Guaranteed Results Creating A Business Plan

Is creating a business plan really necessary?

Have you ever started a business?

Have you ever heard the term “winging it?”

Can you imagine getting on a plane and the pilot comes on the intercom and says we are about to take off for a destination but we are not really sure how to get there?

How would that make you feel?

I’m sure you would want to head for the exit and get off.

Do you like the idea of following someone else that does not know where they are going?

Probably not.

You have probably heard the expression, “fail to plan, plan to fail.”

The best way I can describe what will happen for not creating a business plan is like heading for a cliff with a blindfold on.

Its not if you will fall off the edge but when.

You always need a blueprint that you mind map out to give you guidance towards the goals you want to achieve.

Creating A Business Plan

Creating A Business Plan

How to start a business plan

How to start a business plan first begins with your idea or concept and then identifying the niche.

The next step is doing a lot of research .

Every new entrepreneur or business owner should be creating a business plan for every business you start.

Just because you may have done it once does not mean you never have to do it again.

Why is this?

Every business model has different demographics, costs and a completely different strategic process.

One of my mentors told me something a long time ago that has always stuck with me,”Know the game you are in.”

You can directly apply that statement to creating a business plan because it will show you things about your business you never thought of.

Everyone is good at one or maybe two things.

Building and maintaining a successful business takes a lot of different skill sets that you need to understand.

You at least need to understand the fundamentals of each component of the business.

This does not mean that you have to wear all the hats because that is a recipe for failure also.

My core speciality has always been sales, marketing and networking.

If you ask me to be the admin and the accountant I will tell you to call in the trustee now because you are going under. lol

Do what you are good at and have others do what they are good at.

Finding a business plan model

A good business plan model or template will have all the essential components of starting and running a business.

Creating A Business Plan

Creating A Business Plan

There are lots of accredited templates out there depending on what exactly you need it for.

If you are going after start up money or growth capital there is generally certain criteria that lenders want to see.

A good business plan model will give you greater insights into your business and provide the information that will satisfy an potential lender.

Some of the basic categories that should be in your plan are business overview, executive summary, market background, competitive analysis, sales and marketing plan, pricing, company profile, operating plan and financing.

There are sub categories that will take you deeper in your business.

As I mentioned above most people are good at one or maybe two things.

All the other things that are necessary to operate your business are often times overlooked.

How to build a business plan

When you find the right business plan template it will have the above mentioned categories in it.

There is a description of what you need to provide for each category.

I know this may sound boring to you but when you learn how to build a business plan right you will see your business with a new set of eyes.

The insights you will discovery, even in the areas you thought you understood will amaze you.

Most people that end up doing the business plan pay more attention to the details they knew nothing about.

How to build a business plan takes a lot of research, a lot of calculations and some very strategic thinking.

Here is the first of my experiences in creating a business plan that were aha moments for me

About 15 years ago I was offered an opportunity to build a debit terminal business in Canada.

Debit terminals process payments with debit and/or credit cards for merchants.

The debit terminal business had privatised and for the first time private companies outside the banks could set up and install them at merchants.

We would get paid for every transaction that was being processed.

I at first did the calculations on 1000 terminals times 300 transactions a month times .10 per transaction.

This was my business plan.

Creating A Business Plan

Creating A Business Plan

We started to pump out these terminals after a a couple of months and my eyes started to grow big with possibilities.

All of my calculations told me that the real money was in the transactions and all we had to do was more of them.

As our business kept growing we knew we would need more capital to grow a big business.

I was advised that in order to get that capital investment I needed to do a business plan.

I had never done one before but I was determined regardless of what I did not know.

It spent over 60 hours total building a 40 page business plan.

The aha moment for me was when I looked at where the real money was being made in the business.

It was not in the transactions upon which I did countless calculations.

The money was actually in the financing of the terminals to the merchants.

It was more than double what the transaction revenue was.

If I had never done this business plan I would never have learned all aspects of my business and actually where to focus my sales and marketing.

Never underestimate the power of creating a business plan even if you are not going after funding.

Designing a website business plan

Most business owners today (especially offline ones) that you need to have a web presence.

The internet is exploding and the days of using things like yellow pages are gone.

The world is going digital.

Creating A Business Plan

Creating A Business Plan

I have seen many internet marketers make the same fundamental mistake as most offline businesses.

They think that all you have to do is build a website, drive traffic to that website and make sales.

Sounds really simple right.

There is a strategic process in every business model and if you only understand a few of the pieces you will fail.

Remember the quote from one of my mentors,”Know the game you are in.”

You need to create a website business plan.

You have to mind map out the entire strategic process because winging it does not work.

When you create your website business plan you will discover things you never imagined.

This will save you valuable hard earned dollars and more importantly that non renewable resource called “time.”

It could very well be the difference between faster profits and total failure.

You will definitely discover flaws in your initial ideas.

You will also learn where you can capitalize on multiple streams of income.

Its okay to have big dreams but not without big plans

Here are some great quotes that make reference to the necessity to plan.

One thing I always say about quotes, don’t just read them, digest them and absorb them.

  1. “Without leaps of imagination or dreaming, we lose the excitement of possibilities. Dreaming, after all is a form of planning.” ― Gloria Steinen
  2. “A goal without a plan is just a wish.” ― Antoine de Saint-Exupéry
  3.  “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ― Abraham Lincoln
  4.  “Always, Always have a plan” ― Rick Riordan
  5. “Businesses, like babies and books, need nurturing, time, energy, love, and planning to develop, grow and prosper.” ― Rachael Bermingham
  6. “Having a sense of purpose is having a sense of self. A course to plot is a destination to hope for.” ― Bryant McGill
  7. “Invest in the future because that is where you are going to spend the rest of your life.” ― Habeeb Akande
  8. “Work is the tonic for worry, but good planning can be a cure.” ― Gary Rudz
  9. “Success doesn’t just happen. It’s planned for.” ― Anonymous
  10. Having no plan “is like leaping off a precipice and trying to knit yourself a parachute on the way down.” ― Kelli Jae BaeliArmchair Detective
Creating A Business Plan

Creating A Business Plan

Cheers

David Thompson

Success is yours to discover…imagine!

P.S. If you got value from this post on creating a business plan then you can leave your comments below and please feel free to share it.

P.P.S.If you are looking to for an internet marketing plan to build or take your business to the next level you can now have free access to a 14 day step by step training that will get you into profits faster. This training will teach you what to do, HOW to do it and what tools and resources to do it with. Go here and check it out for free.

 

 

 

 

 

 

 

 

About David Thompson

I help anyone in any business at any level of experience create profits through internet marketing using the right tools resources and mindset. my website, my business, and follow me, +David Thompson on Google+.

Comments

  1. Oh man, lol
    I was winging it for years. This is a great post. ESPECIALLY for those starting out. It will save them a lot of headaches.

  2. Hey David, without a business plan things can get complicated really fast. A business plan is like a map. Imagine going to a destination you’ve never been before. Without a map it can take you a long time to reach it and you can get lost in the process and take up a lot of precious time, efforts and resources.

    Have a plan for success!

    Great post David.

    Stephane

  3. Having a business plan is soooo essential! People need to have that clarity on what they’re doing in their business. Thanks so much for sharing this David!

  4. Great advice and tips David. And I haven’t heard that term in a while, ‘winging it’ but it is true that many folks do just that. Heck I was like that way back when, and I didn’t realize how a business plan is so important to achieving success. Thanks for sharing the value.

  5. This is actually great for people just starting out. As a new person to marketing this is also a great read! Thanks!

  6. It can certainly be hard to keep focused without a business plan. Once you have a plan in place you know where to go next. Great information! Thank you

  7. Kenneth J Sandstrom says:

    Great article David! Can’t plan a trip without a map(or GPS these days!), just like you can’t build a business without a plan. Great tips for people just gettting started online. The internet can be distracting enough! Thanks for sharing!

  8. Thank you David. A business plan is the ultimate guide. If you fail to plan then you plan to fail. Thanks for sharing

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