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    3 Replies Latest reply on Mar 30, 2015 6:26 PM by Moderator Cath

    Words we often do not want to hear

    Moderator Cath Guide

      Often people who are considering a new business are encouraged to write a business plan.  And those words are not words we really want to hear.  What does a business plan contain?  Why should one be written?  With everything else the business owner is doing, how valuable is this business plan?

       

      "Writing a business plan is your roadmap to success.  It tells you, and others, how you plan to get from PointA to Point Z", says Steve Strauss in his article: Writing a business plan.  Then he goes on to list and comment on different parts of this business plan.

       

      It is a valuable article - read it and then use it as a guide to write or update your business plan.  Thanks Steve!

       

      Cath

        • Re: Words we often do not want to hear
          LUCKIEST Guide

          I agree with you Cath and Steve Strauss.

          A business plan is your roadmap to success.

           

          LUCKIEST

          • Re: Words we often do not want to hear
            linensman2u Adventurer

               If you seek financing for your business start up three facts remain. Banks while  now having stricter guidelines for business loans, still grant about 73% business loans. Followed by non-banking groups 20%. Then self sources  like personal funds, family, savings, friends,etc. The first two sources usually ask for a business plan as it helps profile your business knowledge , skills, business type, unique reason for existing.  Your plan demonstrates you understand who you are as a business owner. It list your expected profits, target market , goals, competition,  commitments, advertising, expenses, exit plan , etc as outlined in most business plans. All things your loan officer will need to convince a loan committee and underwriter you mean to succeed and worth their risk bank funds on you.

                Now on your end. Once you fill in the standard chapters in most business plans you will see where you need to adjust your plans before others tell you to. If you franchise fine. The base company will dictate most of what you will have, do and need in there package. If your busy is one of a kind you really need a business plan to explain your dream to the rest of world. You can pay a professional to write your business plan , or self help books and basic intelligence is all you need to write a simple business plan. Personally I recommend that you do a business plan so you can see how the business world will view your dream and understand how a few critical business mistakes or miscalculations can destroy a great idea. Business 101, tells us 7 out of 10 business will fail within the first three years. Why not go in eyes wide open with a solid business plan knowing those odds? A twenty dollar paperback how to book on business plans could save you a lot of heartache.