May be, may be not...
A written plan is recommended for all startups and existing businesses. Although there isn't any commercial law that makes this document mandatory but your ability to describe and present the plan reflects a disciplined entrepreneur with a high level of organization skill. From my wealth of experience in startup projects, I have witnessed the two side of the coin; the difference is distinctly clear. Mere drafting the business plan improved my thought and decision making process. The business plan ought to be a prequisite, if there is a proper understanding of its benefit and genuine desire to grow a successful venture.
In simple terms, the business plan describes the...
Before spending a penny, make out time to write out your ideas, motives and strategy for the following reasons or benefits;
A written plan is recommended for all startups and existing businesses. Although there isn't any commercial law that makes this document mandatory but your ability to describe and present the plan reflects a disciplined entrepreneur with a high level of organization skill. From my wealth of experience in startup projects, I have witnessed the two side of the coin; the difference is distinctly clear. Mere drafting the business plan improved my thought and decision making process. The business plan ought to be a prequisite, if there is a proper understanding of its benefit and genuine desire to grow a successful venture.
In simple terms, the business plan describes the...
What, Why and How !
Before spending a penny, make out time to write out your ideas, motives and strategy for the following reasons or benefits;
- It helps you identify your basic needs so you don't miss out any hidden or unplanned cost
- It is will enable you to avoid under pricing yourself, products and services
- It will help you focus when distraction comes as you continue to refer to your draft.
- It can help you decide when to start, quit or modify an idea especially when your findings reveals that the proposed business idea will succeed or fail
- This document can help a sponsor or investor make decisions to support you with seed funding. Be it friends, family, angel investor, financial institutions or simply considering partnership. There is no point starting a business with insufficient funds nor asking for $500 as seed funding when you actually need $2000 to start and sustain the business as working capital. After a certain period you may get stranded and money might have been wasted. I have been there, I know how it feels. Sponsors may get fed up and back off
- It prepares your mind for any challenge that may destabilize the business in future such as staffing, competition, economic, legislation, health or family issues, etc
- It is good to have an exact plan and the alternate strategy to nullify unfavorable circumstances.
- It makes sense to design a product or service for a paying customer who genuinely needs it.
- It is very important you consider starting, reviving and growing a sustainable business.
Anyone who runs away from writing a business plan is really not ready to start and grow a successful business. Ask your self - Is Entrepreneurship For You? If yes,
Here's a link to a simple version BUSINESS PLAN TEMPLATE. We've produced a step-by-step guide covering:
- The executive summary
- Your vision
- Marketing and sales
- Managing the business and
- Finance
Take your time, write down the idea, conduct further research and ask for help. If and when you really need assistance or guidance with your proposed project, feel free to schedule an appointment. I can offer specialist support to help you start on the right path for the best chances of success.
KEY WORDS: CUSTOMER, FOCUS, COMPLIANCE, SUSTAINABILITY.
Posts
Thanks for this, am seriously working on mine.
ReplyDeleteYou are welcome - Godwin Jimmy.
ReplyDeleteStay focused, your best is yet to come
Interesting and revealing too
ReplyDelete