Why You Need & Must Have a Good Business Plan
As a freelancer, I know that many times we're enticed to make a lot of moves at the spur of the moment. I can remember when I first started out. Every time an idea popped into my head I was ready to hit the ground running without researching or even running it by anyone. At that time, I was running off of pure passion. I wasn't thinking about the whether I was truly going to be successful in my pursuit of greatness.
Honestly speaking, I really wasn't thinking at all. I was just trying to get something accomplished. As a DIY Small Business Owner, you hold every title in your company and since it requires a lot of time and energy, it leaves little time for strategy. Life really happens on impulse, right?!
Yeah that was my twisted, spanking brand new entrepreneurial logic in the beginning. Thank goodness I had the chance to mature and learn my lesson before it put me out of business. I'm sharing this post today because I'm sure there are others, maybe even you, who have been in that place or are going through it right now in your business.
Working around the clock without enough energy in your tank can cause poor decision making and influence your ability to plan properly. In business, those are two major factors that can quickly put you out of business. (And none of us want that right?!)
l'd like to encourage you to take a simple step that can help you maximize your time and business related opportunities. It also ease your impulses to rush into situations that aren't good business moves. This should be your first move and, in my humble opinion, the best move you can make when deciding to go into business.
You Can't Afford to Skip This Step While Launching Your Business
| Construct a sound, knowledgeable business plan.
Before you do anything else related to your business you should have a sound, knowledgeable business plan. Now, I know some of you may already be in business and have made it thus far without it, but take it from me it's essential and sooner or later your business will require this foundational component. Especially if you're seeking funding or are getting ready to lease office/store space, etc. To help you out a bit, I've included a link to my free Ready for Business Plan for you to download. But first, let's talk about what exactly is a business plan and why you need it.
Download your Ready for Business Plan today!
Plan to Profit
Are you a DIY Small Business Owner or thinking of becoming one? Download my free Ready for Business Plan to assist you in strategizing as you plan to launch, manage, and grow your business.
| What is a business plan and why do you need one?
A business plan is simply a document that states your business objectives and the strategies that you will take to accomplish them. In other words, it's a written map of where your company is headed and the paths you will take to get there. Your business plan is not just for you to gaze at endlessly. Most investors, banks, and other financial institutions generally require it before dishing out any money. They want to know your vision for your company and how you will be able to make enough revenue to pay back your loan or pay out returns on capital invested. So, it's pretty darn important!
In addition to helping you meet any financial lending requirements, your business plan will also assist you in identifying your ideal clients, products, services, marketing tactics, and competitors. It also enforces an analytical approach to assessing your business's strengths and weaknesses while defining your processes.
| How to complete your business plan to launch your business.
The Ready for Business Plan download is composed of eight (8) sections. Each section is labeled and addresses a different component of your business. Keep in mind there is no special formula to the amount of information you can include, but each section must be completed with clear, concise answers that are relevant to each subject heading.
The Ready for Business plan begins with your Summary (aka Executive Summary). I like to refer to it as your Executive Strategy. Here you will summarize your overall intentions. Each section gives a brief description of the information required. Don't make this task harder than it should be. Keep it simple. Think about your answers and write them out in complete sentences that relay your mission, vision, etc.
II. Products & Services
This section asks you to list information regarding your products and services. I listed a few questions for you to consider, but some of the information required for this section may be specific to your industry. Be sure to do your research and be thorough in adding questions and supplying answers that relate to your business.
The remaining sections follow this same format in asking you questions concerning your goals and aspirations for the company. You may consider seeking expertise from your local SBA or go to SBA.gov to find info on free assistance with this task. You can also seek out help from someone who has experience in this area.
I know starting a business can be a daunting task, I've been there and I'm eager to share my knowledge and experience with you. I would love to help you jump this hurdle and get your business started off right. I offer consulting to DIY Small Business Owners to assist with foundational steps such as this when their launching their businesses. To find out more about my services click here.
After reading this article you now know the first step in launching your business the right way. Now it's up to you the methods you use to complete the task. Keep in mind, that the important thing is to get it done. Don't rush through it. But go, get to it! And let me know how it goes.
Share your thoughts, suggestions, and questions on this topic. I want to hear from you! Did you start your business without a business plan and now regret it? Are you thinking about starting up, but was thinking about skipping this step? Or maybe, you know the true value of a good business plan and want to keep someone else from making the mistake of starting without one. Don't be shy! Plant seeds of knowledge.