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When you are thinking of starting a small business and you are ready to move forward - before you spend any money - you must prove your idea and you do that by writing a business plan.
Most people when you talk about writing a business plan get weak in the knees and the blood drains from their face. You don’t have to dread the process. If you have been following my series of articles on business planning for a small business, you’ll have most of what you need for a business plan already. But let’s backtrack for a minute. Who is the business plan for? You. You need to prove to yourself that your business idea is worth acting on. Yes maybe a bank wants a plan from you but they’ll furnish you with a template that they want you to follow. Ultimately the business plan is written by you and for you.
The key to writing a business plan is to make it easy for the reader. Don’t try and impress people with your knowledge; instead take them on a quiet but informative journey from concept through to the summary. You should know it all, especially the financial piece. You have to be prepared to defend every number. If you appear indecisive it doesn’t matter how good your plan is, it will be rejected.
If you are writing the plan to secure some financing here is a very valuable hint. Make your first presentation to a lender you know will NEVER give you a dime. Why? There will be no pressure and you can make all kinds of mistakes without worrying because they aren’t going to give you the money anyway. You will be prepared when it counts.
People sometimes say that they don’t need financing from a lender so why do they need a plan. Think about this. If you aren’t using someone else’s money then whose money are you using? Yours of course, you are your own lender. You should treat yourself the same way as you would treat an outside lender. Prove to yourself that you are worthy of the risk.
You don’t have to have a business plan the size of a Russian novel, sometimes all you need is the basic framework of a plan or a simple strategy document. Knowing that will lessen your anxiety level I am sure.
The most important thing you can do is retain the services of a business coach or business advisor. He or she can guide you through the whole business planning process and keep you focused on doing the important things. If you were taking up golf, you’d hire a coach to help you. Why not do the same thing with business. Good idea and whatever it costs you you’ll save because that advisor has probably seen countless other entrepreneurs make the mistakes you’ll make if you don’t listen to them.
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www.plan2profit.ca
