Simply Junior

Writing a business plan is very important for a small business. You have to explain your background, qualifications, experience and your capacity to implement the project. A good business plan is absolutely essential to convince the banks and financial institutions to lend you money for the project

Your business plan should explain who is starting the project. What is the project? When are you starting the project? Why are you starting the project? How are you going about it? The results expected from the project, should also be mentioned.

Your background and qualifications have to be explained in detail. You have to explain what projects you have done before. You should give a detailed explanation of the product or service you are going to launch. And also the competition you might face. If you are already in business, you should also give details of the activities of the company or business. The revenue expected should be mentioned in detail.

If it is new business the details of how you are setting up the business. How long it would take to set it up? Your production and sales targets should also be mentioned. How you are meeting these targets should also be explained.

Where are you going to set up the business? Whether it is a shop or a factory? How are you acquiring the land? The details of construction of the building and the costs involved should be mentioned.

Your marketing plans will have to be explained. Who are your customers and how are you going to reach them should be explained. Whether you are hiring a marketing company to market your product or marketing it on your own has to be explained. If you are planning an expansion, the details of how it would be financed should be mentioned.

You have to do quite a bit of ground work and research before starting any new project. It is always better to have contingency plans to get over any unforeseen problems. I have seen people visualizing various scenarios, and making plans to face them. It is always better to look before you jump.

A small business plan is vital to the success of starting a small business, Faced with writing a small business plan; the panic sets in. Confusion clouds your mind. You wonder where to start.

This is important. It is the outline to how your idea will become reality. Actually, it proves you are serious and you need it if you need finance.

Writing the Feared Business Plan

The screen is blank. Your mind is blank. Really, this is an important part of setting up your business. If you can not put it on paper, how do you make a living from it? Try thinking along these lines and start by mapping out your small business plan. The basic elements all small business plans have are:

- Summary – a one-page overview of your business plan. When your business plan is complete, go through it and summarize it into one page.

- Introduction – Briefly talk about your vision and goals for the business. Write yourself a vision, but avoid the old clich

Writing a business plan for your Solo Entrepreneur business doesn’t have to be a daunting project. If you can answer 10 straightforward questions about your business, you can be ready to go.

The key to success is to answer all of the questions in enough depth that if a friend asked you to invest in this business, you’d say yes. Most importantly, make sure you record your business plan somehow…whether you write it by hand, type it into your computer, or put it on stickie notes on your wall. Keep it someplace handy where you can refer to it when you are making important business decisions. And, make sure you review it monthly–or, even better, weekly–and update it at least annually.

1. Your Dreams: What do you want your business to provide for you? (think time, money, freedom, who you work with) Be specific–how much money, how many hours, when do you want to “retire”.

2. Customers: Who are your customers and what do they want/need?

3. Products and Services: What products/services will you provide to meet customer’s needs?

4. Markets: Where are your customers and what do you know about them as a group? “Where” might be geographic, it might be what kind of places they hang out, or where they go to find products or services like yours. What is their age, income, gender, hobbies, family structure, etc.

5. Your Style: How will you reach customers and what will you say? Your methods of reaching customers needs to match with where your customers are–and with a message that they can relate to.

6. Competitors: Where else are your customers likely to get this need met? Find out all you can about how your competitors price, market, and provide service.

7. Your Uniqueness: How will your product/service meet customer’s needs differently than your competitors? Consider how your personal uniqueness impacts that.

8. Your Abilities: Of the skills necessary to run your business, what do you do well, and what do you need help with?

9. External Resources: What people/technology/services will support you in the skills you need help with?

10. Fulfilling your Dreams: How will your business provide the kind of working environment you desire, both in how much time you spend, how you perform your work, and how much money you make? Here’s where the rubber meets the road–make sure you can show how you will sell X amount of product or service at Y price, cover your expenses, and reach the goals you set in 1. above.

Once you can answer all these questions, have it reviewed by some trusted, experienced professionals who will give you objective feedback. Consider a business coach, as one such resource!

Copyright 2004, Terri Zwierzynski – Accel Innovation, Inc.

You can find small business ideas all around you. If you can’t afford to make a big investment than a small business is the perfect solution for you. Try to find something with small costs and a good profit. You can be your own boss if you follow a few great business ideas.

Some of the best small business can be made at home. This will be less expensive than renting an office outside the house. You will be able to deduct some of the expenses from taxes. For example a pat of the electricity bill will be considered as business expenses. You can just rearrange a room from your house. That will be your new working space.

Use Internet as your main tool. An on line business will cost you a lot less than an off line one. The income can be without limits. It all depends of the effort you’re putting in it. Depending of your skills, there are a lot of internet business to choose from. You can make your own program and earn as much as you want. Remember that you have to take this seriously. You will not have a fix payment any more. This is why it’s always better to have a reserve of money for when you can’t work.

A good example for an on line business is freelance writing. If your writing skill are god enough, you can get paid for writing articles. You can choose to write about anything you want. There are a lot of companies willing to pay you for product reviews. So all you have to do is to share your opinion about a product you tried. You can calculate your own income. For example if you want 40$ a day you can check how many articles you must write daily.

Another idea for a small on line business is internet marketing. You can create your own digital products or you can become an affiliate marketer. For this business you need a professional website and a lot of targeted traffic. Keep in mind that you need to advertise your sales website in order to attract clients.

For better results you must set up a good working plan. Write down how many hours a day you would like to work. You can even work during the night. At the beginning of every month you should set up a new goal. Make sure your goals will be realistic enough.