We’re in the final leg of our six-part series about how to go about writing a business plan. In our previous posts, we’ve touched on what’s involved in starting a business, how to create a sales and marketing platform, understanding the finances of a new business, choosing the right legal structure, and what professional help you’ll need.
Now it’s time to bring it all together and overcome the biggest obstacle for most people that want to start their own business – actually getting started!
Writing a Business Plan
If you’ve followed through the previous posts then you’ve thought about a lot of the things involved with starting your own business. Certainly, what we’ve talked about aren’t the only things you’ll need to think about, just the main ones that are common to most types of businesses.
It really helps to actually write a proper business plan. Many entrepreneurs think they have a good idea of what their business will look like and how they’ll build it, but when you start writing those ideas down on paper you might see some gaps that you didn’t realize existed.
You can choose to start with a blank piece of paper, download one of many templates from around the internet, or even buy a business plan writing software tool that will take you through the process step by step. How detailed you should be in writing your business plan depends on your situation – if you’re going to finance your own business from your savings or through another source of income, you probably don’t need to be super detailed. If you need to apply for a loan or financing to cover your startup costs then you’ll need a lot more detail before you approach a lender.
But even if you are self-financing your business it is still well worth your time to write a business plan.
What to Do With Your Business Plan
Okay, so you’ve taken the time to write a business plan, now what are you going to do with it?
Once it’s ready, send it to your family and close friends – if nothing else they’ll encourage and support you, but they might be able to offer up some considerations you might not have thought about or even connect you with someone that they know that can help you start your business. The one thing that is true about almost every entrepreneur is that we’re all eager to help others because we were there once ourselves and it can be a scary place.
You might also consider giving your business plan to someone you see as a business mentor. This might be someone you’ve worked with in the past or someone whose opinion and insight you trust, but again someone who might be willing to share their business experience to give you a head start in your new business.
You should check out your local city hall as they often have departments whose sole purpose is to help entrepreneurs successfully start their own businesses because small business is the engine of almost every successful economy. They’ll typically offer workshops and seminars for new business owners, but they can also have business consultants on staff who will review your business plan at no cost and provide valuable feedback.
You’ve done all your investigation, written your business plan and had it reviewed by people you trust, now it’s time to take the first faithful step!
And as easy as that is to say, we understand it is a gargantuan commitment! Don’t suffer from paralysis through analysis – once you’ve done your preparation and written your business plan then get out there and start building your business. You might be tempted to do more and more research, but the truest test of the viability of your business is getting out there and doing it.
Unfortunately, there is a chance that your business won’t succeed, but in our humble opinion it’s better to have tried and failed that not tried and spend the rest of your life wondering what if. But if you are well prepared, have sought the right types of professional help, and if you work hard at your business, chances are that you’ll be successful!
Once you’ve done all of your preparation, it’s time to get out there and start your business! It will be a lot of hard work and things won’t always go as planned, but if you’ve taken the time to consider the major factors in starting a new business then you’ll make it through! And when you do, you’ll have the personal accomplishment of being a successful entrepreneur, be your own boss, and be in full control of something will provide for you and your family now and in the future!
Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.
To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at firstname.lastname@example.org.
Have Your Say
Have you recently started a new business? If so, we’d love to hear from you! Tell us what things you had to deal with during startup that you never thought about before you started out. Also, please share this article using the social media share buttons – other people working towards starting their own businesses can benefit from your experience!