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You do need a business plan, but you don't need to spend four months writing out a meticulous 40-page business plan that covers every conceivable process, marketing strategy, and funding option.
Instead, spend a week or two writing out what services your business will offer, who you'll offer those services to, and how you'll find customers. Including information about processes and sales metrics can be helpful, but don't let the process of writing a business plan stop you from getting started.
I heard a phrase early in my career that really stuck with me: "Done is better than perfect." Keep that in mind as you write your business plan.
Marketing is key to business success, but it's not an all-or-nothing game. You don't need to be on every social media platform, invest in search engine optimization , build an affiliate program, and land spots on your local radio station. In fact, trying to be on all the marketing channels at once is an excellent way to burn out and waste resources.
Think about where your customers are and focus your efforts there. For example, if you own a power-washing business, customers are likely on Facebook and NextDoor looking for referrals, not LinkedIn. In some cases, word of mouth might be a better strategy than paying for marketing. Focus on one or two marketing channels that make sense for your business and your customer base.
While low pricing might initially attract customers, it often results in razor-thin profit margins and is unsustainable. It might also cause customers to assume your offering is of lower quality than your competitors.
To attract customers, focus on providing quality products or services and excellent customer service. Explain the value your business offers and how it will improve their lives or make their jobs easier. If pricing really feels like a stumbling block, consider offering a short-term price reduction, like a discounted first service or a free consultation.
There are a lot of myths about owning a small business . While some of them are true, like the freedom that comes with being your own boss, some myths will limit your success. By adopting a more flexible and strategic approach to taking on debt, marketing, writing a business plan, and setting prices, you'll build a stronger, more resilient business.
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Danielle is a small business and finance industry writer based in Ohio. She writes about tech, finance, and small businesses for The Ascent and other industry publications.
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Watch CBS News
By Aimee Picchi
Edited By Anne Marie Lee
Updated on: July 12, 2024 / 1:42 PM EDT / CBS News
Project 2025, a 900-page blueprint for the next Republican president, is gaining attention for its proposals to overhaul the federal government. Among those changes: a major restructuring of the U.S. tax code.
President Biden and Democrats have been citing Project 2025 in recent weeks as they seek to highlight what could be in store if former President Donald Trump wins at the polls in November and retakes the White House in January. Many of the blueprint's proposals touch on economic matters that could impact millions of Americans, as well as social issues such as abortion and diversity, equity and inclusion, or DEI, topics.
Project 2025 , overseen by the conservative Heritage Foundation, is spearheaded by two ex-Trump administration officials: project director Paul Dans, who was chief of staff at the Office of Personnel Management, and Spencer Chretien, former special assistant to Trump who is now the project's associate director.
For his part, Trump has distanced himself from the blueprint, writing on Truth Social early Thursday that he isn't familiar with the plan. His campaign has proposed its own goals through " Agenda 47 ," which tends to focus on social and political issues such as homelessness and immigration rather than taxes.
"I know nothing about Project 2025. I have not seen it, have no idea who is in charge of it, and, unlike our very well received Republican Platform, had nothing to do with it," Trump wrote Thursday.
His pushback comes after Heritage Foundation President Kevin Roberts opined in a podcast interview that the U.S. is "in the process of the second American Revolution, which will remain bloodless if the left allows it to be."
According to Project 2025's website, its goal is to have "a governing agenda and the right people in place, ready to carry this agenda out on day one of the next conservative administration."
The tax proposals of Project 2025, if enacted, would likely affect every adult in the U.S. by tossing out the nation's long-standing system of multiple tax brackets, which is designed to help lower-income Americans pay a smaller share of their income in federal taxes compared with middle- or high-income workers.
Currently, there are seven tax brackets — 10%, 12%, 22%, 24%, 32%, 35% and 37% — with each based on income thresholds. For instance, a married couple pays 10% in federal income tax on their first $23,200 of income, and then 12% on earnings from $23,201 to $94,300, and so on. Married couples need to earn over $487,450 this year to hit the top tax rate of 37%.
Project 2025 argues that the current tax system is too complicated and expensive for taxpayers to navigate. To remedy those problems, it proposes just two tax rates: a 15% flat tax for people earning up to about $168,000, and a 30% income tax for people earning above that, according to the document . It also proposes eliminating "most deductions, credits and exclusions," although the blueprint doesn't specify which ones would go and which would stay.
"The federal income tax system is progressive, and people who make more money pay a higher marginal tax rate than people who make less money," Brendan Duke, senior director for economic policy at the left-leaning Center for American Progress, told CBS MoneyWatch. "Conservatives look at that, and they feel that that's unfair to the wealthy to ask them to pay a greater share of their income in taxes than lower income families."
The Project 2025 proposal "is a dramatic reform of how we fund our government, where we ask the wealthy to pitch in more than lower income families," he said. "This shifts taxes from the wealthy to the middle class, full stop."
Project 2025 didn't immediately respond to a request for comment.
In a statement, the Heritage Foundation said it will ultimately be up to the next conservative president do decide which recommendations to implement, adding "As we've been saying for more than two years now, Project 2025 does not speak for any candidate or campaign."
Millions of low- and middle-class households would likely face significantly higher taxes under the Project 2025's proposals.
He estimated that a middle-class family with two children and an annual income of $100,000 would pay $2,600 in additional federal income tax if they faced a 15% flat tax on their income due to the loss of the 10% and 12% tax brackets. If the Child Tax Credit were also eliminated, they would pay an additional $6,600 compared with today's tax system, Duke said.
By comparison, a married couple with two children and earnings of $5 million a year would enjoy a $325,000 tax cut, he estimated.
"That 15% bracket is a very big deal in terms of raising taxes on middle-class families," Duke said.
Millions of U.S. households earning less than $168,000 would likely face higher taxes with a 15% rate. Currently, the bottom half of American taxpayers, who earn less than $46,000 a year, pay an effective tax rate of 3.3% — which reflects their income taxes after deductions, tax credits and other benefits.
Among other tax and economic changes proposed by Project 2025:
To be sure, overhauling the tax system would require lawmakers to approve changes to the tax code, which could be difficult if either the House or Senate is controlled by the opposing party. For instance, Trump was able to get his Tax Cuts and Jobs Act passed by a Republican-led Congress, even though no Democrats voted in support of the measure.
Trump hasn't yet proposed any concrete tax plans, but analysts expect that he would seek to extend the tax cuts enacted through the TCJA if he is reelected. Currently, many of the provisions of the TCJA, including lower tax brackets, are set to expire at the end of 2025.
One likely scenario if Trump is reelected is that Republican lawmakers would extend the TJCA's tax cuts, while seeking to fund the reduction in tax revenue by repealing some of the clean energy and climate-related provisions in the Biden administration's Inflation Reduction Act, according to an April report from Oxford Economics. Lawmakers could also seek to cut spending on social benefits to offset the tax cuts, the research firm added.
Trump has suggested a proposal to create a 10% tariff for all imports and a 60% tariff for Chinese imports that could raise enough money to eliminate the federal income tax.
Tax experts also say the math doesn't work out because money raised from new tariffs would fall far short of replacing the more than $2 trillion in individual income taxes collected by the IRS each year. Consumers are also likely to pay more in higher costs for imported consumer goods and services with tariffs tacked onto them, experts note.
"A tariff is a consumption tax, and there is a throughline between [Project 2025's] tax reform and what Trump has talked about, getting rid of taxes in favor of a consumption tax," Duke noted.
Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.
Saving for retirement can feel intimidating and overwhelming. How much do you really need to retire? How do you know when you've saved enough?
Business Insider's free retirement calculator shows you whether or not you're on track for retirement. Find out how much money you need to save for your future retirement, including how inflation may affect your retirement funds.
Here's how to use Business Insider's free retirement calculator.
Use insider’s calculator to see if you’re on your way to a comfortable retirement by answering a few questions about yourself, your savings, and how long you expect to keep working..
70% of pre-retirement income
*Need is based on covering 70% of your annual pre-retirement income and a life expectancy of 100 years.
Keep in mind that the retirement calculator is only a rough estimate of how much you will have in retirement savings/how much you will need to retire comfortably. Retirement planning requires consistent tweaks and adjustments to best match your lifestyle and needs over the long term.
The best retirement calculators provide rough estimates of how much you need to save for future retirees based on personal and financial information. The last thing you want to do is deplete all your savings.
By providing basic information — such as your age, income, savings rate, retirement balances, expected retirement spending, and how long you plan to work — the retirement savings calculator estimates the overall value of your retirement savings. The more detail you can provide, the better the retirement calculator can estimate the value of your future savings.
When it comes to retirement savings, a general rule of thumb is that the earlier you start saving, the better. The best way to grow long-term wealth is by investing your savings and accumulating compound interest. If you're not already contributing to a retirement savings plan like a 401(k) or IRA , now is the time to get started.
"If you start investing in your retirement plans in your early 20s, the more likely you'll have a larger pool of money to support you in retirement than if you start saving and contributing to retirement accounts later in life," says Chloe Wolhforth, CFP and partner at Angeles Wealth Management .
Inflation is taken into consideration when calculating retirement savings. But remember a retirement calculator can't predict the future and the actual rates of inflation may vary.
For the retirement calculator, we define a comfortable retirement as being able to live on 70% of your pre-retirement income. However, the retirement calculator is customizable. If you're able, incorporate as many specific details as possible.
Here's what you'll need to input:
The following inputs are pre-filled, but you can change some to customize your retirement calculation further.
Our retirement calculator is designed to track your progress toward retirement. It's based on the idea that Americans generally spend less as they age and can therefore sustain a 30- to 40-year retirement on 70% of their pre-retirement income.
The calculator generates two important numbers:
Using a retirement calculator to see where you stand provides several benefits.
"Depending on when you want to retire, your employment, your tax status and other considerations, a blend of multiple accounts may be suitable," says Jordan Gilberti, CFP and senior lead planner at Facet.
Check out the best online financial advisors>>
If the retirement calculator shows you are falling short of your financial target, don't be discouraged. There's still time to make adjustments to your savings rate or investment strategy to get closer to meeting your goal.
One of the most effective ways to catch up on retirement savings is to increase your income. A nationwide labor shortage has given workers some negotiating power. If you're unable to score a raise in your current position, consider switching jobs for a higher salary or better benefits, such as a more generous 401(k) match or investing in stocks and similar assets.
Also consider maxing out your 401(k) , contributing to an IRA, or working with a financial advisor to further boost your savings.
"Investing is a critical part of growing wealth. It is important to invest savings that you have identified as long-term so your assets can grow over time," says Wolhforth.
Above all, be flexible. As you approach retirement, consider taking a part-time job, waiting to claim Social Security benefits, downsizing your home, or relocating to a more affordable city.
If you're saving 20% of your paychecks each month with a $80,000 annual income, you can have over $2 million in retirement savings by age 65. But depending on your current age, estimated age of retirement, 401(k) match, and annual average pay increase you may have more or less.
The $1000-per-month rule for retirement is an investment strategy created by Wes Moss that states that you need at least $240,000 saved for every $1,000 per month you want to have in income during retirement. So if you withdraw 5% of $240,000 in savings, you'll have $1,000 every month for that year.
Fidelity estimates that you need between 8x to 10x your preretirement income in order to retire at age 65. For example, if your preretirement income is $100,000 per year, you'll need to save between $800,000 and $1,000,000 to retire at age 65. However, how much you need to retire also depends on your estimated life expectancy and lifestyle.
You may be able to retire with $500,000 in retirement savings at age 62. Depending on your lifestyle and estimated life expectancy, you may need to save more or less. For a better idea of what you'll need, use a retirement calculator for a rough estimate of how much you'll need.
You can find financial advisors in your area by searching online. The best way to be matched with an advisor is by utilizing platforms that offer matching services across a wide network of advisors, planners, and more.
Some sites to check out for advisors are:
It’s been three weeks since President Joe Biden’s disastrous debate performance , one that’s sparked public and private calls from Democrats for him to step aside.
Biden has repeatedly bucked those calls, though the count of Democratic lawmakers calling for his ouster continues to tick up.
It’s improbable that Democrats could push Biden out without his consent — convention delegates are picked because of their loyalty to their candidate, and Biden won the right to help select virtually every pledged delegate to the convention.
However, Democratic Party rules do outline what would happen if Biden steps aside before he’s formally nominated (which is scheduled to happen in a virtual roll call before the convention ), or if there’s a vacancy on the national ticket after Biden officially secures the nomination.
Note that if this unprecedented situation were to happen, it’s possible the party could vote to change any of the rules around candidate replacement. And if it comes to pass after the convention, it’s possible state laws could complicate efforts to replace Biden on specific ballots.
See what could happen if Biden were to end his candidacy:
Ben Kamisar is a national political reporter for NBC News
Jiachuan Wu is a senior interactive journalist for NBC News Digital.
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Pro Tip: In the opening statement, explain the business in one or two sentences. Once you have completed your business plan, write the Executive Summary last. 2. Company Overview. List the goods ...
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Business Plan: A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a ...
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
Learning how to write a business plan is simple if you use a business plan template or business plan software. Typically, a traditional business plan for every new business should have the following components: Executive summary; Company description, including value proposition; Market analysis and competitive analysis; Management and organization
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
1. Executive Summary. While your executive summary is the first page of your business plan, it's the section you'll write last. That's because it summarizes your entire business plan into a succinct one-pager. Begin with an executive summary that introduces the reader to your business and gives them an overview of what's inside the ...
How to Write a Business Plan Step 1. Create a Cover Page. The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions. A good business plan should have the following elements on a cover page:
Sell your business and explain why it matters. Additionally, supplement your sell with a high level summary of your plan and operating model. However, don't go over one or two pages. Feel free to include the following as well: Business Name. Key Employees. Address.
Business Plan Subtitle. Every great business plan starts with a captivating title and subtitle. You'll want to make it clear that the document is, in fact, a business plan, but the subtitle can help tell the story of your business in just a short sentence. ... Apart from this, I believe the business plan should speak to the current state of ...
1. Executive summary: The executive summary follows the title page and explains the fundamentals of your business. It should provide a short and clear synopsis of your business plan that describes ...
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
That's where your business plan comes in. It provides investors, lenders and potential partners with an understanding of your company's structure and goals. If you want to gain the financial autonomy to run a business or become an entrepreneur, a financial advisor can help align your finances. 1. Executive Summary.
Add in the company logo and a table of contents that follows the executive summary. 2. Executive summary. Think of the executive summary as the SparkNotes version of your business plan. It should ...
Budget: Every business needs a budget, so every business plan should detail staffing, development, manufacturing, and marketing costs. Again, since all businesses are different, all business plans are different. The best business plans entice readers with information that demonstrates why that business should be in operation.
Determine how you can best reach potential customers. Evaluate your competition. Your marketing plan must set you apart from your competition, and you can't stand out unless you know your ...
Make sure you cover each of the following steps when preparing your document: 1. Write an executive summary. This section of your business plan should be 1-2 pages in length and enables potential financiers or partners to get an overview of what your business does and - most importantly — what the opportunity is for them.
Effective business plans contain several key components that cover various aspects of a company's goals. The most important parts of a business plan include: 1. Executive summary. The executive summary is the first and one of the most critical parts of a business plan. This summary provides an overview of the business plan as a whole and ...
A good plan accomplishes three important tasks. First, it aligns the management team toward a common set of goals. Then, once the vision is on paper, it forces the team to take a long, hard look ...
You have to follow a detailed business plan. You do need a business plan, but you don't need to spend four months writing out a meticulous 40-page business plan that covers every conceivable ...
This means that if you currently earn $60,000 per year, you should plan to spend between $42,000 to $48,000 annually once you retire. This isn't a set rule for everyone, and you may need to even ...
The tax proposals of Project 2025, if enacted, would likely affect every adult in the U.S. by tossing out the nation's long-standing system of multiple tax brackets, which is designed to help ...
A campaign is akin to an expensive startup business on a national scale. It needs an inspirational candidate, but it also relies on a unified staff. Harris didn't have one.
The $1000-per-month rule for retirement is an investment strategy created by Wes Moss that states that you need at least $240,000 saved for every $1,000 per month you want to have in income during ...
Three days after a computer update problem caused more than 5,000 flight cancellations around the world in a single day, things are pretty much back to normal — except at Delta Air Lines.
With President Joe Biden's support unleashing a flood of endorsements from nearly every prominent Democrat in the country, Kamala Harris has emerged as the odds-on favorite to take his place as ...
It's been three weeks since President Joe Biden's disastrous debate performance, one that's sparked public and private calls from Democrats for him to step aside. Biden has repeatedly bucked ...