I have owned three successful small businesses over the last twenty years. Having a dream with a workable concept is the first step, but having a plan to get to the end of the road with a mission statement,introduction of yourself and a site, marketing plan, financial management with a spread sheet,operations plan,and a conclusion is what will make your dream come true.
Make sure that research includes talking to other busines owners in your proposed area. Other owners may be able to make you think about a concern that you had not thought of yet. Remember there is no such thing as TMI when thinking about being self employed.
I get the "write a business plan"... but the "how to" is missing.
There are two kinds of business plan; the operational and financial business plan. The operational business plan acts as a compass that will be guiding the business while the financial business plan acts as a means of getting fund for the business.
The common mistake that people make is to focus on the financial business plan that is usually made public in order to get fund and neglect the most important type of business plan which is the operational business plan.
That is one of the principal cause of business failures. Hence, the increase in the number of bankruptcy cases.
Happy new year.
Thanks for the distinction between the two aspects of a business plan. As I find myself in the situation of writing a business plan, any other advice you or others would like share would be appreciated.
If there is a local chapter of Score, the SBA's mentor site, contact them and they will assign a retired worker to help you.
I have found my mentor to be a wealth of knowledge.
I agree. I used to work with SCORE mentors - they are really great and really know how to help small business people. Some things have changed obviously in the last 10 years even, but these retired business people are still a wealth of good advice.
An honest reflection of your target market, with realistic financial and marketing plans of tackling your sector within that market. Detailed financial plans including as a bare minimum, 12 month cash flow, 3 & 5 year profit/loss forecast, balance sheet, all financial assumptions well documented. As well as a clear an prfessional business plan which sells your business Idea quickly.
I have wrote a few hubs on the business plan topic which you are welcome to browse through at your leisure. Hopefully you will find somthing to help you.
You could also think about hiring a business plan writer, I do actually own a business plan writing company and if you want any further information please check out my site which is linked on my profile page, and don't hesitate to ask me any questions i'm always willing to share my knowledge.
writing a business plan is really a skilled job that I should leave to marketing professionals.
by HKG4 years ago
How to use of business plan in small business and finance from banks & financial institutions.
by Chinweike7 years ago
As far as writing good business plan is concerned, it must have some vital ingredients. I will just post a few of them here and hope that people coming to this thread will finish the work(1) It must incorporate exit...
by Cindy Vine8 years ago
How do you draw up a business plan when you want to start a new business?
by Originplus8 years ago
I'm doing research on how to start up a small business. I need info on setting up a business plan does anybody have an idea , any good website or an example of a business plan. Anything in regards to starting a small...
by Julie Grimes2 years ago
Secret to writing a successful business plan?
by Team A5 years ago
Which one comes first: Forming a corporation or having a business plan?
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