Many people will dive right into a business without any idea what they are going to do in the future, only hoping things work out and they make a lot of money.
Unfortunately, precious few businesses that get started without a business plan will ever succeed -- and making money by accident is not the best way to get a business going. It has been said by most successful business operators that failing to plan is planning to fail, ad no one opens their own business with the hope of failure.
Whether you spend the time developing you plan on your own or hire someone to put your plan together, if you are considering going to a lender for start-up funding you will need a business plan. The plan will have to show where your income is going to come from, where the amount you want to borrow is going to go and how long it is going to take to begin showing a profit.
Simply saying you are going to do this, sell it for that and then expand is a good starting point but all you will get from potential investors is a few good laughs.
While most business plans will require details, you can also end up going the other way and plan yourself right out of business. Once the plan is developed, execution is the key. The best plans put on paper will serve no purpose if the plan it put on a shelf to gather dust and not executed.
One of the key requirements about a business plan will be information about the owner. Many times when a person sits down and write their resume into their business plan they realize they have no reason being in business. You should be able to show your experience as it pertains to the business and how your work history is going to be a benefit in operating the business.
For example, if you have worked for a landscaper for 10 years and want to open your own landscaping business, you may have a good basis for how the job is done.
However, if you or anyone else that will be associated with the business has no accounting experience or business operations experience, there may be trouble down the road. Simply winning bids for landscape jobs and then doing the work may seem easy, but someone has to order the supplies and bill for the services.
Conversely, if you have a ton of operational experience and lack knowledge of how to lay sod on bare ground, you will probably be out of business as soon as the first two or three jobs turn brown. You will have to establish yourself not only as a worker in the business, but also as the one who understands how the business end operates.
Godfrey Thaxter is a Marketing Consultant who provides
articles, tips and resources to help new online marketers
get started right with their internet home business.
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