Archive for October, 2009
Writing a Business Plan for Your New Patent
The first type of business plan is one you plan on showing to others. This might be so you can raise venture capital funding or get a bank loan. The second type of business plan is for yourself. It is in essence a document to keep you on track, something you can refer to in the day-to-day chaos of your operations and use to determine whether you are on target. First, let’s explore the first type.
If Read the rest of this entry »
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YouTube – EZ Plan – Financial Planner with Bill Payment Simulation
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Don’t Write That Business Plan!
Stop writing that business plan! You don’t need it. There are only two reasons to go through the hullabaloo of writing a business plan: To raise financing or to go on an ego trip.
What else is there? Well, there are internal studies of all sorts, some with great diagrams and lots of verbiage. But those aren’t “business plans”.
No. A “business plan” means Money.
Counselors at government offices and college campuses repeat the “do a business plan” mantra like it is real. It’s not real. It’s not even being honest. When I counsel prospective business owners, I ask two questions:
1. Where are you now?
2. What direction are you headed?
Those are not always easy to answer. But that is what you need to know before you build your business.
Beginning a business means that you need a direction, not a specific goal. Our world changes so rapidly that the future is a moving target. Being able to adapt to changing conditions and reassess your marketing virtually daily is vastly more important than saying “I need 100 customers a day to be successful.”
Most business owners do need to do background work on potential clients, or registering a patent, or any number of issues. And, yes, the ELEMENTS of a business plan need to be completed.
You do need to do basic research on your market, and know – really KNOW – that the market is there.
You do need to research your competition and pinpoint why your company is better.
You do need to run some pretty good numbers. Figure out how much it is going to take, and make sure you’ve got it.
You really need to keep on top of your market niche. There are so many changes in the marketplace every single day that no business person can afford to get lackadaisical.
But if you don’t need to write a business plan unless you plan on raising financing. If you are not planning on raising financing soon, don’t do it. You are wasting valuable time you should be spending on your business.
Putting together a business plan is different that just having all the information in your head, or in your desk drawer. The business plan is a persuasive document designed to convince lenders that you’ve got a great business. It is a sales tool. It is constructed with a nod to graphics and layout, as well as to information.
A business plan is not comprehensive. It can’t be. It should only be about 20-25 pages, and you just can’t put everything in that space. It is selective in its disclosures, those disclosures being basically in favor of the business. It is a document that tells lenders and investors:
– Why this is a great business;
– Who is on the team;
– Why the market is strong;
– Why the pricing is right; and most importantly,
– How the lender/investor is going to make money.
“Knowing” this yourself is one thing. Convincing a lender is another issue entirely. And that is why you write a business plan..
MaryAnn Shank, webmaster at Business Plan Master brings decades of experience helping thousands of people begin and expand their businesses. Her approach to writing business plans is based on sound principles, with a dash of irreverence.
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Creating a Simple Business Plan to Snag Investors
Creating a Simple Business Plan to Snag Investors
The business plan you create will be the most important tool used to get money for your new business. It should have all the major sections, be well organized, and concise, if you want to find investors quickly. A business plan needs to have a polished executive summary, be simple and to the point, and sell your business idea.
Introduction
A business Read the rest of this entry »
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Business Financial Success Comes With Proper Planning
One of the most important things that you will do in your quest to enjoy business related financial success is to have a clear, detailed, and realistic business plan that will lay out a map for your progress in your new business. A well-done business plan will include financial projections, working capital management objectives, cash flows analysis, industry and competition analysis, a profile to target customers or a specific audience, and an outline of organizational and asset management ideas.
One of the common errors that a lot of new business people make, which contributes greatly to the high failure rate of new businesses, is not having a clear and complete picture of the marketplace in which they plan to compete. Spending some advance time in analyzing the industry and collecting enough pertinent information will give the entrepreneur a much better idea of what is needed in order to forge business financial success in a given field.
In most cases, when someone is looking to start a new business, they will need some type of start up, working capital to see them through until the business starts to make enough money to be self-sustaining, as well as to be able to pay out salaries. Because a new business has no track record of any kind and no net assets or financial statements to submit for a loan, the only business financial information that the lenders will be able to evaluate is the entrepreneur’s personal credit and total assets.
Even if you have excellent credit and current assets that you can borrow against in order to take out a loan to get your business started, a loan officer will still require a detailed business plan from you. Without a thorough business plan, your aspirations are nothing more than wishful thinking and your loan application won’t get very far in the process.
The lenders will want you to prove to them that you have a knowledgeable understanding of the industry you wish to enter, as well as sufficient management knowledge to be able to successfully take your business from inception, through the growth phases and into stability.
When an entrepreneur is heavily engaged in establishing and growing their own business, there is no doubt that it becomes a very personal endeavor. But often this perspective is just “too close” to be able to make important decisions that can lead to business financial success. However, when someone has taken the time to research and map out a clear and detailed business plan, this can help to overcome the challenges.
Enrich your knowledge further by reading more great business financial articles from Mike Selvon portal. We appreciate your feedback at our financial planning blog where a free gift awaits you.
Article Source: http://EzineArticles.com/?expert=Mike_Selvon
Author: Mike Selvon
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Most Common Mistakes by Business Plan Writers
Most Common Mistakes by Business Plan Writers
The significance of business planning is widely accepted. Mostly, business plans are created for definite purpose. There are number of blunders made by inexperienced business plan writers; mistakes that are easy to avoid.
Following are the most common mistakes by business plan writers:
• Patience: Don’t rush! It takes a long time to write Read the rest of this entry »
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YouTube – Business Plan Pro 11 Tour – Financial Tables
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Complete Your Business Plan in 30 Days
Business Plan Calendar
Develop a calendar for the target dates for completion of the business plan by segment. 30 days is a reasonable amount of time to complete your plan. Most business plans take between 40 to 120 hours to complete.
You can work on more than one part of the business plan at the same time. You can research say, competition, while you write the industry section.
Assuming you start the business plan on July 1, your calendar could look something like this:
July 1-Day 1 Start Business Plan and Business Plan Accomplishments Calendar
Day 2 Begin Industry and Economic Review Research
Day 4 Complete Historical Background of the Company Section
You already know most of the information about the historical background of your own company, it should be a matter of consolidating the information, editing it and then polishing. You can probably write this in just a few hours.
Day 5 Complete Industry and Economic Review
Day 6 Begin Goals, Objectives and Strategies
This task is rather comprehensive and will take a few days to complete. Think of it as a brainstorming exercise that determines the future of your company.
Day 7 Begin Competition Analysis Research
Days 8-12 Work on Goals, Objectives and Strategies
Day 9 Complete Management Section
Most entrepreneurs know who their management team will be, or what gaps they have in their management team, so this section is relatively easy. Remember the objective of this section: Show how your management team is uniquely qualified to make this business a success.
Day 12 Complete Goals, Objectives and Strategies
Day 13 Begin Research to determine pricing, costs, and processes for the product section
Day 14 Complete Business Model Section
Again, you should have this pretty well defined just by having determined that you’re going to start the company.
Day 15 Complete Product/Service Segment
The product section is usually one of the easiest for entrepreneurs.
Day 16 Complete Competition Section
This is the first section that may be a bit of a challenge.
You’re halfway through the 30 days and you’ve completed seven sections of your business plan.
Day 17 Begin determining the Market and make a first attempt at financial projections.
Day 18 Complete Operations, Production and Facilities Section
This section is pretty cut and dried and shouldn’t be difficult to complete.
Day 19 Continue Market determination, start Marketing Strategies
Day 20 Complete the Market Section
Another section that can be a challenge but there’s time for revision if necessary.
Day 21 Begin Marketing Strategies and start refining revenue assumptions for financial projections.
Day 22 Complete the Ownership Section
This is one of the easier sections of the plan.
Day 23 Begin seriously working on the expense assumptions for financial projections
Day 24 Complete the first draft of the marketing strategies section.
Day 25 You now should have all the pieces in place to have a realistic first run at financial projections.
Day 26 Complete the Marketing Strategies Section Refine projections
Day 27 Complete the Financial Structure Section Refine projections
Day 28 Complete Strengths and Weaknesses, Final proofing of all sections
Day 29 Final Financial Projections
July 31 — Day 30 Completion of Business Plan
You can write a business plan in 30 days.
Free business plan format. Dee Power is the author of Business Plan Basics on how to write a business plan and several other nonfiction books, as well as the novel, “Over Time” Money, love, and football: All the important things in life. Her other nonfiction books include “The Publishing Primer: A Blueprint for an Author’s Success,” “58 Ways to Find Money for Your Business, “Inside Secrets to Venture Capital” and “Attracting Capital From Angels.”
Article Source: http://EzineArticles.com/?expert=Dee_Power
Author: Dee Power
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I need a site for a FREE sample BUSINESS PLAN for a web based business?
I need a site for a FREE sample BUSINESS PLAN for a web based business?
I need a site for a FREE sample BUSINESS PLAN for a web based business?
I need a full business plan sample for a web based business, including financials and projected income for ad revenue, etc. . . . . Any ideas?
If you can draft a business plan, and have experience, send links, best answer will be on the ground floor of a great Read the rest of this entry »
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How do i get a financial consulting firm where they can offer me financial services and loans for a business?
How do i get a financial consulting firm where they can offer me financial services and loans for a business?
how do i get a financial consulting firm where they can offer me financial services and loans for a business plan of mine which will help humanity a great deal.
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