You have an idea for a business. You know what you want to sell, who you can sell it to, and how much you stand to earn from it. There's just one more thing you need: a business plan.
Many people dread the idea of preparing a business plan. They think of them as complicated, unnecessary documents that exist only to make it more difficult for them to get started as an entrepreneur. They are wrong. Business plans are necessary because they help you "see" your business. Instead of just talking in abstract ways about your "customer base" and your "profit potential," it lets you put those things in writing and in concrete terms. It forces you to think through every aspect of your business in advance so down the road you don't realize you've made a mistake that's cost you your business, your life's savings, and your job. A business plan is needed to address all of the central components to starting a business. It is essential to make sure that you, as a new entrepreneur have carefully thought through many if not all, of the important components of your business. Ideally, you need to do this BEFORE starting your business. What is a business plan? They are generally prepared for two reasons: 1. To obtain financing for the business 2. To help determine if essential components of starting a business have been considered. Often times with new entrepreneur's (and sometimes even with the more experienced!) they overlook certain aspects of starting a business. So the business plan helps to ensure that most, if not all reasonable questions have been answered and strategies thought about. Although business plans are often considered optional - they serve a vital importance to entrepreneurs. Many aspiring entrepreneurs and even experienced entrepreneurs fail to recognize their importance. It is often considered an "optional" component of their business and should only be prepared when absolutely necessary. In many cases business plans are very important but so much of the time it's a plan to try to convince someone else that you know what you are doing with your business like banks, investors, partners, etc. Now it's true that a well written business plan can also be a major benefit to your success as well if done right. It can guide you and keep you on track and can be the vehicle to get you were you want to be especially with so many outside forces now days that bombard you. A plan can be extremely important to your success especially when you look at the statistics that says 51% of small businesses fail sometime during their first 5 years. So why make a business plan? I want to show you a totally different kind of business plan. What if you made a business plan that focused only on what you want for your life? You have dreams about what you would like your lifestyle to be, right? Why not make a business plan that could give you those dreams? What would your business look like if it gave you exactly what you want in life. What kind of salary would your business need to give you? Why not build a business plan around that? Decide how much salary you would need to support your dreams and then build a business plan that would show exactly how your business could give you that. Wouldn't it be better to have your business work for you instead of the other way around? Did you ever stop and think what a unique position you're in as a business owner? I don't know of any other way you can have as much control over your success than owning a business. When you work for someone else, you are totally at their mercy as to what your future business proposal may be like. It doesn't matter whether it is a private business you work for or a large corporation. Your future is in their hands. The only thing that might qualify other than owning a business would be to inherit or win a lot of money that would give you everything you want in life.
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November 2018
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