ere you are, ready to take a giant leap of faith. You've got a great idea for a new business. Or you're ready to invest in expanding your existing business. Or maybe you've lost or quit your job and are finally ready to do what you've always dreamed of—become your own boss.
Of course you're excited. And definitely a little scared. But you believe in yourself and your vision. You're sure that with persistence, hard work, and passion, you will succeed. If everything goes according to plan.
Ah yes. A plan.
Before you jump, take the time to pack a paper parachute that can carry you over some very rough territory. Your business plan. It's necessary equipment to navigate your business toward economic safety.A business plan helps you fight fear with facts
Starting and building a business is full of surprises—some fun, some frightening—even some that can threaten your financial survival. (If you don't believe it, just ask any businessperson about his or her first year.) But you can anticipate and prepare for many of those surprises by developing a business plan. Business plans are not just for businesses that need to borrow money for start up or expansion—although you're unlikely to get financing without one. Developing a business plan is also essential to the success of businesses that don't need money. Here's why:
- A business plan helps you evaluate your business concept objectively, and to work out problems on paper that cpuld cost you a bundle to fix in real life.
- A business plan is a tool for management. It gives you a way to:
- A Set standards for quality and performance that will guide your operations and employees to success.
- Stay focused on your objectives as conditions change.
- Track your progress against clear goals and adjust before problems arise.
You don't need an MBA to take "four steps and a leap."
No one said writing a business plan was going to be easy. But you don't have to be a financial wizard, either. The Northern Initiatives Business Planning Guide is designed to help you develop a successful business plan in four easy steps:
- Motivation
Evaluate the feasibility of your business concept. - Marketing
Determine how you will position, promote, and sell your product or service to compete effectively in the marketplace. - Management
Describe how you will organize and operate your company to achieve your goals. - Money
Develop key financial information that you can use to manage your business and to meet the requirements of investors and lenders.
As you flip through this book, you won't see a lot of technical or business terms you don't understand. You will find lots of Worksheets for all the key steps in the process. (Feel free to make as many copies as you need to work out your ideas.) Along the way, you'll find resources, support, and examples to help you develop your plan with confidence. Consult the Resource List at the back of this book as a starting point.
There's an old saying about planning ...
"Plan Your Work and Work Your Plan" is not a new idea. Just a good one. Here's a suggested timetable for completing the four steps of your business plan in just eight sessions.
Just copy and use this checklist to chart your progress. Remember, this guide will help ,you ask the right questions, but it's up to you to develop the right answers. Happy planning!
Northern Initiatives can be contacted at (906)228-5571
