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Becoming Wise - Wild & Free Writing A Successful Business Plan - Part 1 - Do It For Yourself
Copyright 2004, Rod Francis
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.
Written by Rod Francis - President of Advantage Venture Systems
Inc. creators of the Venture Planning System(tm) Pro business
plan software @ http://www.VPSpro.com
Suite 207, #1-1081 Central Ave. N.,
Swift Current, SK Canada S9H 4Z1
Check for more articles on writing a business plan at:
http://www.vpspro.com/business_plan_articles.html
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