Business plan - important

[entrejack]

Hi,

I would like to ask a question if i am really missing a business plan because of all my half work through small venture.

Why is it half work through? It is because everytime i start something i give up half way due to some surprise problems appearing.

It cost me time and money and 5 web business try out. Although, it doesn't cost that much as a normal offline biz but it is something not healthy to go through.

I am amazed with my pigheadedness that i only found that out after 5 years and 5 web business try out as i do not create a proper business plan.

Is this really my problem due to not making a business plan?

1. I found out problem that i didnt foresee while i am already doing the business.

2. i always do my plans in my head and thoguht that a marketing plan will only be more important and enough as i am a marketing graduate, the other parts of planning like finanical i dun really place much pirority as it is cheap to start a website but not so cheap after 5 or 6 websites.

3. It cost me time and energy.

4. It leads to to think that i am a useless junk as i always do things half way and give up whom i am not.

5. it kills confidence and self-esteem.

6. I like to get things started when i feel that it is good after running some ideas in my head.

Well, i can't think of more now.. but i am feeling kind of regret now for not doing a business plan. I think the problem of it is because i didn't do a proper business plan.

[jasaunders]

Yes, the problem is you haven't compiled a comprehensive business plan.

Hi,

I would like to ask a question if i am really missing a business plan because of all my half work through small venture.

Why is it half work through? It is because everytime i start something i give up half way due to some surprise problems appearing.

It cost me time and money and 5 web business try out. Although, it doesn't cost that much as a normal offline biz but it is something not healthy to go through.

I am amazed with my pigheadedness that i only found that out after 5 years and 5 web business try out as i do not create a proper business plan.

Is this really my problem due to not making a business plan?

1. I found out problem that i didnt foresee while i am already doing the business.

Yes, a business plan helps you avoid unforeseen problems. Both by identifying what problems can occur ahead of time and by having strategic plans in place in case unforeseen problems occur.

2. i always do my plans in my head and thoguht that a marketing plan will only be more important and enough as i am a marketing graduate, the other parts of planning like finanical i dun really place much pirority as it is cheap to start a website but not so cheap after 5 or 6 websites.

You can't do a business plan in your head. How do you do market research in your head? As a marketing graduate you should know that performing detailed market analysis, industry analysis, competitive intelligence, in addition to strategic and tactical marketing plans are essential. This isn't something you can do in your head.

The fact that you don't put much emphasis on financials speaks volumes of why you are failing. If you don't do any type of financial analysis, you are doomed. How do you even know your business will make money and can be profitable? How do you know the break-even period. Maybe your last few businesses weren't failures afterall, you just didn't hit your break-even point yet. Having detailed financial plans and a good "finance" person on your team is essential.

3. It cost me time and energy.

Everything in life costs time and energy. At least anything worth it's weight. Opportunity cost is a bitch.

4. It leads to to think that i am a useless junk as i always do things half way and give up whom i am not.

You are only going half way through with these businesses because you are only half way preparing ahead of time. If you spend more time and effort up front, you would find you're ability to succeed and your longevity will be much greater.

5. it kills confidence and self-esteem.

Sure does. A true entrepreneur will still have the burning feeling inside though and get up and try again.

6. I like to get things started when i feel that it is good after running some ideas in my head.

Instead, you should get things started after doing a comprehensive feasibility study and market analysis.

Well, i can't think of more now.. but i am feeling kind of regret now for not doing a business plan. I think the problem of it is because i didn't do a proper business plan.

[O-Town]

I agree 100% with jasaunders. Having a proper business plan is like having directions on mapquest; it gives you the street names and where to turn, but there are always some detours you'll face that mapquest hasn't been up-dated on. But you are still on the right path to conquer your objectives/ get to your destination.

I as well am a marketing graduate and do tend to focus more on the marketing aspect of starting a business. There are a lot more issues at hand than just bringing people to your site. Having a written document that you can always go back to when you do feel like you are getting off track is ideal. Always reminding yourself why you started this in the first place. Also, the financial analysis, I find, is extremely important

I am currently writing a plan for a new website and am realizing some costs that I would have never thought of without a plan. Yes it does take time, but it will save you a lot in the long run and will wipe out that negativity that it sounds like you're feeling right now.

I have a link to a great tool. It won't allow me to post the link because I haven't posted more than 5 times. PM me if you want it. It will really cut the planning time because it formats it and has great instructions for each header and samples for each.

Good luck and try using this tool. It really makes you realize why you are starting that business.

Enjoy!

[entrejack]

Yeah, i think i got to pull myself together or else i am gonna be a begger soon.

I am on the verge of losing everything if i dun see some light soon.

Jasaunder, you have hit my head hard. I guess i am just being lazy to do all the hard work and toll the way for more analysis. I just think that a website is just something in the screen , there no need to go through all the hassle of going through the proper way.

Things are not getting well in my life now after all these failures and my own unwillingness to get my hands really dirty.

I guess i need to go back to the starting line and do the proper work.

O-Town, i have pte msg you for the link. Thanks