I just thought I would touch on some software that I just purchased to formalize my business plan in the hopes that others might find the information helpful.  :)

I just purchased Business Plan Pro Premier from Palo Alto Software.  It should be arriving in the next couple of days!  I chose this package because it is the one my husband's chiropractic school has it's students work through (and since sooner or later we're going to need to get a business plan written up for him, it seemed like a good idea to use a program my husband had already used!).  Also, I liked some of the features of the premier software version - most noteably that you can actually measure your plan vs. actual amounts. 

I really just appreciate, too, that the software walks you through the business plan process.  I've actually used it (by going to my husband's school's library) to create what parts I have completed and it has been very helpful.  I can't wait to see the finished product!

The software runs for about $200 (unless, you have access a student at home in which case you can have them purchase the software for a pretty nice discount).  If you're interested in checking it out, you can visit this link.

Happy planning!

MeLissa,

You are waaay ahead of me on that one. I've been in business for almost 2 years now and I never created a business plan. I still plan to, but I just haven't had the time. Lame excuse, I know! I think I'm holding back because I have no idea how to do projections. To me, anything could happen and I have a hard time understanding how anyone can project things in a precise manner. Does this freak anyone else out?

You know, Chris, that is a bit scary to me, too.  Thankfully, as a CPA it was drilled into me that projections (or forecasts) are just like the weather forecast - they're rarely right.  The idea is to simply give yourself something to shoot for...

I can tell you, though, that I have groused more than a little bit to my husband about how it seems like such a waste of time to prepare something of this sort (I complained similarly when I was doing it for other people, too!) when I know from a professional standpoint how accurate it is likely to be.  ;)

This is partially why I really liked the program I purchased.  My hope is that when it comes time to see how I've done as compared to how I thought I'd do, I'll have been wrong in a good way.  :)

At any rate, the reason I'm still trudging through the process is because I really do feel that it's good to have a map of where you're going - both financially and conceptually.  To be honest, I was feeling like I was sooooo far behind because I left my job without having one on paper.  I have a general map in my head, but to put it on paper, to put anything on paper, gives it a formality that to me says "I really mean this.  I am committed to it and whatever the cost, I'm going to give it my best shot."  And, I try to remind myself that it is a living breathing document that can change as my business grows and as my perspective of my situation becomes more clear with time...

I always chuckle because thinking of business plans reminds me of the "memo/mission statement" Jerry MacGuire wrote in the movie with the same name.  His memo cost him his job in the beginning of the movie, but by the end he had truly won.  I think a business plan has the same potential to help a person focus on what's important and then do what is needed to win....so get out there and start writing!  :)

MeLissa,

Great topic. I purchased Business Plan Pro almost a year and you are so right. it's more about organizing your expectations and setting goals than it is about telling the future. I haven't used it for any particular purpose yet but I know eventually I will be able to. At the early startup stage there are far too many rough guesses but I found that the program piqued my interest enough to have me researching things I hadn't really given enough attention- things like market size; competition; unforseen expenses, etc..

For $200 dollars it's a great tool that makes you aware of business details even if you aren't ready to submit a plan to anyone right away.

Chris, I think you would like what a program like this can do for you. Don't worry about the details behind the projections. You'll see that it's more simple than you think....and you can always change the numbers as you go along. (You really don't have a choice!)   

~Eric

Hi Chris:  I'd been sitting with guilt and doubt for a long time because I'd been doing business for years with no business plan.  I too purchased Business Plan Pro a few years back and yep, there it is still sitting on the shelf.  Then I discovered and read up on bootstrapping methods and guess what?- bootstrappers generally don't believe that a business plan is very useful.  To boot, most bootstrappers view putting together a business plan as a waste of time so they don't do it. 

So, I guess it depends on who you talk to.  Now, instead of feeling bad because I haven't made a business plan I feel proud to be a genuine bootstrapper!

ST WRITE BUSINESS PLAN. MUST WRITE BUSINESS PLAN. MUST

i know, i know, it's really painful, but THAT'S THE POINT. forcing yourself through the process is what helps you get REAL about your assumptions, validate your instincts, know your business opportunity up, down, left, right, and put together a cohesive pitch for financing or customers.

INESS PLAN. MUST WRITE BUSINESS PLAN. MUST WRITE BUSINE

(was i too subtle?)