“Build your own dreams, or someone else will hire you to build theirs.” -- Farrah Gray
How can a business plan help you reach your dreams?
Maybe a better question is, do you have a dream of owning your own business?
If you do than continue reading.
Let me put this scenario for you. You work hard, 9-5 every day and you are unfulfilled.
You simply want to be your own boss. Sound familiar?
There are many reasons why a person starts a business; to solve a problem, to serve a group of people currently being underserved, to make a lot of money, or the aforementioned be your own boss.
The problem isn't with the reason why, the problem is getting started.
And the best way to get started is with a business plan. It’s that simple.
But what is a business plan and how will it get you from your idea/concept to a solid business idea?
A business plan is a tool used to better understand your business. It substantiates your business. It is a way to turn your idea or concept into a definitive, clear-cut approach to how this idea will be a business
You see, a business plan shows your strategy, concept, value, goals, industry, market, how your going to run your business, your financial forecasts, what your products and services will be etc. Everything having to do with your business is broken down into several sections so that you and your reader can fully understand the scope of your business.
This in turn will help you:
Test the feasibility of your business
Take your idea to defining your business model
Fund your business
And Hold yourself accountable
Whose it for?
First of all, the business plan is for you!
If you have a business idea, solution to a problem and want to break out of the 9-5, it's for you.
If you are tired of not being able to make decisions, it's for you.
If you want to make money, it's for you.
If you want to be your own boss, it's for you.
Even if you don’t have a business background more reason to have a business plan.
Maybe you're thinking, well why do I have to have all this information written down?
This is a great question and there are several answers to this. But the main reasons is that it will get you excited about your business. You'll learn more about what needs to be done, what your competitors are doing, it shows others that you are serious about what you are doing.
Now one thing to understand, a business plan doesn’t have to be rigid, you can expand on it, adapt it. Let's say you had a 10-year goal which you met in 5, well that’s going to change a lot of things. So you go back to your business plan and adapt it.
I had a client who would adapt his business plan as he went along and when he wanted to sell his business he just handed the new owner his business plan and told him, it's all in there.
There are so many uses for a business plan, it doesn’t have to be a one-off thing where you get that loan or investment. You can do more with a business plan.
So let’s break it down.
You have a dream, your dream is to be independent, make your own decisions, and make money. Because let’s face it, you’re not getting into business to be poor. You want to be financially secure, your own boss, and make a difference in your neighborhood, community, and local economy. This is your dream.
So how do you get from your dream/business idea to financial security, your own boss etc.?
Your first step, get to know what you're getting into by writing a business plan
Step two, read the business plan and familiarize yourself with the information.
Step three, If you need startup capital, go to your local bank get a small business loan, a line of credit, talk to investors, family or friends and secure that capital.
Step four put it into action, speak with a business lawyer, a business accountant, realtors (for location), find vendors, etc.
Step five launch your business.
This may sound simple but it isn’t. Just remember, anything that is worth having takes time and effort. And it starts with a business plan.
Writing down your business idea gets you closer to your dreams of owning your own business by showing you the scope of the business, the viability, and the strategies you need to accomplish those dreams.
I have had several clients that reached their goals with a business plan. Whether it was in the form of starting their business or expanding it. Having a business plan that works and applying and accomplishing those goals is very satisfying.
So if you're ready and need some help, let me know, I'm here to help.