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BUSINESS PLANS : The business plan- who, what, when, whereOnce you've decided you may want to start a business, you need a business plan as well as two important milestones: 1. Convincing yourself that this is the right thing to do; 2. Convincing others this is the right thing to do. A business plan is helpful for step one, and essential for step two. There are numerous resources available on the web (I recommend www.sba.gov/smallbusinessplanner/index.html because you will want to consider an SBA loan), but there are a few key points to remember: Business Plan Key Point #1. Who- you don't have to write it yourself, but you better know everything in it. SCORE (www.score.org) has retired executives ready to review and assist you- for free- with writing your plan. Or, you can get competitive bids via guru.com from professionals who can write a business plan for you. But most of the information, and all of the vision, will come from you. Business Plan Key Point #2. What- Again, there are many templates on the web, but the most important information in a business plan are the numbers. This can be very difficult for a new business where the market isn't understood, or costs uncertain- but putting assumptions into a model that yields revenues, costs, and profits is critical. In a first draft, these are not set in stone, but the sooner you think through these details, the sooner your focus will turn towards getting orders and truing up costs, and the sooner you do this, the sooner you can tell if this makes sense. And if you plan on using this with investors, make sure to have a "sources of funds" and "uses of funds" section to tell them what you plan to do with their money. Business Plan Key Point #3. When- A complete, formal, perfect, business plan can wait until you need to court investors. But, again, the sooner you start answering the questions that a business plan presents, the better. I recommend taking a good outline, and just putting in 2-3 word answers for every section, and then estimating the numbers behind them. Then, you can sit with advisors and get additional feedback to craft your perfect plan. Business Plan Key Point #4. Where- Business plans need to be shared. Perhaps the greatest challenge to starting a company in Illinois lies in its history as a center for transportation and consumer retail- yielding very large entities. Unlike Silicon Valley where a culture of startups and innovation based on micro-companies leads people to talk to others about their new ventures on a regular basis, Illinois business has been based on big companies with big organizations, big balance sheets, and big facilities. While there are burgeoning startup cultures in IT and university research, you will need to expend some energy to share your business plan with others and solicit their advice and help. In addition to SCORE, your local community college will have a small business assistance center, and Linkedin.com has a Private Equity and Venture Capital Group (http://www.linkedin.com/groups?gid=38114) open to Linkedin members (membership is free) where you can lurk to see what kind of deals are being floated. The Business Plan (capitalized to connotate its centrality to your startup efforts) is perhaps the most important document you will ever possess (second only to a Customer List)- so don't skimp on taking the time to think it through, and try to anticipate its weaknesses. If you ever need outside money, rest assured someone else surely will. By Dirk McCoy June 16, 2009 - http://www.examiner.com/x-13535-Chicago-Startup-Business-Examiner~y2009m6d16-The-business-plan-who-what-when-where Writing a Business DescriptionThe first thing you need to concentrate on when you write the business description is its structure. By structure we mean the type of operation....Business Plan DefinitionA business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals...Free Sample Business PlanRemember that your plan should be only as big as what you need to run your business. While everybody should plan a outline to help run a business, not everyone needs a complete formal business plan...Design Business Plans to Start a BusinessBusiness planning is about results. For every business plan, you need to make the contents of your plans match your purpose. Don't accept a standard outline just because it's there.Five Business Plan MistakesIf you are preparing to raise capital from either an investor or a bank, you’re probably writing a business plan. Here are five of the most common mistakes that I have seen as a result of my experience as a commercial banker and corporate-finance consultant...Do I Need a Business Plan for a Loan?Not everyone who is going to start a business begins with a business plan. It all depeneds on what size and kind of business. If you are a freelance designer or you are a one man show data entry business...Three key messages for designing business plansThree key messages for designing business plans you must clearly and convincingly communicate to your lender or investor...How to Write a Business PlanWriting a business plan can be ohat is worth doing, you need to take the time and aquire some information....Other related Articles: Start-Up Founders Forget About Business Plans? Dec 15, 2009This past summer, HubSpot Inc. received several offers from venture firms to invest in the marketing software start-up all without a formal business plan. ...Develop a business plan to make more money October 27, 2009It's time for you to develop a business plan, whether you're just starting up or are already running a company. ...Wow Investors : Web-Savvy Business Plan August 27, 2009As an online business owner or potential startup, one of the major documents you will need to get funds from potential investors is your business plan. ...Home Based Business Plans August 23, 2009Business school students spend a lot of time learning about different strategies to create a successful business plan. All businesses should have a fully ...How far will a business plan get you? June 30, 2009Business plans can be useful tools. But a new study finds that they do little to help entrepreneurs get financing. ...Why Business Plans Don’t Deliver June 30, 2009An economic downturn is a great time to start a business....and prepare a business plan? ...The business plan- who, what, when, where June 16, 2009Once you've decided you may want to start your own business, you need a business plan as well as two important milestones ...Business Plan Competitions Offer more then Money Apr 2 2009In a time when money is tight and funding is tougher than ever to get, winning a business plan competition could provide a nice boost in cash for a start-up. ... |
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