Video 6

BUSINESS PLAN  (This is a transcript of the video lesson #6 (on Youtube) of the same name from the series of video lessons entitled “How To Start a Micro Business”.)

by
Dr. Jerry Dean Epps, Ph. D.

Why do you need a business plan?

For you, you need it so you are forced to think through all the steps and processes of the micro business you are about to start.   Others need it so they can see that you are serious.  Most people will not take  you seriously if  you say you will be operating a business but have no business plan.  Lenders always want to see a business plan.  If you decide you want to have Dr. Epps fund you and partner with you, you will have to show him a thorough business plan.  Partnership (explained fully in lesson # 9) is automatic if you want him to furnish the capital.   He does not fund unless he is a partner too.  If he is going to invest money in you, he want to ensure successful returns by having him be a part of your business.   See lesson # 9 for more details on this.

[Note: Most of the transcript is not given here because the same material is presented in the business plan worksheet that is on the website.  The parts of a business plan are given there and explanations and examples of the parts are given.]

It is work to complete the business plan.  But it is very important work—by completing the business plan you will have carefully thought most aspects of your micro business.  That means there won’t be too many surprises, and you are very likely to have a successful experience.

Remember our motto, “You CAN start a micro business and earn money to improve your life and improve your community too.”  See you for the next lesson.  This is Dr. Epps, signing off.