Writing a Business Plan

Writing a business plan can be a daunting activity if it is the first time you’ve tackled such a detailed, thorough project. Too often, entrepreneurs rely upon templates or a sample business plan as an example for their own proposal, and in the process lose the creativity and energy that they have about their idea. There are many options for writing a persuasive and effective business plan without spending a lot of money on a writing coach, proposal writer, or additional resources.

Web Resources

Chances are, you’re already relied on the internet to gain guidance about projects you’ve never done before, or looked up instructions for a complicated process. There’s a lot of information online about writing a business plan and you can easily find a sample plan, but not all of that information is quality, or worth your time. So how do you effectively search for web resources that will actually help you instead of wasting your time? Much like any kind of internet research, the tip is to begin by using only credible resources. In addition to searching for “writing a business plan”, or “sample business plan”, type in “business school” as well. Many business schools around the nation have free, available information for the public on how to write a business plan. They may include links to area-specific resources, or provide tutorials or downloads for a sample business plan.

Another great resource for writing a business plan is your local Small Business Administration center. Most major cities have these types of small-business assistance resources, either in a brick-and-mortar office or online. These SBA websites almost always offer comprehensive resources for start-ups like a sample business plan, business plan development ideas, events, counseling and training services, and local resources. Check to see if your SBA website has free, online planning webinars. Even if you local chapter doesn’t offer them, you can easily find a website in another region that does. These online seminars are typically self-paced, 30-minute long resources that help you understand the components of writing a business plan (which provide much more insight than a simple sample business plan), and may be offered in a variety of languages.

Podcasts are another web resource that not many people think of when they think “business plan”. True, you don’t get the same visual education from a podcast as you do from a webinar, but listening to someone describe the process might be just what you need to motivate you while on a long commute, at the gym, or sitting at home. And with a lack of visual information, they might seem less overwhelming than looking at an online presentation or sample business plan.

Books and Printed Material

The internet is a fantastic resource for writing a business plan, but for some people, nothing beats a good old-fashioned book. Your local library has entire sections dedicated to the multiple aspects of business development, and you can be sure to find several books about how to write a business plan. Best of all – these are free! If your local branch does not have the book you’re looking for, check the catalog and request a book transfer. Sometimes, the perfect books about writing an effective business plan or ideas for a sample business plan are just an inter-library loan away.

Be sure to check out your local college library as well. Often, academic libraries will have more comprehensive business books than local libraries, and may offer a wider selection of in-depth materials regarding not only writing a business plan, but strategizing how to continue with your business development afterward. Keep in mind that many university libraries are open only to students, so call the resource desk before you make a special trip onto the campus.

Seminars

If you do have a SBA resource center in your area, check their calendar of events to see if they offer periodic classes or workshops, or can help you rework a sample business plan. Often, an SBA will offer a class dedicated to writing a plan – at no cost! The advantage of attending a live seminar as opposed to an online seminar is that you can often ask the facilitator questions at the end which you can’t do online. Typically, the person leading the course is a professional with years or decades of business experience. They’ll likely be able to assist you with tips, tricks, and shortcuts to develop a plan.

Finally, it’s important to consider that when you’re writing a business plan, you don’t want to cut corners or rely on a sample plan from a book or website. The business plan is a representation of your professionalism and your desire to succeed, and the quality of your content should reflect this. So while tips and tricks are good for making the most out of your time and resources, it’s never a good idea to gloss over important aspects of your plan – namely, the quality of your writing. While writing a business plan necessitates the inclusion of facts, figures, numbers, graphs, financials, etc., the narrative surrounding the why of your proposal is what will likely draw people into helping you achieve your vision. Do you sound passionate about your product? Do you sound knowledgeable? Does it sound like you have what it takes to not only start your business but develop it and work through anticipated and unseen challenges? No? Does it sound like you relied on a sample plan instead? Well it may be a good idea to check out some of the writing seminars available for assistance with writing your plan. Many of these seminars do cost some money, although others can be attended for a very nominal fee. Courses like these can help you find your “voice” and deliver a more compelling proposal.

The most important thing to consider when writing a plan is to take your time, be thorough, be accurate, and above all, believe in yourself and your product. Don’t just rely on a sample plan, create a proposal that you’re proud of, and that you are convinced will compel others to help you realize your dream.

Business With a Growth Business Plan

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Are you at a point with your business where you just don’t know what to do next?
Do you have a business plan?
How about a growth business plan?

Have you looked at a lot of different ways to grow your business and nothing seems to work?

The right growth business plan could be your answer. If a growth business plan is done the right way it may open up some opportunities you have never thought about before. A growth business plan can be developed many different ways but I would like to discuss a growth business plan to business  that you may have never thought about.

Here is the way I would encourage you to set up a growth business plan:

• Do some dreaming about what you would like your lifestyle to be
• By dreaming decide on an average income you would like to have over the next few years
• Decide how many years out you would like your plan to cover
• Decide how much profit you would like for your business to generate above the income you want for yourself.
• Set up a profit and loss statement of your existing business or your proposed business
• With the right business knowledge and a profit and loss statement you can actually use that data to see what your business would need to do for you to give you that income and profit
• Even better you can determine what size market you would need and even determine whether your market would support your business presently and in the future.

To me a small business is one of the best things you can have if you enjoy operating a business; however, it does require a lot more than just enjoying ownership and running a business. Especially if you are starting a small business and even if you have had a business for many years, you should know what you want for your future. Never guess about your business. You see, without a plan, you are just guessing. We business people work hard and we always continue to hope for the best but when we guess, we’re taking a lot of risks. You’ve probably heard the old saying from an unknown author that says, “If you fail to plan, then plan to fail.”

As a matter of fact, did you know that the Small Business Administration says that 50% of small business owners will fail sometime during their first 5 years? There are lots of reasons but one big one is that owners don’t have a plan. Another is they have picked a product or service that doesn’t have a big enough market to sustain their business and sometime during their future they will run out of customers.

Now as I said, there are many other reasons too.

After graduating from college, I started out in manufacturing as an engineer in a pretty large company and now, 45 years later, retiring as a of Director of Manufacturing, I have discovered an awful lot about business. Not only did I learn and teach a lot about business, I worked with small business owners as well. I’ve learned that it comes down to this. Too many owners work hard in their business but less on their business.

Do you work on your business as much as you work in your business? Do you ever dream about having a good lifestyle but just haven’t quite figured out what to do about it. Have you ever thought about seeing what your business would need to do to give you those dreams? Developing a growth business plan could be the answer.

So, why should you make a growth business plan? Well in simple terms you need to know where you’re going and how and when you’re going to get there.

Some of the questions a growth business plan might ask you are:

– Are you comfortable that the market wants and is willing to buy your product or service?
– Is your product or service priced so it is competitive in your market?
– What’s different about your product or service? Why would a customer purchase it over someone else’s?
– Is your market big enough to support your business? What about 15 years into the future?
– If you wanted a better lifestyle, what would your business need to do to give you that lifestyle?
– How much sales would your business need to generate to give you that income?
– How much sales would your business need to generate to give you the income you want 15 years into the future?
– What will be the cost of your labor and material?
– What will your expenses run?
– How much will it cost to overcome the capacity constraints that will occur as your business grows to meet your income requirements?
– Will your profit give you the income you want in the future and at the same time maintain a healthy business for you as well?

If you develop a good Profit & Loss Statement for your existing business for the current year or for the first year of your proposed business, you can use this data to actually project how much sales you would need to yield the income you want and the profit margin you want. You can plan ahead as far as you want. Sound impossible? It’s actually pretty simple and can be pretty accurate plan.

A plan like this would show you how much sales your business would need to do, what your fixed and variable expenses would be, what your material cost, labor cost and profit would need to be to provide the income and profit margin you want. You can see pretty quickly if it’s possible for you to get your business to that level. I don’t know of any better way than to have your business give you the income and profit you want. What’s neat is you can determine what you want your income to be and your profit to be over the next few years and develop a plan that can show you exactly what your business would need to do to give you that income and profit.

And with just a little more data you can actually determine how many customers you would need for each year you plan for and how many leads you would need. From that you can actually determine what size market you would need and whether your market is big enough to supply those leads that could be converted into customers.