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105 Ways To Make Money From Home

Developing a Business Plan
By: DEBBIE DRAGON

So what IS a business plan? There are no hard and fast guidelines for how a business plan should be put together. Every business is different and every business owner will have different goals. As such, all business plans will be different. However, there are certain things that a good business plan will contain. Things such as clearly defined goals, a clearly defined market (for help with this see my article in this blog on "Defining a Niche Market"), a marketing plan, and an understanding of the competition. Any investor who is considering putting money into your company will want to know all these things. They will want to have as much solid information as possible upon which to base their decision.

It is important also to mention that a business plan must be realistic. That does not mean you can’t have lofty goals, it only means that you must have a realistic plan as to how you will reach those goals. All great accomplishments have solid plans backing them up. NASA didn’t go to the moon in a weekend, did they?

There are a few key principles to keep in mind when creating this business plan. The first I have hinted at in earlier paragraphs, and that is clarity. If you’ve ever been to a ceremony where the speaker rambled and seemed not to know where he was going, you’ve seen the effects of unclear planning. It is likely that he didn’t take the time to make a clear outline of what he wanted to say and how he was going to say it. Don’t do this with your business plan. Investors, like all of us, are on a schedule. They don’t have time to waste on ramblings. They want you to grab them in the first couple of sentences and guide them through a clear landscape of a plan. They want to feel like they know exactly what you will be doing, what part they will play, and what the ultimate goal is.

Another key principle is professionalism. This means that you should take the time to check the basics of your plan. Triple-check the math, proofread for grammar, spelling and punctuation, and don’t use slang! It can be tempting to use slang to try to "buddy-up" with investors. This is not a good idea. An investor does not do what he does to make friends. Sure, friendships, even lasting friendships, can develop out of these situations, but that’s not the best place to start. If grammar and punctuation aren’t your strongest assets don’t be ashamed! You can often hire a freelance editor for relatively cheap. It will be well worth it in the long run.

Thirdly, give your plan substance. Fancy graphics are fine, but they will not cover up poor research or a lack of "meat and potatoes" in your plan. Make sure all the basics are there.

Keep in mind that coming up with this plan may take quite a while, and you may have to go through several drafts. That’s ok! Developing a solid base of operations takes time and effort, and the willingness to make a few mistakes. Just be patient and, like mom always said, if at first you don’t succeed? Try, try again.

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