| Now that you have conducted comprehensive | | | | ASSISTANCE |
| research as indicated in (Part 02) of this mini series, | | | | There are a TON of business plan outlines on the net |
| you are more prepared to begin to assemble your | | | | you can get for free. The SBA has decent outlines |
| thoughts and data into a business plan format. Before | | | | you can download for free although most business |
| doing that, you need to consider a few things: | | | | plan outlines you find will be written for perfect |
| WHAT A BUSINESS PLAN IS | | | | businesses with an operating history. Few outlines |
| A written business plan is a road map from where you | | | | cover start up operations. In any case, there is a lot of |
| are now to where you want to be one, two, five and | | | | free information available from the SBA and from |
| ten years from now with your business. To write a | | | | SCORE (Service Corp of Retired Executives). |
| good plan you must have vision for your business now | | | | Between these two organizations, which you can |
| and well into the future. Why? You may think you can | | | | access online and offline, you will find resources to |
| start your business without a formal written plan, and | | | | meet most planning needs. You can also contact you |
| you can, but you will have far more unanticipated | | | | local chamber of commerce, state chamber of |
| problems, probably make more costly mistakes and | | | | commerce, local universities, and Small Business |
| the probability of failure is far higher. What if I put you in | | | | Development Corporations (SBDC’s) in your |
| a rowboat without oars, no map, no compass, and no | | | | area. You also want to call your Secretary of State |
| sextant and pushed you away from shore. Then I told | | | | (SOS) to get information on licensing and information |
| you to go to a specific dock (called success) in | | | | packages related to your business. The SOS is your |
| France, what do you think are the chances of you | | | | key portal for local, state and federal compliance |
| floating across the ocean and accidentally getting | | | | information. We do offer a super comprehensive |
| there are? You wouldn’t get there would you? | | | | ebook that covers all forms of business plans including |
| You need the oars, the map, the compass and the | | | | startups, home based business and much more. I |
| sextant to navigate! Even with these tools it would be | | | | mention it because you should be aware that it exists. |
| difficult to navigate across the ocean even if you had | | | | OTHER PLANNING ISSUES |
| experience. The same holds true for a business plan. | | | | WEBSITES: Would a website be helpful? Almost |
| The plan is the oars, map, compass and sextant for | | | | every business can benefit from having a website. |
| your business and is absolutely critical for you to go | | | | There are many website companies online that offer |
| from where you are now, to that specific dock called | | | | web site services for as low as $150.00 annually (or |
| success. Your plan will chart your course and the | | | | less) and include templates, which are designed so that |
| better the plan, the easier the trip. | | | | even a novice can have a website and they are |
| THE REASONS FOR WRITING A PLAN | | | | designed like a fancy word processor. These sites are |
| There are two primary reasons for writing a business | | | | easy to learn and you can have a professional looking |
| plan: For your own purposes or to raise investment | | | | website setup in a manner of a few hours. The benefit |
| capital. Writing a plan for investment capital is | | | | of having a website is that it can offset the cost of |
| comprehensive and requires a high degree of business | | | | creating literature. You can showcase your products |
| skill across a spectrum of disciplines (management, | | | | and services online and have your website address on |
| marketing, production, advertising, sales, etc) including | | | | your business cards. Every business (and most |
| accounting for pro forma projections, which meet | | | | people) has Internet access and it often makes more |
| investor expectations. If you are writing a plan for your | | | | sense to invest your time and money into a website |
| own purposes, the plan should be comprehensive but | | | | instead of wasting money on hard-copy literature. |
| does not need to be as formal as the other. Which | | | | Websites are flexible and you can change the content |
| plan you write will determine its depth and scope. In | | | | when you want, upgrading your selling message, |
| either case, you want a plan that reflects the truth and | | | | promotional offers, etc. This will save you a TON of |
| best analysis of the risks and opportunities associated | | | | money and free you from the cost of producing paper |
| with your venture. Boil all the junk down and the | | | | literature. My opinion is that every business should have |
| primary purpose for having a business plan is to control | | | | a website. Here’s another benefit: when you set |
| chaos. It forces you to look into the future and | | | | up a website, you have a slice of real estate on the |
| anticipate problems in advance, ways to overcome | | | | information super highway, you have a presence, your |
| obstacles and to think critically about your business | | | | business comes alive and you avoid all the costs |
| before making a financial commitment. It doesn’t | | | | associated with a bricks and sticks operation. A |
| cost money to think or plan or write and having a | | | | website can also serve as a vehicle to point investors |
| business plan is in your best interest (.) | | | | to for their review and the media for publicity. Many |
| UNDERSTANDING BUSINESS LIFE CYCLE: | | | | home based businesses are run well using a website. |
| A business is just like a human being. Humans evolve | | | | Having a website factored into your business plan is |
| from when a baby is conceived to newborn, infant, | | | | an important consideration. |
| childhood, teenage, adult and mature. The same with a | | | | Also consider what kind of technology you will need to |
| business: your idea is the “conception” of | | | | support your business, especially your computer, |
| the business and your business planning process is the | | | | software (for word-processing, desktop publishing, |
| gestation period. When your business begins | | | | accounting, database management, etc). Most often is |
| operations, it is a new born baby requiring nurturing and | | | | makes sense to get an integrated software program |
| must be fed with work and cash flow. As the business | | | | that handles all these functions so you can import and |
| grows it will go through stages very similar to a human, | | | | export data between the functions of the software. |
| childhood to teen to young adult and finally maturity. | | | | I think I have given you a lot of information to think |
| During each stage of the business, the business will | | | | about in this article and if you are just starting to |
| have different demands and require different | | | | explore a new venture, you have a lot of work to do! |
| management techniques. As you consider your | | | | You may want to keep your eyes on my articles |
| business plan, keep this in mind and plan for it. Your | | | | because this is a continuing mini series that will cover a |
| cash flow needs at the beginning of a business will be | | | | lot of ground in the coming days. |
| much different than as a young adult. Your staff will be | | | | To your success! |
| bigger, etc. | | | | Copyright © 2006 James W. |
| SOURCES FOR BUSINESS PLANNING | | | | |