Posted by Jess Saba on Wed, Aug 19, 2009 @ 04:47 PM
Thinking through your business and organizing your goals
When building a house it is important to make sure the foundation is built with the strongest concrete and has been given time to set. If you build a house on a weak foundation it becomes harder and more expensive to fix the structural problems as the house is built. Taking the time to write a thorough and detailed business plan is a just as important to the success and longevity of your business. Take the time to ask the hard questions before you make major investments and answer the questions honestly.
Importance and use of a business plan:
A business plan can be used to help entrepreneurs
- Organize ideas and set goals for the business
- To prove to investors, friends and family that you have thought about the concept and to help them understand the vison
- To create a timeline for expansion and growth
- To motivate you to action
- To help an entrepreneur tackle a seriers of smaller problems and individual peices of an issue
Stephen Lawrence and Frank Moyes, professors at The University of Colorado in Boulder at the Deming School of Entrepreneurship, have created a detailed guide to writing a successful business plan. Below are what they identify as the essential sections to include in your business plan. Depending on how you expect to use the business plan you may want to give more attention to different sections.
- Executive Summary
- Company Overview
- Product and Service
- Market and Industry Analysis
- Marketing Plan
- Operations Plan
- Development Plan
- Management
- Competitive Advantage
- Financial Plan
- Funding
If you have a great idea sit down and write out the concept, the vision and your goals. Take the time to write out a business plan if you think you might be able to turn your passion into a lifestyle.
Even if now is not the perfect time to implement the plan you will be ready for when the right time comes along.
Heidi Ganahl wrote her business plan five years before the first Camp Bow Wow opened. To read her story, click here.