By Olle Tiggelaar at May 05 2019 20:51:57
Obtain Feedback On Your Plan _ When writing a business plan you sometimes end up locking yourself away. You might have unique ideas which lead you to seek some isolation and secrecy, or if you are going to be a sole trader you may only have one person to consult namely yourself. But it is fantastic to try and get broader input on your business plan _ whether from a professional, or simply from friends and family whom you trust. I say that because of course you need to be careful with commercially sensitive ideas, as you do not want to pass your plan on to someone in the pub who then starts your idea before you across the road.
Make Sure You Have A Business Plan. The first point to keep in mind about business plans is... have a business plan! This may seem obvious but is overlooked. Many people start businesses without a plan; sometimes it can come from sheer bravado, thinking "I don't need a plan", or alternatively you might hear "It's all inside my head, that's my business plan". The reality is no matter how much you work with things in your head, no matter how confident you may be and how much you think you already have a great vision for your business, there are so many great reasons why you should get it down on paper.
In Summary _ Planning out your business on paper first gives you long_term benefits with potential investors, employees, vendors, and suppliers. The business plan becomes your roadmap to success, with pertinent data that shapes the course of your business start_up and lets you adjust your journey as contingencies arise. Business planning templates are readily available and data sources abound at your fingertips. You will achieve a solid understanding of your business as you work through each section of your plan.
I have written business plans for all manner of industries: a coin operated jukebox company, airlines, travel companies, new product launches, and anti_aging product companies. It is not necessary to have a passion for the product or the company to write or develop a business plan. What you must have is a passion for aggregating information, getting involved with and understanding the service or product, and understanding the financials of the product or service. By financials I am not referring to having a CPA before you undertake the task, but rather understanding the presentation of the information and analysis/ numbers to support the activity being planned. Financials are important because they are the score card in the world of commerce.