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Entrepreneurs – Buy A Business Plan Template Or Do It Yourself?
Written by: Lee ListerArticle Overview: You want to write a business plan but are a little unsure what to do so should you buy a template?
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Free Download - What Type of Business Should I Start? By Lee Lister |
Entrepreneurs – Buy A Business Plan Template Or Do It Yourself?
You want to write a business plan but are a little unsure
what to do so should you buy a template?
Business plan templates are really not worth the money,
particularly if you have an unusual business set up. Even if you have a common business such as a restaurant,
yours and how you set it up will still be different from all the others. If you don’t believe me have a look at all
the different coffee bars you can find. Even
the big chains are totally different.
Writing a business plan is about planning your business and
helps you decide the structure and function of your new business. It is a learning experience and planning
opportunity and helps you get some real structure to your business.
You should have the following sections in your business
plan:
* Executive Summary.
* Business overview and structure.
* Business strategies.
* Markets and marketing.
*Services, goods and products offered.
* Financials.
* Staffing and Management.
* The way forward.
If you are seeking financing for your new business, it is
even more important that you do not use a template. Financiers have seen them all and can
instantly recognise a generic business plan.
They want to see that you have planned your new business carefully and
properly and have taken the necessary care to get everything right. They will be particularly interested in your
business, marketing and exit strategies and it is important that you take time
to tailor these to your own business.
Don't waste your money on planning software, you are better
off with employing a good business planning consultant. For example, when preparing a business plan,
a good business planning consultant will spend some of time with their clients
helping them define and plan their business and marketing strategies.
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About the Author: Lee Lister RSS for Lee's articles - Visit Lee's website  From an early age she began an unparalleled journey through business consulting that continues to span across the UK, USA, Europe and Asia. She has consulted for a considerable number of companies all over the world. Specialising in business change management, start up consultancy and trouble shooting. Lee's experience in marketing and internet marketing is also keenly sought after. She is a prolific published writer of books, ebooks and articles and can easily be found on major search engine and Amazon. Her books include: FastTrack Bid Management, Proposal Writing For Smaller Businesses, How Much Does It Cost To Start A Business, Entrepreneur's Apprentice and a series of Start My New Business books that do as they say in the title! Her major web sites are: Click here to visit Lee's website   Some Great Businesses For An Out Of Work Professional To Start Two Totally Different Services From One Company Heres How To Market Them Effectively Entrepreneurs Have You Thought About A Loyalty Program Up Sell you way to a Better Turnover Bid Training Why Do You Need It |
Related Forum Posts
Business Innovation
- Hi Simon
If you can finish off the Business Plan and think about your strategic direction or how you are going to use your product to convince people it's a great idea, it will set the foundation for your programming project. You see, when you are looking for funding you will need a Business Plan and Strategic Plan that will convince companies to invest into your new idea.
Has anyone achieved this idea before using another industry besides health and fitness that you know of?
You should also design some mockups as a "preview" for your programming project. This will also help reduce your programming costs as everyone will know exactly what you want if you have detailed mockups already completed including any functionality you require.
Starting mockups for websites and software applications on paper is the best way if you're not a guru in graphic editing software.
New Small Business Topic
- Hello everyone,
I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
Branding
Bank Loans
Business Coaching
Business Plan
Franchises (New)
Insurance
Legal
Marketing
Public Relations
Sales
Small Biz Loans
Venture Capital
2007 Goals
- 1. Web site complete, fully operational
2. Revenue stream from both individual and corporate
3. Business Plan complete
4. Full marketing strategy complete and implemented
Private Venture Capital Consortiums and Funding Syndicates
- From the posts in this forum (all threads) it is very clear that funding is in high demand and many entrepreneurs are unsuccessful in sourcing, not to mention secure, private international venture capital.
There are about 6000 international associations linked to venture capital around the globe and they all make their presence noticed on the internet. For most entrepreneurs this will sound very attractive, and it should be, but many unfortunately will stare disappointment in the face at the start of their endevours.
The international success rate for venture capital finance / funding in start up projects is an unbelieveable low 2% - 5% maximum. Most venture capitalist linked with associations will require some sort of surity or guarantee of up to 50% of the investment. The entrepreneur will then have to pay fees up front before a cent has been invested, not to mention broker / consultant commissions of up to 12% of the total value of the project.
Why is the success rate so low (2% - 5%)? -
1. Business Plan - poor preparation and insufficient information. Every entrepreneur will explain how big a specific market is in potential profits but they all lack the basic important factor every investor wants to see and that is How and What are you going to do to capture 10% of that market sector. Stop telling every investor that you "want" to capture 10%, tell them how you will go about doing so.
2. Management Team - How can anyone expect from an investor to invest in a company with poor management. How about investing $5 million in a one man operation - where is the security for the venture capitalist. Be realistic, put yourself in the position of the investor, argue the facts and then approach an investor if you are able to convince them of your project or business.
3. Project - If your project or business (products or service) is not unique or cheaper venture capitalists will not invest - final. If it is existing technologies, products or services improve them or make them cheaper.
Entrepreneurs should always research venture capitalist befire approaching them - it is the difference between success anf failure
Always Remember - Plan Your Work, Work Your Plan.
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My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
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