Week 1-Business Plan

Week 1 topic: The Business Plan

There is a lot of chit chat in the entrepreneurial world about writing a business plan.  Some say ‘yay’ while others say ‘nay’ when it comes to creating one before you launch.  Before I dive into whether or not you should have one, let me explain what a business plan is.

A business plan is a living document that outlines the who, what, where, when, why, and how of your business.  It provides you, investors, and everyone in between with pertinent information about your business structure and its practices.  It helps you as the entrepreneur to keep your eyes on the prize and not veer off from your original plan as to why you are in business in the first place. 

For both of my businesses, I decided to create business plans and have used them to keep myself focused.  But, I did not create a full scale business plan for both of businesses.  When I opened Just Face It! in Tampa, Florida, I created a 10-15 page business plan because I needed to secure funding.  The business plan was a requirement of Count-Me-In.org (a women's entrepreneurial group) and seeing as I needed the funds, I had to create a very detailed plan.  However, for my consulting business, I only created a one-page business plan, one that I needed for my use only.  I have never needed to seek out funding from outside sources for Bruner Educational Consulting, LLC, therefore, I didn't see the need to write a detailed plan.

Now, back to whether or not you should have a business plan.  You should have a business plan, but it is NOT necessary to have all components written in order for you to launch your business.  You should have enough written that you would be prepared you to pitch your business to Mark Cuban (owner of the Dallas Mavericks) in the event you are trapped in an elevator with him and you have 60 seconds to convince him to invest in your business. Okay, maybe you will never be trapped in an elevator with Mark Cuban, but you never know when you may have an opportunity to discuss your business with an investor or someone who could catapult you and your business to the next level.  All in all, BE PREPARED!

Here are some examples of business plans you may find useful.

https://www.stcloudstate.edu/sbdc/documents/AWESOME%20SBA%20business%20plan%20template.pdf            (This is a very intense and detailed plan)

http://100startup.com/resources/business-plan.pdf   (This is a very short and sweet plan that I would recommend using to get you started)

On Wednesday, September 17, meet up with me for a Hangout session to discuss creating a business plan!  Details about the Hangout will be shared on My 12-Week Challenge's Facebook page on Tuesday, September 16.  Stay tuned!