You can not keep from it, you out with a business plan for success!
A recent study of 29,000 business start-ups found that 26,000 of them left in the lurch. Of these failures, 67% had no written business plan. I think it's a coincidence?
Here are the Top 10 Myths about entrepreneurs often alone business plan, as a rule, why not. De-bunk the myths and see how a business plan for your solo Activities> can actually be fun and easy ? and can start your success!
. Myth 1: I do not need a business plan ? it's just me!
Starting a business without a plan is like a trip to a foreign country without a map. You could have a lot of fun along the way, and you learn a lot of friends, but you may end up in a very different place from what was originally for e-claim must specify at home for the money back and return.
> Only Entrepreneur Reality: Successful entrepreneurs know that the exercise of preparing a business plan, it really helps to think of all the critical aspects of running a business, make better decisions, and to profitability as quickly as possible.
. Myth 2: I have to buy the software for the business plan before they can start.
Business Plan software comes in many shapes and sizes and prices. Many more are to small andgrowing businesses with employees.
Solo Entrepreneur Reality: Business plan software can be helpful but not mandatory. The software is most likely to help if you have a more traditional activities, such as a restaurant or a typical consulting firms have.
. Myth 3: I need a consultant to my business plan to hire.
Consultants are an expensive way to writing your business plan.
SoloEntrepreneur Reality: Your business is you and you have to be closely associated with the preparation of business plans, a better strategy if you think you need professional help, is to hire a coach or mentor, someone who you can run into you. need to do, do not do it for you.
Fourth myth. The business plan models I've seen have all these complex-sounding sections for them, I think I need them all?
The only time you need to follow onegiven profile, if you are looking for financing.
Individual Entrepreneur Reality: The business plan must be ten questions, which is basically to answer everything! Do not make things more complicated than necessary.
Myth 5:. My business plan needs to be perfect before you can start my own business.
If you wait for everything to be perfectly detailed, can never begin.
Solo Entrepreneur Reality: If you have at least a first draft thatAnswer the ten basic questions, you are ready to start your business! Make your business plan a living, evolving document. At start-up, review and update the plan every 2-3 months. As you grow and stabilize, you can slow down the contribution to cycle every 6-12 months. To review all business plans and will be updated at least annually.
Myth 6:. I know everything I'm saying I do in my business plan, or am I a loser.
However, many entrepreneurs are never started because of this myth, which they then feel that the success of their future business suddenly rides on each stroke of a pen, or on the keyboard!
Reality Solo Entrepreneur: Think of your business plan as a roadmap for a journey. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned detour. And do not be surprised if, instead of visiting MountRushmore, Yellowstone, you decide to go, if to reach for the best holiday destinations!
. Myth 7: A good business plan is a nice cover, is at least 40 pages, typed double-spaced and must ?
Business plan for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.
Solo Entrepreneur Reality: As an individual entrepreneur, the business plan sufficient to satisfy. It could be scribbled on a napkin, post-it note on the wall, or consist of a collage of pictures and captions. It was all in a single document or scattered among other means. As long as you know, look in your head and heart, without, and is easily accessible for you if you have any doubt, is all that is necessary.
. Myth 8: I do not need a loan, then I do not need a business plan.
YOU are the investor> Business and invests in shares of certain companies without a prospectus?
Solo Entrepreneur Reality:. See your plan in black and white (! Or color if you prefer), can give a whole new vision about the profitability of your business seems overwhelming, if "the numbers" remember, you do not need the calculation sheets imagination. Just draw a balance sheet, where all the money from (and running) will show, and an accountant for further reviewPerspective.
. 9 Myth: My business plan is in my head, which is pretty good.
Do not know about you, but sometimes I can not remember what I planned yesterday to do tomorrow, if you do not write!
Entrepreneur Only Reality: There is a real power to plan writing. Some schools are competing with each other, that the act of writing down a plan to work our subconscious mind to manifest this plan as triggers. And, of course, is much easierto remember when you were before you. It is much easier to share and receive feedback from your supporters do not read minds.
. Myth 10: Family and friends are the best sources of feedback and advice on my business plan.
If your brother is an accountant and your best friend is an expert in market research, then this could be true.
Solo Entrepreneur Reality: As well meaning as our friends and family can often, but not the best way tohonest, objective advice. Instead, for people who have specific skills that will help you, are willing to be honest, and who have a genuine interest in helping them to be successful appearance. A business coach is to be considered a resource!
Copyright 2004, Terri Zwierzynski ? Accel Innovation, Inc.
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