There's No Time Like Now To Get Started On Your Business Plan

Getting started is probably one of the biggest stumbling blocks entrepreneurs face with business planning

. Here are a few tips to get you going.

Once Upon A Time

A good mental exercise to use when writing the Plan is to imagine that you are telling the story of your company to a good friend. Don't get too wrapped up in the formality of the language, or the seriousness of the project, or the need to impress an investor. Just talk. Express your hopes and dreams for the business. Why it is important to you personally to succeed.

The Internet is Open 24 Hours A Day--Take Advantage of It

When doing the background research on the industry and the market for the company's products or services, don't overlook the Internet as data source. It is surprising, really, how much information is out there on almost every industry. Much of it is free! Some web sites allow you access to the information for a fee, but it could well be worth it based on the time it may save you. Trade publications usually have web sites with back issues of the magazine, too. Looking this information up on the Internet will have the added benefit of showing you ways to stay up with trends in your industry, that you can use on an on-going basis after the plan is finished.

The Plan Is One Management Task That Cannot Be Delegated

Investors do not like to hear "I have consultant writing the plan," or the ever-popular "My accountant is doing the projections for me." These specialists can be invaluable in assisting you with the project, not in taking it over and making the project their own. Far be it from us to not recommend hiring a consultant to help you. You don't not want to get into a situation where you cannot explain part of the plan to an investor because you were not involved in writing it.

Yes, But Can You Actually Sell This Product?

It's amazing how many people put a statement like the following in their plan: "The total market for our product is projected to be $1 billion in five years. If we only get 10% of it, we will be a $100 million company in five years." Well, the market doesn't just give you 10% of itself because you're nice and there's room for everybody in a growing market. Your competitors' goal is to make sure you don't even get .005% of the market away from them. And then there's the small matter of distributing and marketing the product. How are you going to go about getting mass numbers of consumers to want your product? How are you going to make it available to them when and where they want to purchase it?

by: Dee Power

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