Should YOU Have a Business Plan?

Marie Quaglia

Don't ever try to wing it and think you'll be successful! Without a defined goal and a plan to get there, you won't!
Should YOU have a Business Plan? Marie Quaglia, ©2003

Because a major part of my business is business consulting for newbies, I am asked almost every day if a business plan is really all that necessary. Obviously these newbies have done a good amount of research on starting a business because that is definitely a central theme throughout all the documentation they have seen.

This isn't a new concept. Ever since people had the desire and wherewithal to become their own boss, and banks have had capital to lend, business plans have been a right of passage. But - if you aren't planning on looking for bank loans or venture capital, do you need to spend all that time putting that kind of analysis together? Yes!

Business plans are not just to impress a loan officer or to hand out at venture capital groups. These plans, when done properly, are your blueprint for your business.

A plan is just that - a plan. What are your plans? Your goals? Where do you see yourself in six months? In two years? How will you manage your finances? What is your budget? What is your backup plan?

These are all issues that should be worked out and strategized long before you get a web site up and running. A plan - even a poor plan - can help you get through each day, each week. It tells you where you are going and what project you need to work on next. It makes you focus.

Without this type of blueprint you won't really know what your priorities are because you didn't set them ahead of time. Do you spend more time on your web site, or do you find a way to announce your new company? Should you attend a conference or research your competitors?

A plan done ahead of time is vital for your existence. If you have no idea of how to reach your goal, it won't happen.

Nothing happens by luck. Starting a company is hard work, it is detail work, and it is time consuming.

Too many people find this out the hard way. Suddenly you find yourself without a job. You start reading some of your junk mail for a change and decide there's money to be made on the web. You get involved with this, that, and just about everything. You are spending, but seeing no returns. Why? You were told this was all so easy! Where are all those bank deposits you were been promised?

This is exactly why most people fail in their internet businesses. They have no plan. They have no direction. They have a goal, yet no clear plan on how to attain it. They lose focus by getting involved with too many programs. Without a plan, you will fail. There are no exceptions.

How do you write a business plan? It's not that difficult. You don't need an MBA, you don't even need experience in Corporate America. You do need to have an idea of what you want to do with your business.

A pad of paper, a computer, it doesn't matter. This is an exercise in analysis, a wakeup call to some. When you sit down to do this and find you have no idea where to start, red flags should be flying right in your face. If you have no idea what your business will do, how you plan on providing that service, and what your personal goals are, stop right there and reassess your intents.

When you sit down to write your plan, you need to be able to answer some basic questions:

What do I want to do? What do I need to make it happen? How will I let people know about it? Where will the money come from to fund it? Can I afford to do this full time? What kind of help will I need to start?

If you answer these questions honestly, you’re on your wayto an effective plan and internet success!

About the Author

I have over 20 years experience in marketing, communications, sales and advertising, and an MBA in Marketing Communications. For the past four years I have had my own successful company that specializes in copywriting for internet marketers.