[mpnetwork]

Just wondering how many ppl here developed a proper business plan before starting out?

Not just a few pages of notes, at least 10-20 pages containing at least these sections:

- Introduction
- The Team
- Business Environment
- Marketing Plan
- Operations
- Finance
- Risks & Conclusions

Checked for errors, with serious thought put into it. (I understand that a proper business plan can go 100, even 1000+ pages, but I think that would be overkill for many ventures on this forum)

Of those who did develop a business plan, did it make a difference in the success of your business. Or.. did not having one contribute to the failure of your business venture.

I see many people here who want to begin a business, and I think many should put the time into proper planning.

a) It can significantly improve the chances of success

b) Even if your venture fails, the experience of preparing a business plan is invaluable

c) You may realize, through your planning, that your venture is not viable (saving you time and money)

d) If you cannot put the effort into preparing a business plan, you may need to rethink whether you can put the effort required into building a business.

[expisp]

My current business I didn't have a plan. I wish I did, it may have picked up a bit quicker. But staying focused on my goals has paid off.

I am working on a plan with my wife right now. This business is a 100% unique biz, so we wanted to have our plan on paper, to include an exit strategy if it doesn't work. We aren't looking for financing for this biz but we are going into unfamiliar territory and a plan will help prepare us for the unknown.

I am not even making the big steps I need to make until the plan is 70% complete. It is a necessary step for us.

[Karen]

I didn't at first, although I should have.

I have made plans for other investments, but not a plan for business.

A plan is always a good thing otherwise you fly along without any real direction.

Karen

[jpomerenke]

I know many people that are very successful. Everyone from succesful equity traders up to business owners. They all share one thing ---- A written plan. I think its important. I have a written trading plan (kinda outdated) but with my biz i have no plan. Im very organized and keep stuff on scedule so i always have my plan on attack for say the month so not having a actual biz plan hasnt been a huge deal. It is important for many reasons though from funding to keeping on track to knowing all possibilities of what could happen. I tell you want though last year i took a entreprenuer class (easy elective ) and we had to write a proper business plan. I hated it, but that is probably because it was on a fake business lol.. But they can get long. Mine was half ass and it was a good 100 pages+

[Praetor]

I had one, and it's amazing how it helped me. It took me two years to write. In fact, in writing the plan, my entire concept changed.

I started off with a great idea. Then decided to throw in another service as added value for my clients. Then the added value became the main focus. So I decided to add something else as an added value. Which, of course, became the main service. This went on and on until I absolutely knew what I wanted to do. Honestly, I probably wrote about twenty plans before it took it's final shape, and I consider it to be time VERY well invested.

Even though things rarely go according to plan, just having it helps. Sometimes, when it feels like I'm in over my head or I don't know what I'm doing, just re-reading my plan sets me back on track, adn reminds me why I'm doing what I'm doing.

Anyone who really wants to be successful should have a plan. It doesn't guarantee success, but it sure makes the going a lot easier.