Writing a business plan is not a simple task … nor does it need to be a painful one either.
For starters, if this is your first attempt, you should look for Govt. and Non Govt. resources for small businesses and entrepreneurs ….. like your local chamber of commerce.
For online resources Linkedin is a good start. Also try advisorgarage, gobignetwork, and similar networks to find a business consultant ready for pro-bono work.
The last thing you wanna do though is to buy a software for business planning purposes unless you need this business plan simply for the sake of having a business plan on the shelf :)
The better approach is: you should write a rough draft of your idea and everything what you think about it. Bounce these ideas at others and gather unique perspectives, feedback and more ideas, document that too. Lay out your monthly fixed costs ( rent, wages etc) along side your variable costs and then compare it with your prospective income sources. Run this schedule for at least 24 months. Use this schedule to see how much money you can go down for before the business works. Do you walk away 5 grand down after 6 months, or do you get lumbered with a hard to sell, expensive to keep, lease? Figure out, what happens if you reduce your income. Do a break even analysis – what is the lowest level at which you can make it work. Try to write something why …. and how sure are you that you will do better than anyone else who is doing the same. If you’re the only one doing or planning to do this the chances are either the idea is not profitable …. or even you don’t know where and who is doing it? So do more research about the business and try to figure the realistic bottom line for the business. All this analysis and work above was for your use. If you still want to do it -
Then draft a business plan using the free resources like Microsoft template and many more available in the market – this draft initially should include what you have done that makes you sure this will work. This may simply be – I have a contract, I know the business, there will be more, or it may be a thorough market research, traffic counts, industry statistics and the like. Put the schedule we did in the first place, into a spreadsheet,and lay out the rest in whichever format you like.
In my opinion, this is the most economic and realistic approach to write a business plan and not an off the shelf software which will give you a me-too business plan which to me is of no use as neither am I convinced nor can I convince any investors with that kind of auto-generated plan.
A business plan has many formats but shares a common group of elements. The one you write for yourself is different from one written to secure financing, or key employees. The place to start is not “which software to use” although that will be very helpful later.
You need to tell a story, or better yet, view it as a movie screenplay. If you can fill in the four elements below, you are well on your way to starting writing one.
The Title- The description of what your core idea is has to be compelling and not “just like all the others”. Why are you different?
The Star Studded Cast- Your Customers. Who is going to give you money? Why? Why Them?
The Thrilling Action-The plot details -Money In and Money Out- financiers love this part- but in simple terms, explain the money coming in and the money going out.
The Big Finish- Answer the question Why You Will Succeed? A good crisp answer here is the capstone.
I have seen plans go forward without these key elements explained simply and clearly, but the ones who do have a better shot at accomplishing their goals.
For more information and “how to” guides I suggest looking over the resources available here:
Business Plans
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A business plan is an essential toll for building your small business ideas. Without it as your guide to success the future of your business is one of failure.
Your business plan needs to be a live document that is in constant development and is continually checked and updated, You must know if you are meeting your goals and if you do not continually check your business plan it can not work for you. Your business plan will allow you to make the needed changes to adjust to your small business growth or lack of growth.
The basic outline of a business plan is to detail the systems you will use and the task that are needed to accomplish your goals. By reviewing your business plan on a monthly basis at first you will be able to check your progress or lack of it. Once your business is up and running inn the direction you desire you may want to revise the time you review your plan. If your small business is progressing the way you planned and growth is steady checking your plan quarterly might be a good choice.
At first financial goals should be small. Although small they should be accomplished in the time frame you set. The initial small goals are as vital to your overall plan as the larger goals you have set for later dates. If your plan is working correctly in the early stages you will be able to determine if the complete business plan is achievable. Make sure that each goal is achieved as planned.
As in most aspects of life the best of plans can fail. You must ask yourself two questions. 1. Were you able to complete your goals in the time frame set. Were you able to achieve some of your goals but not all of them.
2. Were you able to use the systems you put in place and did they work as planned. Maybe some them performed as expected while others did not.
Look carefully at your answers and analyze them. You will have systems that worked correctly and performed as expected. Keep those and continue working with them. You will also have those systems that did not work as planned and did not meet your expected goals. Look at these systems and find why they did not work.
You need to know why they did not work, if the system was flawed, were there steps in the system you may have missed. In answering those questions you can adjust future plans to accommodate errors that may have been made or discard the system completed and replace it with a new one.
A good solid business plan will continually improve and adjust. By adjusting your business plan and making needed changes you will improve the effectiveness of you business plan and ensure future growth of your business.
A business plan can increase your confidence and help build any small business ideas you may have. It can be your silent partner that is there to help you grow your business to it’s fullest potential.
Stephen Meyer is an experienced small business owner who has helped many people in starting their own profitable small businesses. To see his many ideas and opportunities please visit his Small Business Ideas website.
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Small business is a vital part of the overall economy. In these difficult economic circumstances, it is more important than ever for small businesses stay afloat. This can be quite a challenge considering the current state of things. When starting up a business or maintaining one that is already established, it is key to learn how to write a business plan. This plan is the guiding force behind your entire operation. You will need to have a solid plan if you want to achieve success in this market. That is why a business plan template can be so valuable.
Experts agree that a business plan template is crucial if you want to develop a quality strategy for your company. The size and niche of your operation does not matter. You need to learn how to write a business plan regardless. Small business contributes a lot to the economy. The valuable services and products they provide cannot be replaced by massive corporations. You can succeed with a small business, but you need a plan that lets you test your ideas and make major decisions for your company. People who take the time to invest in a solid plan have a far greater chance of success than those who do not plan appropriately.
There are a variety of business plan template options for a small business. You can get resources for a start up plan, an online plan, a home based plan, or an existing business expansion plan. Whatever you need, there is a template out there that will help guide your towards your ultimate goals. Figuring out the viability of your business on paper is the most important step you will take. Often times, a small business owner has a vision for his enterprise, but he does not have the training or knowledge to properly plan the execution of this vision. A business plan template allows you to insert all relevant information into a custom plan. As you go through the material, your customized business plan takes form.
Different service providers have various templates. You do not want a business plan template that is long and tedious. You want to avoid templates that go into too much detail and that are not immediately relevant to your business needs. As a small business owner, you need a template that condenses all the fundamental information into a usable plan that is easy to understand. Look for the perfect template for your new business plan today.
Todd Capper
Living and working for over ten years in the private small business sector in Japan.
http://www.abusinessplantemplate.com
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