Writing a business plan

[Roo]

Hey there everyone no I didn't disappear I'm just swamped with the logistics of starting my own business I cannot BELIEVE how much there is to be done, or how much I feel the need to get done every day lol..

 

So in order to organize myself, and hold myself accountable I thought I should write up a business plan, I've found some templates sort of on line but OMG are they complicated, I'm not trying to sell myself to investors (althoughI am thinking about taking out a small business loan for start up costs instead of spending my savings) I just need a SIMPLE business plan... any one got any hints advice?

[superconductor]

There are dozens - maybe hundreds - of good websites on writing an effective business plan. Lots of banks and other lending institutions can help too.

[Craig]

Hey there everyone no I didn't disappear I'm just swamped with the logistics of starting my own business I cannot BELIEVE how much there is to be done, or how much I feel the need to get done every day lol..

 

So in order to organize myself, and hold myself accountable I thought I should write up a business plan, I've found some templates sort of on line but OMG are they complicated, I'm not trying to sell myself to investors (althoughI am thinking about taking out a small business loan for start up costs instead of spending my savings) I just need a SIMPLE business plan... any one got any hints advice?

 

If you are writing a business plan for yourself and it isn't going to be used for funding you of course don't have to write it in a manner to 'sell' people on investing in your business (and you.) If you Google business plan examples you should be able to find hundreds of examples of real life business plans.

 

I've found the MS Word template for writing a business plan helpful, taking what I want and leaving what I don't want.

 

The business plan doesn't have to be long. Long is not necessarily better but it should be brutally honest and provide for alternate means of achieving your goals. Remember the first thing that will change when you start your business is your business plan.

 

A suggestions regarding the numbers...use industry standards and go from there. Unless you have some sort of breakthrough method of operating your business your costs are going to be very similar to the costs that other operators in similar businesses have.

 

Do real market research before taking the plunge. Talk to the people that will use what your business does and find out what they want, the problems they have now and work that into your plan. After you talk to 50 to a 100 potential customers clear trends start to emerge.

 

Include your time as a cost to the business too, you wouldn't work for free for someone else so don't do it to yourself. You have to see a return (of some kind) on your efforts that are worth more to you than working for someone else.

 

Good luck with your business venture!

 

PS - Here is an interactive site, Canadian government, that might help. It's the Interactive Business Planner at http://www.cbsc.org/ibp/en/index.cfm it asks you questions and then does the business plan for you. Or so they say. I haven't actually used it but it looks interesting and is FREE.

[Roo]

See now I went all looking on the net and dind't even check to see if MS word had a template (lol see how overwhelmed I am at the moment lol)

 

Thanks SOOO Much love the info,

 

any idea where to go looking for industry standards on start up costs I'm a photographer, I' BELIEVE I have most of my costs accounted for I've purchased most of my equimpent already to the tune of about $4 grand

 

I need to build a website, for what I'm looking at that should run me around another grand (and it is necessary to do this sophisticated of a website to be competitive where I live) I cannot afford to enter the market here looking cheap I'll never get past that "level" stigma.

 

Then I need to print business cards, brochures, etc I have a LOT of friends working favors for me (I actually have one who's a graphic designer doing all my design work for me) right now I'm just looking at printing costs for all of this.

 

And a little advertising, yellow pages etc.

 

So I imagine my final costs to be 6-7 grand for start up I don't think that's too shabby! bUt I have no clue what the industry standard is.

[Craig]

See now I went all looking on the net and dind't even check to see if MS word had a template (lol see how overwhelmed I am at the moment lol)

 

Thanks SOOO Much love the info,

 

You're very welcome.

 

any idea where to go looking for industry standards on start up costs I'm a photographer, I' BELIEVE I have most of my costs accounted for I've purchased most of my equimpent already to the tune of about $4 grand

 

Google: photographer "startup costs"

 

When I wrote about industry standards and costs I meant it to mean the cost of running the business but have a look at startup costs as well.

 

http://www.sba.gov/ is a site that may have some useful information for you. It's the Small Business Administration here in the U.S.

 

A book I'd highly recommend to you is "The E Myth Revisited: Why Most Small Businesses Don't Work and What To Do About It" by Michael E. Gerber.

 

I also wanted to re-emphasize getting out there and doing your market research...it is soooooo important. Talk to potential customers, ask them why they would select one photographer over another, etc. That will give you ideas on how to create your business so it has a better chance of succeeding. After talking to a bunch of prospective customers you'll find that there is a common theme regarding need and how they make their photographer selection.