As a trainer I frequently remind trainees that ‘failure to plan is planning to fail’ and I offer this same advice to you. Planning is crucial before starting up your business and in order to build, grow and maintain it.
A business plan precisely defines your business, identifies your goals, and serves as your firm's CV. Your bank manager will want to see your business plan before opening your business bank account.
The basic components include a current and pro forma balance sheet, an income statement, and a cash flow analysis.
Your business plan helps you to allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organised information about your business it is a crucial part of any loan application. Additionally, it informs you and others about your operations and goals.
Before you begin writing your business plan, consider the following questions:
- What is it that you want to do and achieve?
- What service or product does your business provide and what needs does it fill?
- Who are the potential customers for your product or service and why will they purchase it from you?
- How will you reach your potential customers?
- Who are your competitors?
- How will you make your skills/products/services so attractive to prospective clients that they will choose you over your competitors?
- Where will you get the financial resources to start your business?
- How are you going to develop your business for the next year? For the next three years?
- Where do you see your future work coming from and will you have the resources (people and money) to handle it?
Whenever I'm coaching start-up self-bossers they always ask, “What will happen if I fail?” I always point out to them that one of the major reasons for failure is that entrepreneurs rarely plan for success.
- How would you handle landing a large contract that cannot be accomplished by you alone?
- What would you do if your business were to suddenly burgeon beyond your wildest dreams?
It is critical that you invest in preparation and planning before launching ‘You plc’. There are a number of organisations and people who can help you. I found my bank manager, the local Enterprise Trust and Small Business Gateway to be extremely generous with time, information, advice and services. There are some excellent business coaches out there too. Ask around and find out who other self bossers go to when they need help and advice.
My accountant gave me useful advice when setting up my business and meets with me every three months to give financial guidance for an affordable annual fee. In addition I have used a business coach, a website coach, and a life coach when I felt I needed extra help.
Join business groups and associations where you can learn from more experienced entrepreneurs and share experiences with them. Your local Chamber of Commerce or Business Network Association are good places to start. Again ask other self bossers where they go to get help and advice when they need it.
You can find a number of useful articles/resources to help you with your business plan at
0 Comments:
Post a Comment
<< Home