Business Plan - One of the first things I learned in business school was how to write a business plan. The one thing that I must have missed, though, is why to write a business plan. Granted, a business plan is a basic necessity when pursuing angel money or investment capital. But what is the purpose of a formal, written business plan when you’re starting your own business on a shoestring? Say you’re just starting out with an idea for a new product – what is the point of projecting sales when you’re still in the proof-of-concept phase?
My illustrious professors, of course, would argue that your business plan is one of the cornerstones – part of the foundation upon which your budding business will be built. However, actually writing a business plan is something every business guru advises but few actually do. While it can sometimes help to put everything down on paper, I am a strong advocate of the model where your business plan is a living document. As a living document, your business plan can be initially launched as an outline or skeleton and later “fleshed out” as your product concept and company grows.
I know of many successful entrepreneurs work under business plans that are constantly under development or revision. This in no way detracts them from building their businesses, and in fact can be an asset as the time that would have been spent in writing the executive summary or cranking out financials can better be spent on product development or other, worthwhile pursuits.
At the point in your company’s development where you feel you do need a business plan, what is the best way of going about getting this all on paper? There are several ways of going about building your business plan. Utilizing a software package, which walks you through the process, step-by-step and generates a business plan from the data you enter, is a good way to go. These software packages start at under $100, and can save you time and streamline your efforts. There are also several good books out on the market that can help you to develop your business plan from scratch, some of which also come with examples or software on CD.
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