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19 Replies Last post: Oct 5, 2008 7:21 AM by intechspecial

Business Plan 101

Jan 8, 2008 4:44 AM

intechspecial 1,457 posts since
Jan 6, 2008

Professionals --

How about some advice for the newly empowered entreprenuer.

What are the fundamentals of a business plan?

Is it true that it is a living document?

Answers to these questions and more......coming soon.

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LUCKIEST 7,932 posts since
Aug 6, 2007

1. Re: Business Plan 101 Jan 8, 2008 8:06 AM

To get the fundamentals of a business plan go to SCORE.
SCORE has a Virtual Learning Center with 26 FREE online courses and the first on is
"DEVELOPING A BUSINESS PLAN."
LUCKIEST

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intechspecial 1,457 posts since
Jan 6, 2008

2. Re: Business Plan 101 Jan 8, 2008 9:09 AM

in response to: LUCKIEST

I would have to agree that Score is a good resource as well as SBA.

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LUCKIEST 7,932 posts since
Aug 6, 2007

3. Re: Business Plan 101 Jan 8, 2008 9:33 AM

in response to: intechspecial

P S , I am also a SCORE Counselor. LUCKIEST

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intechspecial 1,457 posts since
Jan 6, 2008

4. Re: Business Plan 101 Jan 8, 2008 9:35 AM

in response to: LUCKIEST

I sort of figured as such.

You stated that my business is doomed for failure.

Can you expand?

I appreciate the opportunity to learn from you.

Thank you.

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DomainDiva 1,731 posts since
Oct 10, 2007

5. Re: Business Plan 101 Jan 8, 2008 9:40 AM

Yes your business plan is a living document. It will be updated as you make product progress and get funding. Your needs will change. Keep copies by date to be able to go back and review.

Google 'how to write a business plan'. Download an outline and don't pay..there is a lot of free info out there.

Get a three ring binder and some dividers and paper. Divide the binder according to the outline and start writing. You will refine as you go back to previous sections and review.

Then go to www.garage.com and get their notes on the Executive Summary. After you have written the BP, condense to the garage outline and write the exec summary. It looks hard...it will seem weird, but write as large ans en exec summary you wish (no more than 4 pages) and then start cutting it down.

Only give out EXEC SUMMARIES, never business plans, those only go to qualified investors with an NDA.

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intechspecial 1,457 posts since
Jan 6, 2008

6. Re: Business Plan 101 Jan 8, 2008 9:52 AM

in response to: DomainDiva

I never give out proprietary information, I have the business plan that I openly let competitors and persons see.
(The false front)

Then I have the potential gold mine.

Or should I say gold mines.

I keep diggin, and have learned a trick or two of the trade in process.

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DomainDiva 1,731 posts since
Oct 10, 2007

7. Re: Business Plan 101 Jan 8, 2008 10:37 AM

in response to: intechspecial

The false front?

You would expect people to invest or work for you with a false front persented to them in the beginning?

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intechspecial 1,457 posts since
Jan 6, 2008

8. Re: Business Plan 101 Jan 8, 2008 10:42 AM

in response to: DomainDiva

I said nothing about myself having a false front.

I stated that my business plan has a false front, as there is proprietary information.

Why would I want to give away my secrets?

The false front is business and nothing to do with morals.

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DomainDiva 1,731 posts since
Oct 10, 2007

9. Re: Business Plan 101 Jan 8, 2008 10:52 AM

in response to: intechspecial

Thats why you do an Exec Summary first and the BP only to qualified investors.

You need to know that your business plan IS YOU. You are presenting YOU as much as the business every time you give one out.

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DomainDiva 1,731 posts since
Oct 10, 2007

10. Re: Business Plan 101 Jan 8, 2008 10:53 AM

in response to: intechspecial

I must admit I am extremely confused about the 'false front' in a business plan and how it would not reflect negatively on the entreprenuer. If you can explain this it would be appreciated.

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intechspecial 1,457 posts since
Jan 6, 2008

11. Re: Business Plan 101 Jan 8, 2008 11:03 AM

in response to: DomainDiva

Sure.

You have heard of trade secrets.

Why would someone want to disclose the very core of there business.

They would if they wanted someone else to test it out and steal there product.

I do not quite understand what your do not understand. Please explain more in detail where your confusion is?

Let me simplify: A family owned bakery has the counties best chilli recipe. Would it be wise to place the ingrediants of this recipe out for the world to see?

I hope this clarifies for you.

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intechspecial 1,457 posts since
Jan 6, 2008

12. Re: Business Plan 101 Jan 8, 2008 11:05 AM

in response to: intechspecial

So, to throw off the competitor, you place the recipe in a place where they can locate it, if they go digging.

Except the recipe is not yours.

Hence the false front.

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intechspecial 1,457 posts since
Jan 6, 2008

13. Re: Business Plan 101 Jan 8, 2008 11:07 AM

in response to: DomainDiva

My last post did not go through again.

So, you place the family recipe in a place where they can find it, if they decide to dig.

The recipe is not the families recipe, and if used it will ensure failure of competitor, or at least loss of some profit.

Hence the "false front".

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DomainDiva 1,731 posts since
Oct 10, 2007

14. Re: Business Plan 101 Jan 8, 2008 11:20 AM

in response to: intechspecial

A business plan is a what...not the HOW of it. Redo the business plan...giving only the what of your business, do an Exec Summary. The HOW of something is say your domain design. If you read my profile you will see the what of the business not the how. The how is the proprietary. There's no way I would ever put HOW in my business plan or be silly enough to attach a domain design/data flow mind model to it. But I have seen people do this.

Your family recipie ...lets call it chili example is a case in point: Its the recipe that is proprietary, not the fact thats its chili. Your business plan should never contain the recipie.

Go back and redo. Keep the HOW to yourself...thats where it costs them to look.

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Business Plan 101

Jan 8, 2008 4:44 AM

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