Writing A Business Plan
photo credit: wannes deprez / ony one
Is having a business plan important, yes it is very important, but is it so important that you have to stress yourself out to the point of needing a sedative, not it’s not. Many are intimidated by having to write a business plan, this should not be the case, it’s not rocket science and no one is expecting nuclear fusion to come out of your business plan.
When you’re compiling a business plan, leave out the hype. Do not use any colorful language or preconceived notions. People who will be looking at your business plan will want to see hard, solid facts, backed up by very reasonable assumptions. Milestones must be set, tasks established and sound logic applied to your reasoning.
Always be sure to recognize the fact that your business is not the only one of it’s kind, there are others that are considered to be your competition, so include information in your plan on how you estimate that you will rate against your competitors.
Don’t focus on just one awesome idea, you have to have more than one successful option in mind, other wise you are “putting all your eggs in one basket” as stated on Young Entrepreneur, which could prove to be very doom and gloom for you.
RedHotFranchises on July 2nd, 2009 9:21 pm
Great post.
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things thoroughly.
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