A recent study of 29 000 new companies noted that 26,000 of them. Of these failures, 67% had no written business plan. You think this is a coincidence?
Here are the top ten myths Solo Entrepreneurs often have the business plans generally why not have the one. De-bunk the myths and see how having a business plan for your solo business, can actually be easy and fun - and you can start your business plan sample to your success!
. Myth 1: I do not need a business plan - it's just me!
Starting a business without a plan is like traveling in a foreign country without a map. You can have many fun doing it, and meet a lot of friends, but you are likely to find themselves in a very different place from what it originally set out, business plan sample and you might have to call home for fund your return ticket sample business plans.
Only Entrepreneur Reality: Successful solo entrepreneurs know that exercise to create a plan for your business really helps to reflect on all essential aspects of running a business, make better business decisions and achieve profitability sooner business plan sample.
Myth 2:. I have to buy the business plan software before you can start.
Business plan software comes in many shapes, sizes and prices. Many are more oriented for small growing businesses with employees business plan sample.
A reality Contractor: The software can be helpful, but not necessary. the business plan sample The software is more likely to help you if you have a business more traditional type sample business plans , such as a restaurant or a typical business consultation .
Myth 3:. I have to hire a consultant to write my business plan.
Consultants are expensive and do not really know much about your business as you do!
An entrepreneurial reality: Your business and you need to be intimately involved in the creation of your business plan. A better tactics, sample business plans if you think you need professional help, is to hire a coach or a mentor, someone who can guide you in what to do, do it for you.
Myth 4:. Business plans that I have seen all these complex sections sound role models for them, I guess I need this?
The only time you need to follow a specific diet is that if you are seeking funding.
Only Entrepreneur Reality business plan sample : Your business plan must answer ten basic questions-that's it! Do not make things more complicated than necessary.
. Myth 5: My business plan has to be perfect before I can start my business.
If you wait until everything is perfectly detailed, you can never start.
Reality of the entrepreneur: If you have at least a first draft that meets these ten basic questions business plan sample , sample business plans you are ready to start your business! Make your business plan a living and evolving document. business plan sample In the stages of initiation, review and update the plan every 2-3 months. As they grow and stabilize, it may delay the review cycle every 6-12 months. All business plans must be reviewed and updated at least once a year.
Myth 6:. I must do what I say I will do in my business plan and I am a failure.
Many solo entrepreneurs never begin because this myth,sample business plans leaving the thinking that the success of your future business suddenly rises on each stroke of the pen or the click of the keyboard!
A reality Contractor: Think of your business plan as a road map for travel. Expect to take detours for road construction. Be flexible to take exciting trips, unplanned enough. And do not be surprised if instead of visiting Mount Rushmore, business plan sample Yellowstone you decide to go, if not to achieve your goals better holiday!
Myth 7:. A good business plan has a beautiful cover is at least 40 pages, should be typed double-spaced ...
Business plans for investors, such as a bank or venture capital, must meet certain requirements that these investors expect.
A reality entrepreneur: that as an entrepreneur, your business plan must meet. Could scribbled on a napkin in the sticky notes on your wall, or consist of a collage of photos and captions business plan sample . It can be either a single document or dispersed among different medium. Omit in your head and heart without looking, business plan sample and is easily accessible when you have questions sample business plans , this is all that is needed.
Myth 8:. I did not need a lone, you do not need a business plan.
YOU are the investor in your business, and you want to invest in shares of a company without seeing a prospectus?
Only Entrepreneur Reality: (! Color Or if you prefer) seeing your plan in black and white, can give new insight into the financial viability of your business. If "make the numbers" seems overwhelming business plan sample , remember that spreadsheets do not need fancy business plan sample . As a budget that shows where all the money is coming (and going) and have an accounting point of view for a closer examination began.
Myth 9:. My business plan is in my head, it's pretty good.
I do not know you, but sometimes I cannot remember what I planned to do yesterday morning, but he pointed out to me!
Only Entrepreneur Reality: There is a real power to make their plans. Some schools of thought advocate that the act of writing a plan triggers our subconscious to start working on how to show the plan. And, of coarse, is much easier to remember when you have it in front of you. And much easier to share and get feedback from their supporters who are not mind readers.
. Myth 10: Friends and family are the best sources of information and advice on my business plan.
If your brother is an accountant and his best friend is an expert in market research business plan sample , then this could be true.
An entrepreneurial reality: Besides meaning that our friends and family can often be simply not the best way to get honest and objective advice. Instead, look for people who have the specific knowledge that will help you business plan sample , sample business plans they are willing to be honest with you, and have a genuine interest in helping you succeed. A business coach is a resource to consider!
Terri Winery is a business strategist and marketing consultant for independent solo entrepreneurs, business plan sample and a life of the individual entrepreneur of the basic form of the promoter. sample business plans She runs Solo-E.com, resource cite for independent workers that attract thousands of business owners monthly solo more than 100 countries on six continents (and was recently named a finalist for "Website of the year "in the fourth annual Stevie ® Awards for women in Business).
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