Jan. 14, 2025

Business Plans- 6 Reasons

Business Plans- 6 Reasons

Business Plans why are they important when going into business and why should you update business plans as you grow! Trucking, Owner Operators, Small Business, Self Employed all should have a business plan. Funding, Bookkeeping, Taxes, Tax Relief....

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Business Plans why are they important when going into business and why should you update business plans as you grow! Trucking, Owner Operators, Small Business, Self Employed all should have a business plan. Funding, Bookkeeping, Taxes, Tax Relief. Setting Goals and Milestones for your Business. 5 year plans, Plan for success

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WEBVTT

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The topics and opinions express in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Barry G.

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Fowler EA brings you tax talk for you right here

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on W four CY Radio and talk for TV. As

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an enrolled agent and a national leader in tax resolution

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as well as Trucker bookkeeping and tax planning. With over

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thirty years of experience, Barry will break down taxes, bookkeeping,

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tax planning, and tax relief for individuals and businesses just

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like you. So let's have some tax talk for you

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with your host, Barry G.

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Fowler. Hey, welcome, welcome, welcome. I glad to be here

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and talking about things that people want to hear and

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have asked us to talk about or address. And you

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know we do tax relief all across the nation, saving

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people money and fighting the I R S. But a

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lot of times we're getting questions what can we do

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to be successful in business? Or what can we do

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to save money in business? And how do we need

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to run our business? So, you know, we talk to

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people about starting at the ground floor. You know, what

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is the basics? Where do we where do we begin

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when we want to run a business for ourselves? And

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you know that's a daunting task starting your own own business,

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and it's easy to feel stuck in the mud, and

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you know, trying to figure out where you go and

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and what are the next steps for you to make

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it in business? And how can we you know, how

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can you make it a little bit more simpler being

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in business and how can you make sure or give

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yourself the ability to be maybe a little bit more

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successful than if you just started out and didn't know

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what you were doing or where you were going. I mean,

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you know, when you start your business, you're looking to

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register your company, maybe you build a team, or maybe

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figure out advertising, where your supplies are. You know, you

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got the business idea, Now you've got to put some

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foundation behind it. And that can be really intimidating, and

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business plans are basically the antacdote to a new business

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that you're struggling to figure out how to get it

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off the ground. And you know, a lot of people

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shy away from business plans because I think it's such

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a daunting task or lengthy document that require you know

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a significant amount of intention or care or planning to

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go through this to make sure my cell phone's off here,

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otherwise we start getting phone calls, you know. But one

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of the reasons that you want to do a business

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plan is it increases your chance of being successful. You're

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you're more likely to be successful if you write your

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own business plan then if you don't. You know, your

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business plan is considered to be that roadmap to success us.

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It's a blueprint to follow that helps you outline, understand,

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and achieve your goals. Writing a business plan is going

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to define critical aspects of your business like your brand, messaging, conducting,

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market research, conducting, pricing, strategy plans, all before you really

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start your company. Now you may say, hey, I don't

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need all of this, Well, what business plan can be

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adapted to what you need? But if you're like you're

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going into the trucking business. You know, you know you

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need to trug. You may not have the advertising aspect

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of it, but you do need to do some market research.

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What are you going to be able to make or earn?

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You know, maybe you're simply going and deciding you're just

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going to be leased on to somebody, or maybe you're

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going to go it alone and you're going to get

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your authority and go down that path. You know, putting

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the business plan together helps you start defining those goals

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and what it's going to take to be successful. So

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why not take the time to create a blootprint that's

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going to make your job, your life easier. And there

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are you know, we can look at six probably more

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reasons to do a business plan, but let's let's talk

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about six. And you know I do right for the

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Landline magazine. And one of the nice things about writing

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for Landline Magazine, I get to write, you know, articles

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on what I wanted to do based on the information

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and people asking questions of me, and so you know,

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in the next month you're going to see a great

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article on on business plans. And so one of the

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reasons that we talk about creating a business plan is

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to plan for success. That's right. You can plan to

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be successful. And you know, planning to be successful means

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you're setting goals. You're setting your figures of where you

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expect to be and then what does the success look like.

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It's going to give you that starting point of striving

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to achieve and when you're going to achieve those goals

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or what you expect to achieve. How much money are

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you going to make? How much money do you need

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to support your family? That's important, isn't it. You know

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ninety percent of small businesses fail purely due to the

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lack of planning, and you shouldn't be one of them. Hey,

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we'd a lot of questions and Texas texts that come

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in and everything. We got a message here from Keith.

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Can businesses do a new business plan after years in business?

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And should they? Well, Keith, it's like this. If you

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had a business plan when you started, you should be

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updating business plans as you go. See, when you achieve

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your goals, it's not time to stop. It's time to

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set new goals, new ambitions to maybe become bigger, better,

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stronger in business. So yes, if you haven't done a

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business plan and you've been in business, it's a good

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time take the time to sit down and do planning.

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Where you want your business to be, you know, maybe

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the next five years or the next ten years. What

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are your goals, what are your ambitions, and so, yes,

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you should either rewrite, expand always go back and look

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at what you're doing compared to the business plan that

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you set forth. Now you know business plans, you know,

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they could be kind of simple, they can be more

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in depth. They can be you know, if you're going

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out for funding and stuff like that may have to

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be significant. So reason number two that you want to

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have a business plan is funding. Hey, I don't care

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whether you're in the trucking business or any other small business.

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You have a need for funds, whether it's buying a

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truck or a trailer, buying supplies, buying a building. And

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you know you can go through all these things, but

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you need money. Most businesses need funding, and you're most

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likely going to need to borrow money for your tractor

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or your trailer and maybe even all the starting of operations.

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A business plan makes you do your homework and set

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goals on how you're going to make that money, how

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you're going to pay your luanback, or maybe you got

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to lease, how you're going to pay your lease, the

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tractor trailer building you may be leasing, or that maybe

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the building you're going to buy. That is all funding

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that requires you to take the time to do a

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little bit of planning and giving your business that foundation

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for success. Not only that, but you know, legitimizes your

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business idea, legitimizes what you're planning to do in business.

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It's one of the first things that you're going to

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do in this business plan is research you're not just

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your target market, but industry trends and what your competitors

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have done, who you're going to compete with, and how

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you're going to be successful, and then modify as you

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go from there. So you know, there's a lot of

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things that you need to do as you're starting to

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get into doing this business plan that's going to help

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you build that absolute foundation of your business and help

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you to be successful. I've got a question from Heather,

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should you write your own business plan or have a

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company do it for you. Well, here's the thing. It

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really depends on what you're planning on doing. If you're

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going out for outside investors to come in and be

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a part of your business. You may want to look

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for a outside business to help you or assist you

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in writing your business plan. Now, the thing about whether

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you use an outside business or you do it yourself.

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One of the things is it's all going to come

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back to you to help you put together your ideas,

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what it means to you to be a success, where

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your goals and ambitions are. These are all things that

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they're going to do it. What they're maying to be

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able to do is put it in better words or

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professional words that may bring you in a good outside

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investor for your bank, for other funding ideas. A lot

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of times doing it yourself is the way to go.

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Maybe that you need an outside company to do some

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of your market research. Depending on the type of business

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that you are going into, you know what are your

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competitors doing and finding the way to go through and

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do that, and we can come back. We're going to

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continue talking about some of the six reasons you should

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have a business plan and answer a few other questions

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that are coming in as we're going through business plans.

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Will be right back after this.

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We have only scratched the surface of today's show. Please

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stand by as Barry G. Fowler will be right back

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with tax talk for you. If you own the IRS

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or are going through an IRS audit, don't go at

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it alone. Called Taxation Solutions Tax Relief at eight eight

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your solution for IRS debts, audits, back taxes, garnishments, leaned

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and levees. Whether you're an individual or business, you need

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a solution and a strong, aggressive tax resolution. Don't let

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the IRS walk all over you.

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Stop the IRS now.

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We'll call eight eight eight nine three zero one zero

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one six, or go to Taxation Solutions dot net now

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for a free no obligation consultation. Let's get back to

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tax stock for you with more tax stock once again.

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Here's your host, Barry G. Faller.

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Business plans, business plans, business plans. You know, should you

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be doing business plans? You know, as we talked about

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the first segment, absolutely, you know, set those goals, uh

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figure out what it means to be a success in

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the business you're going into, whether it's the trucking business

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or any other small business out there, or or if

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you're planning to be a large business. Set the goals

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for what success means to you. And how are you

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going to get there? He question in from two does

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your company only work with the trucking industry or does

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it cover all types of businesses? A Taxation Solutions tax

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relief works with everybody, individuals, businesses across the board, saving

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people money when the IRS is coming after you. Trucker

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Tax Tools is a business we have out here that

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it works with truckers and we do this nationwide. So

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if you've got tax problems, check out Taxation Solutions dot

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net and we can help you with your IRS problems.

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And if that means we got to do bookkeeping to

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help you too, it definitely can can set you up

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to do that. Trucker Tax Tools works with truckers. If

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you go to Trucker tax tools dot com you can

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see everything that we do for truckers out there in nationwide.

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Heather had another question here where would you suggest learning

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how to write a business plan? And who sees this plan? Well,

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what I suggest is there's a really good website out there. SBA,

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the Small Businesses Administration has some good business plan formats

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for you out there that you can jump into and

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take a look at and then give you a lot

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of great information as well on how to write your

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business plan and what you're looking for. And you can

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kind of search the web more as well of how

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to write your plans. But you know SBA is a

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good resource, you know for that. And then here they

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also asked who sees this plan? Well, if you're not

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going for funding, you're not going for investors, it's you

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you see this plan. Remember, this is your guide, This

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is your business plan. This is what success means to

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you in your business. Now, if you have partners, it

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means success for you and your partners. You know, it's

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something to go back and measure what you've done. So

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you know. The third reason you're going to do a

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business plan, it's your GPS to get your business going

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and keep your business going in the right direction. You know,

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if you're out on the road, no matter where you're going.

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Every day now people go to ways or Google Maps

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or you know the other map apps that are on

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your phone for GPS or even the GPS in your

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car to tell you where you're going. You may not

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need it, but people do it because it will tell

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them if there's traffic or a better way. Your GPS

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is your business plan guide to every step and every

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stage of starting your business, managing your business, growing your

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business at using this business plan like you use your

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GPS while you're driving, to provide directions and or structure

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of your business. You know how you're going to run it,

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how you're going to grow it, how you're going to

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expand your business. These are all things that are going

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to be in your business plan. You're giving thought in

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details for all the elements of how your business is

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going to run. Now, it's enough to be all and all.

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It doesn't mean you've got to do this exactly the

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way you wrote this day. One matter of fact, if

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you may sit down and write this business plan today

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and you put in five year goals, seven year goals

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or ten year goals out there, and you're the go getter,

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and you meet her and see those goals, and let's

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say two years, now, what do you do. I just stop.

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I'm gonna shut it down. I'm not going to grow anymore.

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I'm not going to do it. No, a's the time. Hey,

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you see the goals you're achieving. You've achieved a much

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faster right new goals. You know, as as we were

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talking earlier, Keith had asked, you know, do you do

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a new business plan after we've been in business for years, Well,

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this is a time. Now, Hey, you met your goals.

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You were a success above and beyond what you dream

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Day one, rewrite it, put a new plan in place

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to meet those goals and set new ones to be bigger, better,

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or hey, if you're content and stay where you're at,

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how are you going to stay where you're going to be? Now?

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People were talking and asking. I think it was Heather

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that asks who else sees your business plan? Well? Number

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four might be hiring the right people. So you completed

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your business plan and you have a clear view of

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your strategy, strategies, your goals, your financial needs, milestones that

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you need to meet that requires skills maybe you don't

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have yet, and you do not need to hire people

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to fill the gaps. So having a strategic plan, that

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business plan to share with perspective partners or employees can

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prove that they aren't just signing on to a dream

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or sinking ship. If your plans are summarized and feasible,

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don't understand why you want them on your team and

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why they should agree to work with you. Getting out

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and hiring somebody into your business is an expense, So

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we back up that business plan may have helped you

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obtain that funding or investments that you needed to run

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this business. You could remember, you have goals and dreams,

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and you've outlined them in this business plan. Now it's

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putting this in place and that funding, hiring. All of

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that is part of what your goals are, what your

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needs are, and how you're going to be successful. Using

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that business plan to help you reach the goals and

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milestones for your business is one of the biggest keys

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to your business. We talk about reaching those milestones or

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reaching those goals. What if it's taking you longer, or

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your business plan helped you see maybe where you're going

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wrong or maybe where you need to adapt, and putting

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thought into this business plan is going to help you

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to take that step back and think clearly and objectively

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about your business. Provide that guidance to your decision making

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as you move forward on your hiring should be considered essential,

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whether you're securing funding, investing, or going and alone. Business

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plans don't have to have all the answers, but do

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provide that guidance that you need. So again, if you're

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creating this business plan and you don't have all the

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answers today. Don't worry about it. Use this business plan

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as your guide to help you reach those business goals

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that you have. You know, I like business plans. I

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like it because it makes your life easier. Now, when

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you got this business plan, you need to know whether

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you're making your goals or you're not. You need to

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have the bookkeeping behind it. You need to have that

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accounting behind it so that you know the numbers are

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working or aren't working. You know what's your net income?

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Isn't that about the money that you have in your

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wallet today. It's not about how much cash I have

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in my pocket. It's how much money am I going

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to be able to make from this business to support

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my family, my life, and my retirement at some point

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in the future. That's what business plans do. That's why

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you need a good business plan for yourself, for your business,

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for funding, for hiring. All this becomes extremely important to

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you and business. When we come back, we're going to

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talk about the fifth reason that you need a business plan.

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Were right back after this.

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We have only scribed the surface of today's show. Please

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stand by as Barry G. Fowler will be right back

326
00:24:06.000 --> 00:24:11.839
with tax talk for you as an owner operator. You

327
00:24:12.079 --> 00:24:15.519
already spend too much time away from your family. Stop

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00:24:15.599 --> 00:24:19.400
spending time doing paperwork. Go to Trucker tax toools dot

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00:24:19.440 --> 00:24:24.319
com a solution filled specifically for truckers. Trucker tax tools

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00:24:24.359 --> 00:24:30.559
dot Com makes your life run smoothly. Let's get back

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to tax stock for you with more tax stock once again.

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Here's your host, Barry G. Fowler. Hey, welcome back. Hey,

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we've got another question here from Sam and and actually

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he gets to my number five point, how hard is it? Well,

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a number five, it's not as hard as you think.

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You know, hey, this could be a daunting task. We

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know that, but it's really not that hard. A business

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plan is your written tool about your business that's going

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to project three to five years ahead, outline your path

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to it's you intend to make to make this a success.

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You know, when when you're going through and doing this,

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you're going to outline the path your business intends to

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take to make money and grow revenue. You know, think

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of this more as a living project for your business,

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and that as a one time document. Break it down

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into many parts for one for sales, one for marketing,

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one for pricing, one for operations, all all this is

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what you're looking to do and being not hard to do.

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There's really no wrong way to rine had a business plan.

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So basically, you know, you pick a format that works

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for you. You know, what's important is that the business plan

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meets your needs and you know, as the SBA says,

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it can be one of two common categories. It can

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be a traditional business plan, it worse lean startup plan.

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What they talk about SBA talks about is traditional plans

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are more common because they use a complete standard structure,

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and we're going to go through structure here a little

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bit and encourage you to go into detail of every section.

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It requires probably more upfront work than the lien plan does,

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but they're worth doing. A lien plan more focusing on

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summer summarizing your most important key elements and aspects for

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your plan. The lead once sometimes and we take maybe

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an hour or and are typically, you know, very short.

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I don't suggest you go that way. I suggest you

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go the traditional route. And that traditional route would be

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the longer one because it's going to give you a

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better roadmap to where you want to be and sets

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better goals and milestones to compare it to. And know

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that Hey, you're approaching this the right way to get

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down the right path to get to where you want

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to be, whether it's three years, five years, or seven years,

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ten years down the road, following that roadmap and make

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life a little bit easier and you know, knowing where

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to start. Like I said, the SBA dot Gov gives

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you a good business plan tool to help you simplify

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the process and some easy steps to follow to create

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a good plan, you know, and it'll walk you through

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each of the steps that you're going through. And hey,

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once you're there and you're using your tools, it sometimes

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is going to make life a little bit easier. And

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we've got a message in from Patty. Not all businesses

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make money from the startup. Should you have an added

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expense or add things when necessary? And she was talking

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about starting a business and considering hiring a bookkeeper. Well,

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here's the thing. You need consultants that are going to

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be on your side, people that are going to help

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you a bookkeeper. People we have here on our staff

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ed truck or tax tools and taxation solutions the Bookkeeping Department.

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The Tax Department gives you consulting that helps you down

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the right path in the business because getting started the

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right way is a necessity in business. You get off

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on the wrong foot and you're paying too much in taxes,

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or maybe you didn't set it up the business up

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the right way, or you're commingling business and personal. You

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need somebody that's going to be on your side to

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talk to. It's going to be able to provide you

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the consultations to doing it, whether it's an attorney that

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you use to set up your business and they can

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get pricey out there, but having somebody that's on your

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side and setting things up right from the beginning and

401
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save you a lot of headaches down the road. And

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you know, put those expenses into your planning, into your

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business plan, so you know how, Hey, how am I

404
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going to cover this added expense and sometimes bookkeeping expense

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that is done by companies like us, and uh, you

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know isn't as expensive as you think it is, and

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it's cost effective to use and it's tax deductible too,

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so we throw that in there as well. We've got

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a question from Dan and I love this today. I

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appreciate all these questions we're getting in uh, these questions, Hey,

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the questions people have nationwide when you start talking about

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business plans, you start talking about taxes and it's great

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to have them. So Dan, you know what if other

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opportunities come about as you're going along, should you add

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those into your business plan? Well, Dan, if you're going

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to take a deviation from what you've planned in business,

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maybe you're opening a new line of business, Yes, you

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need to sit down and adapt your plan. Maybe those

419
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opportunities are within your plan and help you reach your

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goal faster, then yes, you want to add those in,

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expand your goals and keep achieving. See, we plan for success,

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and that business plan helps you become more successful in

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the business. See we've looked at statistics out there of

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people that have been successful, people that have continued to

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be successful, and how many businesses fail, you know, in

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that first five years that are out there, and more

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00:31:38.960 --> 00:31:43.559
of them fail without a business plan. More of them

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fail because they don't take the other line of business

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and continue to expand into things they do and even

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put numbers to it. If you have that other line

431
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of business that's coming in and maybe it's an opportunity,

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Maybe it's an opportunity, you've got to sit down and

433
00:32:01.079 --> 00:32:04.359
look at and say, hey, does this make me money

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here for the long term, short term? Is this a

435
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better route to go than the original route we were

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00:32:11.119 --> 00:32:17.160
going to be on? Look at the opportunities. You know,

437
00:32:17.200 --> 00:32:22.160
when we started Taxation Solutions tax relief years ago, it

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00:32:22.319 --> 00:32:27.079
was all about fighting the irs, saving money for people

439
00:32:27.079 --> 00:32:30.039
that owed money to the IRS or went through an audit,

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00:32:31.559 --> 00:32:37.160
and new opportunities came up to us. A lot of

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those people that we saw in our business were small

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00:32:41.880 --> 00:32:47.119
owner operators that were running trucks. Those people came to

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00:32:47.200 --> 00:32:49.960
us and said, can't you do our bookkeeping and our taxes.

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We had to create a whole new line of business

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and became very successful and one of the leading companies

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00:32:57.119 --> 00:33:00.880
out here nationwide doing truck or tax is in bookkeeping.

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Whole new deviation from where we were just providing tax

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00:33:08.319 --> 00:33:16.160
relief to those people that owed the irs. We deviated,

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created a new business plan, created a new business, and

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went out and expanded that business and became one of

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00:33:23.839 --> 00:33:27.720
the top trucker taxes and bookkeeping companies in the nation

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Trucker tax tools dot Com. Those opportunities do come up

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in an opportunity for you in business is another way

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of going through and doing it and doing an analysis

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is it going to make the money? Zero point six

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is what we're going to talk about when we come back.

457
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It's an interesting and one I hadn't really thought about,

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but it is something that people do consider when you're

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looking at business plans, and we'll talk about that right

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after this break.

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00:34:03.319 --> 00:34:06.960
We have only scratched the surface of today's show. Please

462
00:34:07.039 --> 00:34:10.280
stand by as Barry G. Fowler will be right back

463
00:34:10.360 --> 00:34:16.159
with tax talk for you. As an owner operator, you

464
00:34:16.400 --> 00:34:19.840
already spend too much time away from your family. Stop

465
00:34:19.960 --> 00:34:24.320
spending time doing paperwork. Go to trucker textools dot com

466
00:34:24.360 --> 00:34:29.239
a solution filled specifically for truckers. Trucker taxtools dot com

467
00:34:29.239 --> 00:34:35.400
makes your life run smoothly. Let's get back to tax

468
00:34:35.480 --> 00:34:39.679
stock for you with more tax stock once again, here's

469
00:34:39.760 --> 00:34:41.280
your host, Barry G.

470
00:34:41.519 --> 00:34:41.880
Fowler.

471
00:34:44.639 --> 00:34:50.599
Hey, we cut that short in this break because you know,

472
00:34:50.639 --> 00:34:52.920
I really wanted you guys to hear your point six.

473
00:34:53.800 --> 00:34:57.199
I hadn't really thought about this, but as I was

474
00:34:57.239 --> 00:35:00.400
going through and trying to figure out, Hey, you know

475
00:35:00.400 --> 00:35:03.920
what would be my sixth reason for doing a business

476
00:35:03.920 --> 00:35:08.400
plan and it might make it easier to sell your business.

477
00:35:10.800 --> 00:35:14.199
You know a buyer that wants to buy or purchase

478
00:35:14.280 --> 00:35:17.719
your business. Doesn't want to purchase something that's going to

479
00:35:17.760 --> 00:35:20.280
be run into the ground after they signed the papers.

480
00:35:20.360 --> 00:35:23.719
They want something that's going to be successful. Established as

481
00:35:23.760 --> 00:35:30.039
a plan, as a goal. Your business plan, if you've

482
00:35:30.079 --> 00:35:35.239
adapted it as you've gone, is going to detail future

483
00:35:35.280 --> 00:35:41.440
milestones and show the milestones you've already met, and then

484
00:35:41.519 --> 00:35:45.920
can show a perspective buyer how you generate a success

485
00:35:45.960 --> 00:35:50.679
within your market, and then can use that business plan

486
00:35:52.639 --> 00:35:58.320
to continue to increase within the market, and how they're

487
00:35:58.360 --> 00:36:02.440
going to accomplish their goals and maybe help you negotiate

488
00:36:03.880 --> 00:36:09.559
higher price. Do you ever think of that one. You've

489
00:36:09.559 --> 00:36:13.519
got a plan, you've put it in place, you're selling

490
00:36:13.559 --> 00:36:20.679
your business. Now they've got the roadmap to continued success

491
00:36:21.519 --> 00:36:24.800
in the business that you're in. Hey, this goes whether

492
00:36:24.760 --> 00:36:27.079
you're any small business there out there. You know, whether

493
00:36:27.119 --> 00:36:30.360
you're going into a retail shop, whether you're going into

494
00:36:30.440 --> 00:36:33.559
a service business, whether you're going to be an owner operator,

495
00:36:33.599 --> 00:36:38.440
truck driver. You have goals, you have milestones. Maybe your

496
00:36:38.480 --> 00:36:43.440
goal is to add more seri locations, more trucks, have

497
00:36:43.559 --> 00:36:48.639
your own authority in the trucking industry, more service locations,

498
00:36:49.199 --> 00:36:55.920
whatever it may be, those are defined within your business plan.

499
00:36:56.199 --> 00:37:05.480
So your business plan is essential to your business. You know. Ultimately,

500
00:37:05.760 --> 00:37:08.800
I look at it this way. Having a business plan

501
00:37:08.880 --> 00:37:13.280
can increase your confidence in your new venture, in your

502
00:37:13.320 --> 00:37:18.360
new business. It can help you understand what your business

503
00:37:18.400 --> 00:37:24.719
needs to succeed and continue to succeed, and how you're

504
00:37:24.760 --> 00:37:31.199
going to get there. Remember that GPS to success. That

505
00:37:31.360 --> 00:37:37.360
is what you're going to do. If you have a goal,

506
00:37:37.559 --> 00:37:43.519
you have a passion, you are going after it. Use

507
00:37:43.559 --> 00:37:48.039
your business plan to map that successful business venture out

508
00:37:48.079 --> 00:37:56.360
for you and make your dreams come absolutely true. And

509
00:37:56.480 --> 00:37:59.360
that's a fun part about putting a business plan together.

510
00:38:00.000 --> 00:38:04.159
You know, hey, what all do you need to do this?

511
00:38:04.400 --> 00:38:06.719
And you know how are we going to get there?

512
00:38:06.760 --> 00:38:11.320
And defining goals and then seeing that you've succeeded or

513
00:38:11.400 --> 00:38:14.360
met those goals. I've written business plans and I've adapted

514
00:38:14.400 --> 00:38:20.079
business plans many many times in business. The first business

515
00:38:20.079 --> 00:38:24.519
plan I wrote was a business called Foul or Tax,

516
00:38:25.679 --> 00:38:31.440
and we set down what our goals were, and amazingly

517
00:38:31.599 --> 00:38:35.199
enough and we got to hit with the setback, you know,

518
00:38:35.320 --> 00:38:37.840
right out the door. We lost a whole bunch of

519
00:38:37.840 --> 00:38:41.880
clients because we were getting referrals from a local firm,

520
00:38:42.400 --> 00:38:44.920
and they didn't like that we hung out our single

521
00:38:45.079 --> 00:38:48.360
and started this business. We weren't trying to compete with them,

522
00:38:48.400 --> 00:38:52.079
we weren't even in their industry of you know what

523
00:38:52.119 --> 00:38:55.039
they were providing service to. We were providing them a service.

524
00:38:55.760 --> 00:38:59.119
And they ripped it all out from underneath us within

525
00:38:59.159 --> 00:39:03.360
a month or two. And we looked at our business

526
00:39:03.400 --> 00:39:05.360
plan and went back and said, hey, no, we need

527
00:39:05.360 --> 00:39:08.039
to approach this a whole different way, and we changed

528
00:39:08.039 --> 00:39:10.440
and modified our business plan and became a huge success.

529
00:39:10.519 --> 00:39:13.440
We eventually sold the business for much more than we

530
00:39:13.480 --> 00:39:16.519
ever dreamed of selling the business when we first started.

531
00:39:16.760 --> 00:39:20.360
So we adopted our business plan and became that success.

532
00:39:21.239 --> 00:39:24.000
And in the meantime, we've got taxation solutions, tax relief,

533
00:39:24.039 --> 00:39:27.039
and we've done the same thing with this business plan.

534
00:39:27.880 --> 00:39:31.119
So get out there, whether you can write it, feel

535
00:39:31.159 --> 00:39:35.960
comfortable with it, just get started. Get started with the

536
00:39:35.960 --> 00:39:39.920
business plan, set the goals, set the milestones. Start working

537
00:39:39.920 --> 00:39:44.039
on how you're going to make her your business a success.

538
00:39:45.079 --> 00:39:46.800
How do you write this? You know, what do we

539
00:39:46.840 --> 00:39:52.280
look for? You know, business plan has several parts, you know,

540
00:39:52.559 --> 00:39:56.719
and you know we look out at what these parts are.

541
00:39:56.800 --> 00:40:00.719
It starts with the executive summary. You know, usually your

542
00:40:00.760 --> 00:40:03.920
first section, but it's going to be the last thing

543
00:40:04.000 --> 00:40:07.719
you write, because this is going to put together in

544
00:40:07.840 --> 00:40:14.199
a high level all of your business, including your mission statement,

545
00:40:15.400 --> 00:40:21.320
the products and services that you're going to offer. When

546
00:40:21.320 --> 00:40:23.719
somebody reads your business plan, if you go into investors

547
00:40:23.760 --> 00:40:29.159
or funding, it's your first impression, so it's going to

548
00:40:29.159 --> 00:40:38.719
be very concise, compelling, professional, especially if you're targeting investors.

549
00:40:39.159 --> 00:40:42.079
Your business description is the other section. This is going

550
00:40:42.159 --> 00:40:45.400
to go into the core of your business, addressing the

551
00:40:46.320 --> 00:40:52.320
problem your product or service solves, what's your primary customer base,

552
00:40:54.239 --> 00:40:59.840
overview of industry, giving trends, competitive landscapes. If you're going

553
00:40:59.840 --> 00:41:03.199
on the trucking business, you can talk to oh IDA

554
00:41:03.239 --> 00:41:08.960
Owner Owner Operator, Independent Drivers Association and they can give

555
00:41:09.000 --> 00:41:12.480
you some industry trends and some highlights some of the

556
00:41:12.480 --> 00:41:15.599
things that are out there. If you're going into a

557
00:41:15.719 --> 00:41:18.760
repair business, they are are associations for auto repair that

558
00:41:18.840 --> 00:41:23.599
can probably do the same thing for you. And then

559
00:41:23.639 --> 00:41:27.760
what's going to set your business apart, such as your

560
00:41:27.800 --> 00:41:34.159
expertise and your advantages, and then position your position. Position

561
00:41:34.199 --> 00:41:40.679
your business positively showing your strengths and the potential for growth.

562
00:41:42.039 --> 00:41:44.239
The next section is going to be your market analysis.

563
00:41:44.480 --> 00:41:49.679
You know, you demonstrate kind of your understanding of what's

564
00:41:49.840 --> 00:41:53.960
out there in your business and your target audience. It's

565
00:41:53.960 --> 00:41:59.840
going to define your ideal customer base on demographics and locations.

566
00:41:59.840 --> 00:42:03.719
So you know they always say location, location, location is

567
00:42:03.719 --> 00:42:06.519
sometimes the most important thing where you put in your business,

568
00:42:06.519 --> 00:42:12.039
where you operating business. Explain how your product or service

569
00:42:12.119 --> 00:42:19.239
fulfills the unmet demands, the demands out there for your business,

570
00:42:19.239 --> 00:42:26.199
provided you know insights to the demand and helping establish

571
00:42:26.199 --> 00:42:34.679
your strategies. It also is going to help you show

572
00:42:34.719 --> 00:42:38.079
that your business is grounded in the research and it's

573
00:42:38.159 --> 00:42:41.519
going to be poised for success. Yes, we want to

574
00:42:41.559 --> 00:42:47.039
know that you're set up for success. Your next section

575
00:42:47.119 --> 00:42:49.679
is going to be the competitive analysis. You know, you're

576
00:42:49.719 --> 00:42:53.199
going to analyze who your competitors are, their strengths or weaknesses.

577
00:42:53.320 --> 00:42:56.960
Market positioning. You know, if you're going into trucking, you

578
00:42:57.039 --> 00:43:02.559
may not need this is as much, but you know,

579
00:43:03.000 --> 00:43:06.079
if you put that out there, you can see how

580
00:43:06.119 --> 00:43:09.599
you're gonna line up against other businesses out there. Are

581
00:43:09.639 --> 00:43:14.840
you looking to become the next big fleet management company?

582
00:43:15.480 --> 00:43:19.440
You know, where do you see yourself go. Are you

583
00:43:19.519 --> 00:43:22.880
looking to be the next huge retail chain or the

584
00:43:22.920 --> 00:43:26.119
biggest service business that's out there, whether it's you know,

585
00:43:26.119 --> 00:43:30.719
maybe auto service, maybe it's uh uh you know retail

586
00:43:30.800 --> 00:43:33.719
or the next coffee shops, uh, you know, replace the

587
00:43:34.119 --> 00:43:36.480
big ones out there. Are you planning to franchise? What

588
00:43:36.519 --> 00:43:39.480
are you trying to do? Do that analysis of what

589
00:43:39.639 --> 00:43:43.559
your business is, and then your sales and marketing plan.

590
00:43:43.760 --> 00:43:50.239
How are you going to define your unique selling proposition

591
00:43:50.360 --> 00:43:54.280
or position it's going to make your product or service different?

592
00:43:58.119 --> 00:44:00.360
Those are all things that you're going to start putting

593
00:44:00.400 --> 00:44:05.400
in here. Then you're going to talk about ownership and management.

594
00:44:06.159 --> 00:44:10.719
What's your structure of your business going to be? What's

595
00:44:10.760 --> 00:44:15.000
your management teams? You know, qualifications. What are your qualifications?

596
00:44:15.639 --> 00:44:19.440
Do you have advisory boards or consultants that are supporting you?

597
00:44:20.800 --> 00:44:24.400
What kind of human resource needs or employment needs or

598
00:44:24.440 --> 00:44:29.639
recruitment strategies are you going to take? You know, if

599
00:44:29.679 --> 00:44:33.320
you need funding, you know, it's showcasing a competent and

600
00:44:33.400 --> 00:44:39.719
experienced team is going to build credibility, build trust, show

601
00:44:39.760 --> 00:44:44.400
that you're really knowing what you're doing. And then you're

602
00:44:44.400 --> 00:44:46.639
going to put together the operational plan. How are you

603
00:44:46.760 --> 00:44:49.840
going to operate this business? What's your blueprint for your business?

604
00:44:50.599 --> 00:44:52.400
How are you going to do things day to day?

605
00:44:53.719 --> 00:44:56.159
You know, are you least on with somebody? Are you

606
00:44:56.199 --> 00:44:59.440
going to be you have your own authority? How are

607
00:44:59.480 --> 00:45:03.920
you going to to get business? You know? Coming in?

608
00:45:04.039 --> 00:45:08.119
How are you going to operate this? This section really

609
00:45:08.599 --> 00:45:13.199
needs to reflect what your industry is. Maybe if you're

610
00:45:13.239 --> 00:45:16.199
going to manufacturing, you know, what are your production methods

611
00:45:18.400 --> 00:45:22.719
and what other service protocols you may have. And then

612
00:45:22.760 --> 00:45:27.679
you're going to put together your complete financial plan. The

613
00:45:27.719 --> 00:45:35.880
financial plan is going to be basically the cornerstorm ownerstone

614
00:45:37.599 --> 00:45:42.679
of what your business strategy is. You know, what's your

615
00:45:42.679 --> 00:45:47.199
current financial status, your funding needs, your financial productions including

616
00:45:47.239 --> 00:45:51.519
income statement, cash flows, forecast balance sheets. Hey, this is

617
00:45:51.559 --> 00:45:54.639
where you may need professional help and putting together the

618
00:45:54.679 --> 00:46:00.880
financial projections and putting together cash flows and balance shees

619
00:46:00.920 --> 00:46:06.000
for you. What's your break even and profitability? You know,

620
00:46:06.079 --> 00:46:10.400
this helps you define what success is to somebody that's

621
00:46:10.400 --> 00:46:13.960
going to invest or provides you funding funding. And the

622
00:46:14.000 --> 00:46:18.199
last thing is is you know your exhibits, your appendixes,

623
00:46:19.360 --> 00:46:23.960
supplemental information. You know, if you've got patents, trademarks, intellectual property,

624
00:46:24.639 --> 00:46:29.840
product images, contracts, resumes of key personnel. You know, all

625
00:46:29.880 --> 00:46:33.360
these things will just add value to your plan. If

626
00:46:33.360 --> 00:46:35.800
you're doing this just for yourself, you don't necessarily need

627
00:46:35.840 --> 00:46:39.599
to put all these things in exhibits and appendises. You

628
00:46:39.639 --> 00:46:42.559
can cut this part of it out. You may not

629
00:46:42.880 --> 00:46:45.280
need it. But again, if you're going to try to

630
00:46:45.280 --> 00:46:47.239
sell your business in the future, it's a good place

631
00:46:47.280 --> 00:46:55.599
to have everything documented and going. Financial planning, business plans,

632
00:46:57.840 --> 00:47:05.440
planning for success. Why wouldn't you Where would you be

633
00:47:05.639 --> 00:47:13.920
if you don't plan for success? What is going to

634
00:47:13.960 --> 00:47:19.079
help you make twenty twenty five a better and a

635
00:47:19.119 --> 00:47:27.880
more successful year? Planning, budgeting, You know, whether you've been

636
00:47:27.960 --> 00:47:32.159
in business for three years, five years, ten years, twenty years,

637
00:47:32.440 --> 00:47:40.159
continuing to set goals is good for you. So you

638
00:47:41.840 --> 00:47:47.320
as a business owner, maybe you're going to be the

639
00:47:47.360 --> 00:47:50.880
next big fleet operator in the USA. Maybe it's just

640
00:47:51.000 --> 00:47:56.199
one truck, maybe it's just one store, maybe it's fifty stores,

641
00:47:56.320 --> 00:48:02.719
maybe it's nationwide franchising. Whatever your plans are, they are

642
00:48:02.760 --> 00:48:08.719
your plans, there's your dreams, there's your goals. Write them down,

643
00:48:09.199 --> 00:48:12.639
figure out how you're going to get there. Isn't it

644
00:48:12.800 --> 00:48:18.840
time that you succeed and you see the goals and

645
00:48:18.880 --> 00:48:24.239
the milestones in your life and one to success you are.

646
00:48:29.000 --> 00:48:31.360
One last question we've got coming in and comes in

647
00:48:31.400 --> 00:48:35.760
from Heather. If all this sounds foreign, would what would

648
00:48:35.800 --> 00:48:38.760
you say a person that is not ready for the

649
00:48:38.800 --> 00:48:44.039
business world put one foot in front of the other,

650
00:48:45.800 --> 00:48:51.559
start small, design your business plan, put thought to it.

651
00:48:51.639 --> 00:48:53.199
You may not be ready to get out there into

652
00:48:53.239 --> 00:48:56.800
the business world, but you might be ready to start

653
00:48:56.840 --> 00:49:04.559
thinking about what success means to you and then take

654
00:49:04.639 --> 00:49:09.400
that first initial step. Sometimes stepping off into the deep

655
00:49:09.480 --> 00:49:15.800
end is where you become more successful, more confident and

656
00:49:15.920 --> 00:49:21.800
what you can do, believe and keep moving. Hey, as

657
00:49:21.800 --> 00:49:23.880
we come to the end of this show, you know

658
00:49:23.960 --> 00:49:27.320
I appreciate everybody listening. I hope everybody has a God

659
00:49:27.440 --> 00:49:34.760
blessed and fantastic twenty twenty five. We ask everybody out

660
00:49:34.760 --> 00:49:39.039
there at keep the people in the LA fires and

661
00:49:39.400 --> 00:49:42.800
your prayers those in North Carolina and those that have

662
00:49:43.760 --> 00:49:48.800
suffered many losses from natural disasters out there. Ask you

663
00:49:48.840 --> 00:49:51.760
all to be safe in your travels, be safe in business,

664
00:49:52.719 --> 00:49:55.840
take that step and move forward. God bless you have

665
00:49:55.880 --> 00:49:58.880
a wonderful twenty twenty five. Well, see you next week.

666
00:50:00.079 --> 00:50:03.239
Are you an individual or business that wants to understand

667
00:50:03.320 --> 00:50:06.679
taxes and how they affect you. Are you looking for

668
00:50:06.760 --> 00:50:12.159
specific tax advice for self employed business owners and truckers.

669
00:50:12.719 --> 00:50:16.800
Are you behind on taxes and your bookkeeping? Are you

670
00:50:16.880 --> 00:50:19.880
dealing with the irs and ready to have some relief,

671
00:50:20.679 --> 00:50:24.519
Then you need Tax Talk for You, hosted by tax

672
00:50:24.599 --> 00:50:29.480
and trucker expert Barry G. Fowler EA Kenyon, ten am

673
00:50:29.719 --> 00:50:33.719
Eastern Time every Monday right here on W FOURCY Radio

674
00:50:33.800 --> 00:50:37.039
and Talk for TV. Don't forget to check this and

675
00:50:37.239 --> 00:50:41.719
past episodes at tax talkforyu dot com. See you next

676
00:50:41.800 --> 00:50:46.400
week at W fourcy dot com