business plan?

[zyklone]

Hi Guys,

I just want to ask some few questions:

@ Is business plan important in putting up a business?

@ What is the benefits we can get from business plan?

@ What are the things included in the business plan?

[Ribeiro953]

A business plan is so important because it actually serves as a compass for the direction your business will take in the future. One of the main reasons that having a business plan is essential is that it will help you to consider the details of your business and its’ future. As you are working on your plan, you will probably find that there are many aspects of your new business that you have not considered. Getting started with a business plan will help you to save money and time since you will be able to deal with issues before they become a problem.

[clearlycody]

some things to write down and ask your self are:

-how am i gonna bring in money?

-how much your products will cost to the customer? will those prices change as you put more value into your products?

-what are your products, shipping, services gonna cost you?

-are you going to hire employees? how many? what are their roles in the company?

-how are you gonna expand your business? how you are gonna keep innovating your market? Innovation isn't always about inventing new things. It can be being the consumer's champion in your market, being the best at what you do! Bringing value to your customers.

-advertising budget?

-how much cash your gonna put back into the business? which should be a lot in the beginning lol

hope this helps you out a little.

cody

[minzeverest]

hi there zyklone.. honestly.. you don't really need a business plan.. if you have it, then its a good way to prepare.

Well, i started writing the plan..then realized, you need it only if you take loan from Bank.. then i'm like forget the loan..haha..

its been 3 months since i'm in business.. i posted some questions here before i open my business.. business strategy will come naturally once you're in business..

[nate_f2]

People that dont write a business plan are fools. Even if your going to be a small business you should write something out because it a proven fact that the people that write stuff down have a better probability of completing things.

[jmeijers]

hi there zyklone.. honestly.. you don't really need a business plan.. if you have it, then its a good way to prepare.

Well, i started writing the plan..then realized, you need it only if you take loan from Bank.. then i'm like forget the loan..haha..

its been 3 months since i'm in business.. i posted some questions here before i open my business.. business strategy will come naturally once you're in business..

The fact that you've been in business for only three months makes your reply kind of useless. Personally I value a business plan as the single most important document your business has. Simply put; if you business doesn't have a plan ... it isn't a business to begin with.

So; make a business plan, you'll notice you will run into some bumps here and there. That is good, since you want to be aware of those bumps when doing business.

The only 'business' I would remotely consider not needing a plan, would be a freelancer. But even then it is useful, to determine pricing etc.

[zyklone]

The fact that you've been in business for only three months makes your reply kind of useless. Personally I value a business plan as the single most important document your business has. Simply put; if you business doesn't have a plan ... it isn't a business to begin with.

So; make a business plan, you'll notice you will run into some bumps here and there. That is good, since you want to be aware of those bumps when doing business.

The only 'business' I would remotely consider not needing a plan, would be a freelancer. But even then it is useful, to determine pricing etc.

What are the software or websites that can guide me on how to create a business plan? Do you have recommendations? thanks

[bizdev]

I offer step by step help with writing your own business plan at my website below. Writing your own is not as awful as it looks and I highly recommend you write your own. Lenders don't appreciate canned business plans that are taken from templates or software.

Even if you are not seeking a loan, writing a business plan is very important for your own needs. By actually generating the financial statements you'll know if your business will be viable. You'll know exactly how much it will cost you to start up and how much it will cost you to keep it going. You will also have a general idea of your income potential. Yes, a lot of it will be hit or miss and you'll need to constantly tweak it. But it's a real eye opener when you complete it.

[nate_f2]

myownbusiness.org is free and it cover everything. You will have many wholes with missing information but that all comes as your business progresses.

[inle]

Running a business is risky, & requires lots of time, resources & it is crucial to know why you are in it, what you are, how you do, who do wat & when you do wat & how you measure success at which stage..
With a business plan, it reduces your risk & uncertainties & improves the odds to succeed..

With more planning, the higher your success rate..
With less planning, the lower your success rate..

How about NO planning?