Most people write a business plan when they need to raise money. 
I wonder how many business plans would actually get written if 
the bankers, financers and investors did not require them?  Not 
too many I would expect.   

For most people, writing a business plan is intimidating because 
it is not something they do every day and it adds to the daily 
workload.  For those that are already in business it means 
taking time out of their busy day to do something that does not 
make them money and besides they already have their plan in 
their head, right?  For those that are just starting out it is 
all guess work and they are probably going to take the risk 
anyway, that is, if they can get the money.

So sit down and write a business plan so that you can get the 
money that you need.  You can embellish it as much as you want 
to make it look very enticing for the investors and financers.  
You can even hire someone and pay a couple thousand dollars to 
get a really good plan.  If you are a good writer you might as 
well save the costs and write the plan yourself.

Wait a minute.  What about your own investment?  Can you make 
enough to support your family?  Are you going to spend thousands 
of dollars only to find out that the venture was not worth it?  
Are you going to spend years tied into a business that can never 
quite make it because you have put up all your assets for 
security?

I am here to tell you that business planning is not just about 
writing a plan to get money, it is about making sure that the 
venture is feasible and that it will be satisfying.  When I 
say satisfying, I mean with regards to your personal and your 
financial goals.  Writing a business plan is an opportunity for 
you to learn about your business, to start networking with 
suppliers and professional service providers, and a way to 
find out if it is what you really want to do.  

When you sit down to write your business plan make sure that 
you are doing it for yourself first because when all is said and 
done it is you that needs to know the most about your business.  
Start with the financial feasibility by producing a set of 
three-year projections, which includes a cash-flow analysis. 
Make sure you research each aspect of your project by finding 
the right information and talking to the right people (suppliers, 
professionals, service providers, etc.) and be certain that you 
have covered everything.  If the idea is feasible in your mind 
and on paper you can go on to write notes to the projections and 
add the narrative portion of the plan.  

Take your time, do everything in steps and make sure it is 
something that you are absolutely sure you want to do.  If you do
it right the knowledge and insight you gain through the process 
will give you the confidence that you need to raise the money 
you require and you will have the ability to create a more 
successful enterprise.

Look for the next article on Writing A Successful Business Plan 
- Part 2 - "Do It In Steps" of the Becoming Wise - Wild & Free 
series.