Starting a Business: Lesson 2
The Planning Process and Planning Tools
Sarah Matson, with the Tennessee Small Business Development Center in Chattanooga, discusses processes and tools for planning your small business.
Topics:
- Failing to Plan is Planning to Fail
- S.W.O.T. Analysis
- Financial Planning
- Planning Tools
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
Video Lesson Topics
- 0:11
- Failing to Plan is Planning to Fail
The first step of the planning process is marketing research. This includes questions such as, “Is there a demand for my product?”, “Who is my target market and competition?”, and “What regulations should I be aware of?”.
- 0:29
- S.W.O.T. Analysis
List out the strengths, weaknesses, opportunities, and threats for your business. This gives you a good vision of where your business is, and where you fit into the market.
- 0:48
- Financial Planning
List startup costs for your business. Also, you should be aware of any funding opportunities that are available for your business, and what their funding requirements are. You should also create financial projections for the first three years of your business.
- 1:14
- Planning Tools
- Join a trade association or subscribe to trade publications to learn information about your particular industry
- Serve friends, family, and possibly strangers to get feedback about your product or service.
- Use tools such as Microsoft Excel and Word. We also recommend you use liveplan.com
- Work with an SBDC consultant. They can help you put together a business plan and give you access to market research.
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
What Problem am I Solving and Who am I Solving it For?
The Planning Process and Planning Tools
Setting Goals
Legal Structure
What It Takes to Be Successful
Funding Options for Starting Your Business
The Realities of Grant Funding
Partnership and Operating Agreements
B Corp Certification
Is Starting a Business Right for You?
Analyzing Your Personal Finances Before Starting A Business
Want to learn more about how this topic relates to your business?
Schedule a meeting with one of our consultants! All counseling sessions offered by the TSBDC are no-cost and provided by our staff of professional business consultants.
