering. And this is where you call attention to your bit of business genius. Detail here, why it is that your customers will be so excited about your business, and how it is that your products and or services are different from all the others out there. The final part of products and services is your pricing strategy, the place that makes a lot of creatives freeze up. So if you're here, take a deep breath, here is maybe your first opportunity to practice communicating the value of your offerings. And doing that thing you're going to have to get really comfortable with as a business owner talking about money. When pricing your offerings, think of the value of your product or service. And honestly, value can be defined a number of different ways. On one hand, a high price could indicate quality craftsmanship or uniqueness or a hard to find product. On the other hand, a low price could indicate a different kind of value, and will make it more accessible to a wider range of potential customers. So think about value. And then think about math. The feeling side of pricing is the values and it's important, but it can also be really hard to quantify into a solid number. So I like to pair it with the concreteness of math.

Emily Thompson 26:24
How much time will it take you and your team to deliver the product or service? How much will it cost to produce in materials and in wages? And how does all of that factor into those monetary goals that I know you created earlier in this plan, make sure all the numbers add up. As an example, let's say you want to make those cute little mugs, and have a goal of making $60,000 in revenue in your first year in business and you want your personal income to be $40,000. When thinking about pricing for value. Maybe you want them to be easily accessible, so you price them at $15 each. That's only part of the equation. Because when you look at the cost of your raw materials, and the amount of time it takes you to make the mug, you find that it costs you $12 to make a mug, meaning you only make $3 profit from each mug. $15 price minus $12 cost equals $3 profit. Assuming you have no other expenses in your business, which will literally never be the case. This means that you'll have to sell over 13,000 mugs in your first year to make your personal income goals. I mean, it's possible to sell that many, but you're going to need some help making the mugs people you can't afford to pay, making it not a viable business model. Instead, your math informs you that you need to price your mugs at $28. Meaning you can sell less than 3000 mugs to make your goals. They're not expensive mugs, but they're not cheap. And the goals are smart. That's a viable business model.

Emily Thompson 27:57
So work through your pricing pricing is something that we talk about all the time in the Being Boss Community, it can really trip some creatives up. And if you find yourself needing to adjust your goals or your mission or whatever at this point, that's fine. In fact, it means that this plan is doing its job. This is where you really begin to see how the multiple parts of this plan actually work together, make the adjustments and continue along.

Emily Thompson 28:27
And with that we've completed the products and services and we're moving on now to target market. So far, you've gotten really clear on what it is that your business is you're doing and now it's time to clearly outline who you're doing it for. In this section you get down in the nitty gritty of who your target market is or as we like to call them, your dream customers. You want to build a profile here, including things like demographic info, like how old they are, their gender and what their household income is. You should include geographic information if location is important for your business, paint a clear picture of who your dream customer is. And you can even include things like other brands they like, their hobbies, how they spend their time, what they care about, where they like to spend their money. Getting clear on your dream customer, the group or groups of people you're serving with your business is an important element of shaping your product or service correctly and will play a very important role in marketing effectively as well.

Emily Thompson 29:37
The next section of your business plan will be industry slash competition. The place where you gain and communicate your understanding of the market you're entering. Your industry is the type of business you're opening like 24 hour gyms or bakeries, or design agencies or ceramicists. The businesses within your industry or your competition. Though around here, we take the idea of competition lightly. Competition is kind of the opposite of collaboration in my eyes. And I much prefer collaboration, though we're talking about competition here for a different purpose. Because looking at competition or others in your industry, will give you a lot of insight into what's working and what doesn't work, as well as that hole that you're looking to fill. Having an understanding of the other people or businesses in your industry will help you better craft your own product or service, and will give you a hint as to whether your ideas are viable. To give an overall view, take a look at your industry as a whole, what's currently happening in your industry, what trends are present? Where is it going? And how do you fit in? Also, as you're doing this analysis, create a profile of a few other businesses in your industry to include in your business plan and answer these questions in those profiles. What are these businesses doing well? What are their shortcomings? And how will you address them in your business? What do their customers think about them? And what will your business do better than these? With this industry analysis under your belt, you will be so much more prepared to take some of your first steps with your own business.

Emily Thompson 31:21
Next up is operational plans, which is the part that I get most excited about, because this is an outline of what the business part of your new business actually looks like. So what do you need to get your business off the ground? You want to think about your day to day processes, the processes that are required to deliver that product or service to your dream customers? Perhaps you need to add some folks to your team or source some services or materials for your products. Maybe you need to make a production schedule. What does this sales process look like? How are you actually selling your product? Will you have a storefront to sell your products? Or will you take payments on your website? Or do you need an easy to use invoicing system like FreshBooks to take payments for your services, see what I did there. This is the least blueprinty part of the business plan because the processes for no two businesses are the same. My best tip is to start first with what you need to get started now and lay out those processes. And then imagine a day or week in the future, when you're humming along and outline what's happening in your business at that time to make everything happen. From marketing and sales, to production and delivery, and even management of other executive or top level functions. Don't forget that you as the CEO of your company, need to set aside time to the big picture planning that moves your business along. You want to lay out all of these systems all of these processes. You can even think about these in like some good list formats so that your business has a foundation for functioning from the very beginning.

Emily Thompson 33:13
Next is the marketing plan with a full layout of what you're selling and who you're selling it to and how it's going to be sold. The marketing plan is where you'll gain and communicate your understanding of how you'll get your offering in front of your dream customers. One of the most beginning questions for creating this plan is to ask yourself, where do my dream customers hang out? The answer to that question is always a starting place for a strong marketing plan. To dig deeper, feel free to ask yourself these questions. How will you get the word out about your product? What search terms? Are your customers googling to find your business? What social media platforms are they hanging out on? Or if your business is very specialized, you may want to consider a more one on one approach with potential customers in which case how will you find those individual people and how will you communicate with them. You'll also want to consider if you plan to invest in marketing, like buying Google ads or investing in signage. Or if you want to use free marketing tactics like becoming a master of Instagram or bootstrapping, organic search engine optimization. And never ever, ever, ever, ever, ever forget the most powerful form of marketing of all. Word of mouth. Because it's not flashy, this is usually overlooked. But it's important to understand that the best marketing is delivering such a phenomenal product or service that your customers can't help but tell everyone about you. A business that runs off referrals is a holy grail. So don't ever put the integrity of your product or service in jeopardy in an effort to say win at social media because then you won't win at all.

Emily Thompson 35:04
Next up, we have the second to last section. And that is your sales forecast slash financial projections. Unlike the financial forecast you did in the executive summary, which encompass both income and expenses that you envision in your business. This section focuses specifically on sales. You've just done your marketing plan. Now you get to imagine the money it will bring in. So how effective do you think your marketing will be? How much money will you be making over the next 6, 12, 24 months? Again, don't let the fact that you're basically making these numbers out for you out. Instead, think of it as setting milestones for your big goals that you made earlier. Through the sales forecast, you'll be able to see the work you have to do to meet those goals. And I highly recommend that you set these milestones by month.

Emily Thompson 36:03
And finally, your startup expenses, which is an outline of what you need to get the ball rolling. A clear understanding of your startup expenses is imperative for jumpstarting your business towards success. So look back at your skills and experiences, your products and services, your operational plans, your marketing plan, and get clear on how much money and energy you're going to need to get your business started. This number should include things like materials and equipment you may need to purchase or any rent or wages that you'll need to pay, and how much it's going to cost you to set up your store, your website, or otherwise set yourself up to accept payments. This outline of your expenses will give you the investment you need to bring your business into being and it will give you a clear picture of if you need to seek out that investment. Or if you'll be funding yourself, which is usually the first hurdle of many, many more in starting your business.

Emily Thompson 37:05
Oh man, and just like that you have it. I did a good job. 40-ish minute walk through creating a business plan for creatives. It probably, it definitely is gonna take you longer than 40 minutes to actually do the plan. But I hope this gives you a better understanding of what it is that you need to do. Going through these exercises of imagining and planning for your business. And most importantly, committing them to paper is powerful. It's a product of lots of research about your industry, your dream customer, your offerings. It represents in depth planning, by outlining your skills and how you'll grow them, how much is going to cost to get started, and what the money is going to look like once you're on your feet. This plan should come together in a single clearly organized document that you can access anytime you need to regain focus on the path you've set towards your goals. And most importantly, you will have the beginnings of your business in your hands. Congratulations. I hope this bit of guidance helps you over the age old hurdle of creating a business plan. And if you were just listening and are now inspired to write your own business plan, we have that template to help you out. You can find it in our show notes or at www.freshbooks.com/business-plan. Now, I feel like I just wrote a business plan. Though I think you guys definitely have more to do. And maybe I'll go do my own celebrating now. Especially considering You're the one that still has all the work to do. Welcome to it, boss.

Emily Thompson 38:42
Thanks for listening. And hey, if you want more resources, we're talking worksheets, free trainings in person meetups vacations and more. Go to our website at www.beingboss.club.

Kathleen Shannon 38:55
Do the work. Be boss.