Making a Business Plan? Are you Serious?

DeluxeNames

Whenever someone talks about creating a business plan and how important it is, I'll be honest, I'm only half listening.

If you don't need funding and you know in your head where you're going with your business, then do you really need one? I'd make the exception if your ready to invest a lof of money into a business, then I can see it.

You people are smart so please bring me back to my senses and tell me why do I need to make one?

I read this article about business plans and decided to post it here for your benefit:

You are starting your internet business ?
You still wonder how you'll avoid the traps, how you won't forget anything, how you'll manage your money?

The business plan will certainly be your best friend to assist you during this period.

What is a business plan ?

As defined on Wikipedia:
"...A business plan is a summary of how a business owner, manager, or entrepreneur intends to organize an entrepreneurial endeavor and implement activities necessary and sufficient for the venture to succeed. It is a written explanation of the company's business model..."

In other words, the business plan is essentially a document designed to clarify the direction and goals of a business.

What makes a successful business plan ?

In order to reach your goal(s), you need to be well prepared.
A business plan doesn't have to be fancy. Often, it is as simple as a Word
document written to prove that your business will generate enough revenue to cover your expenses.
Despite all, it remains the most important tool of your business creation.
So, Take a deep breath, relax and take your time to write it.
Keep in mind these few guidelines and you'll turn your project into a success:

Your business plan must contain a clear and concise writing. Write short sentences with one idea.

Illustrate your ability to make this business a success. It will help you as well to see your key points and weaknesses.

Show profitability. Otherwise, where would be the need to begin with this venture ?

Keep it flexible. The business plan is not really a finished document. Write it in an open manner which leaves room to accommodate new ideas and details as they occur during the course of your business.

As said previously, write your plan with a clear and logical structure. It will help you to keep a good overview on all your

project and find easily key informations when needed.

Below are the 10 key chapters from a typical business plan structure:

Table of contents.

A) Executive summary. This is a detailed summary of the business plan; essentially a condensed version of the business plan.

Introduction. Where a general overview of the business, its activities, services and other details that you see fit to put in it!

C) Outline of business. This is an outline of the businesses legal structure and corporate structure.

D) Outline of services. This is an outline of the products or services that a business offers. This could include pricing and plan details for web hosts.

E) Marketing. Here is an overview of the marketing strategies a business intends to use and would include details of your target market, where you plan to advertise etc.

F) Human resources. This is an outline or detailed information regarding who you are going to employ such as support staff, sys admins etc. This section may also incorporate information on the management.

G) Operational details. This is probably the most important component in a business plan. It outlines how the business intends to operate on a day-to-day basis. It could involve the software and systems used, etc.

H) Financial details. This section could be as complex or simple as possible. A cash flow projection and budget will do.

I) Conclusion - where everything is summarized again, highlighting your businesses vision or goals.

Basically, a business plan is a form of goal setting. Having goals helps you focus and keep on track, and when you look at them it helps you
remember the inspiration that caused you to start your business.

Her are some usefull links where this article was found and where there is much more info about business plans:

BBPlans.com
SBA.gov
Entrepreneur.com

pfgannon

Wow thanks for all that!
I've never been dedicated enough to write up a business plan, but what I've read on other forums this is what I've learned about the importance of a business plan:

It will keep your business/site on track.
Help you achieve goals.
Remind you of what you had originally planned, get you BACK on track.