Becoming a Young Living independent distributor usually doesn’t require any major investment from the entrepreneur. But some business owners do want to expand or grow their business, which puts them in need of a plan.
We thought we would use this blog to address the topic and provide some tips to business owners on how they can create an effective business plan. You can also use your My Oil Site website to connect with other entrepreneurs in the same business and learn from their experience.
Elements of a Good Business Plan
There are no strict guidelines about creating a business plan; because every business is different, so must every business plan be different. We can’t possibly cover every angle of writing a successful business plan in this post, so we will only talk about the 4 essential elements that should be present in your business plan. If you want to learn the specifics of writing a business plan, you can read more here.
- Mission Statement
The mission statement will essentially be an introduction to your business. You should take extra care in writing what you want your investors to know most regarding your business. But you have to careful about the length of the mission statement; they are usually very short and concise.
A crucial part of your business plan; your goals and objectives section will let the readers know what you are working towards and what the future could hold for your business. You will need to conduct some research and look at similar businesses and how well they are doing and include that information in this section to help deliver your message.
- The Finances
As far as the people reading your business plan are concerned, this will be the most important part of the plan. If you are starting a new business, you will need to add information about the initial capital you require; information about the profit margins should also be included. For people who are looking to expand their distribution business; they should include information about their past finances.
How will you promote your business? This is a question that you have to answer in your business plan. You will have to create an initial marketing campaign and include it into the business plan. Include information about how you will utilize social media, personal website or other marketing avenues to market your business.
With the help of the information above, you will be able to write a killer business plan. And once you have the required capital, you will need to put your marketing plan in action. Create a website using our services and start sharing your stories with the essential oils community, and effectively promote your distribution business.