Mommy Pedicures

As I move forward in my entrepreneurial studies I become more and more excited about the prospect of starting my own business, as well as developing an entrepreneurial outlook on life. In class this week I was able to learn more about business plan development through the Harvard Manage Mentor program. First I learned just how important it is to know the audience your business plan will be directed to. If your venture is intrapreneurial in nature, then the business plan will be prepared for the board of directors. However, if your venture is entrepreneurial, then the plan will be directed towards lenders and/or investors. Investors want to know the long-term potential of the business as well as the rate of return on their investments (or how quickly will they see their investment turn to profits). Lenders simply analyze the company’s borrowing capacity so they can know what the risk of providing the loan will be (or when will they get a return of their funds). Other sections of a business plan include an executive summary, structural overview, business description, market analysis, marketing plan, and more. The plan needs to be concise and detailed so as to answer all of the reader’s questions without boring or confusing him or her. It was really interesting to get to learn more about the planning side of a business this week. As I go forward in my entrepreneurial career, I want to remember the importance of understanding my audience as I write out my business plan.

The lesson this week was fitting because for the $100.00 Challenge I was required to create a one-page business plan. The business idea I decided on for this project is affordable in-home pedicures for women, specifically mothers, in my local area. The business is called Mommy Pedicures and I am very excited about getting started. The following is my mission statement for the business: “Mommy Pedicures’ mission is to offer relaxing and rejuvenating pedicures at an affordable price in the comfort of your own home.” I look forward to sharing more information next week!