By: Michael LemmWriting a business plan is not a simple task … nor does it need to be a painful one either.
For starters, if this is your first attempt, you should look for Govt. and Non Govt. resources for small businesses and entrepreneurs ….. like your local chamber of commerce. www.scorememphis.org, www.memphischamber.com, www.tsbdc.org,
For online resources Linkedin is a good start. Also try advisorgarage, gobignetwork, and similar networks to find a business consultant ready for pro-bono work.
The last thing you want to do though is to buy a software for business planning purposes unless you need this business plan simply for the sake of having a business plan on the shelf.
The better approach is: you should write a rough draft of your idea and everything what you think about it. Bounce these ideas at others and gather unique perspectives, feedback and more ideas, document that too. Lay out your monthly fixed costs ( rent, wages etc) along side your variable costs and then compare it with your prospective income sources. Run this schedule for at least 24 months. Use this schedule to see how much money you can go down for before the business works. Do you walk away 5 grand down after 6 months, or do you get lumbered with a hard to sell, expensive to keep, lease? Figure out, what happens if you reduce your income. Do a break even analysis – what is the lowest level at which you can make it work. Try to write something why …. and how sure are you that you will do better than anyone else who is doing the same. If you’re the only one doing or planning to do this the chances are either the idea is not profitable …. or even you don’t know where and who is doing it? So do more research about the business and try to figure the realistic bottom line for the business. All this analysis and work above was for your use. If you still want to do it -
Then draft a business plan using the free resources like Microsoft template and many more available in the market – this draft initially should include what you have done that makes you sure this will work. This may simply be – I have a contract, I know the business, there will be more, or it may be a thorough market research, traffic counts, industry statistics and the like. Put the schedule we did in the first place, into a spreadsheet,and lay out the rest in whichever format you like.
In my opinion, this is the most economic and realistic approach to write a business plan and not an off the shelf software which will give you a me-too business plan which to me is of no use as neither am I convinced nor can I convince any investors with that kind of auto-generated plan.
A business plan has many formats but shares a common group of elements. The one you write for yourself is different from one written to secure financing, or key employees. The place to start is not “which software to use” although that will be very helpful later.
You need to tell a story, or better yet, view it as a movie screenplay. If you can fill in the four elements below, you are well on your way to starting writing one.
The Title- The description of what your core idea is has to be compelling and not “just like all the others”. Why are you different?
The Star Studded Cast- Your Customers. Who is going to give you money? Why? Why Them?
The Thrilling Action-The plot details -Money In and Money Out- financiers love this part- but in simple terms, explain the money coming in and the money going out.
The Big Finish- Answer the question Why You Will Succeed? A good crisp answer here is the capstone.
I have seen plans go forward without these key elements explained simply and clearly, but the ones who do have a better shot at accomplishing their goals.
About the Author
Michael is the owner of FreedomFire Communications …. and author of Broadband Nation. Michael also authors Small Business Resources Cafe with resources, tools, tips, & insights for small businesses. The Cafe is always open. So …. grab a cup of Joe & sit awhile!
(ArticlesBase SC #651086)
Article Source: http://www.articlesbase.com/ – How to Write a Business Plan – Tips and Insights
Small Business Memphis. This video is another prespective.
5 Tips On How To Start A Small Business
By: Isaac TobelenStarting a business is no easy feat. The economy is in the ruts. But this could be the very best moment for your to start your own business. Great companies and business were formed when the economy was where it’s at today. Follow this 5 tips on how to start a small business to minimize the the pain and suffering.
Let’s get started….
1. Do your research. Study the market and its TRENDS in the economy. The best possible tip to start a business is to follow the trends in the economy. You don’t want to have to start a trend, yet you want to position yourself in front of a current trend and capture a piece of the market share in that growing trend in the economy.
2. Have a strong and solid product. You want to have a product that is in high demand within the growing trends in the economy. A good tip to be added here here on how to start a small business would be make sure your product is not very well known but improves and adds value to people’s lives.
3. Support. If you’re building your small business on your own, make sure you have a strong support system from friends, and family. If you’re joining a company, make sure that they have a strong support system, the last thing you want is to be alone in this very important and exciting venture.
Before i continue I want add something here for you to think about. MOST businesses fail because of scarcity in capital to keep the businesses running during its start up phases and also to respond to the growth when it does happens. I highly recommend that you give online network marketing a look for starting a small business. It greatly reduces the amount of investment capital that you would otherwise need with a traditional brick and mortar business, reduces the risk of investment lost even if the business fails, and most importantly, you’ll have the support of people in your team that are having the results that you want to lean upon and learn from. 4. Do your numbers. Make sure that the compensation for your product or service is worthwhile. Also make sure that you have some sort of residual income or “passive income” that will allow you the find the leverage that you’re looking for from a typical business.
5. Your business model. Analyze your business model. Make sure that it’s a model that will not tie you down or “marry you” to the business as it grows. You’re building a business to create leverage so that you can do the things you want in life, not work forever. Make sure that this will not be the case.
The above mentioned 5 tip will give you a good sense on how to start your own small business. Make sure that you are positioned in a trend, have a strong unique product, strong support system, good compensation, and finally a business model that will create leverage for you and not marry you to the business.
About the Author
Isaac is a Home Based Business Owner. Click HERE to discover Isaac’s #1 choice for a legitimate Home Based Business.
(ArticlesBase SC #2524922)
Article Source: http://www.articlesbase.com/ – 5 Tips On How To Start A Small Business
Small Business Memphis
Have you been looking for a seasonal retail business concept? If so, Specialty Retail Ventures Company may have a perfect opportunity.
Specialty Retail Ventures Company is a business that supports seasonal specialty stores by marketing a large variety of calendars, games, puzzles, and toys. Retail brands include Calendar Club, Go! Games, and Go! Toys. Stores can be found each fall in malls and outlet centers in all 50 states, ranging in size from a small freestanding kiosk to a 6,000 square foot multi-concept superstore. From headquarters and warehouses in Austin, Texas, they distribute and replenish products to almost a thousand stores each year.
In most of the major shopping centers across the country we offer either kiosk or in-line Store Operator opportunities. This is the chance for you to own and run your very own store. The great thing about it, and what makes it different, is that your upfront investment and risk is quite small, yet you have the chance to capitalize on busy mall traffic in the fall shopping season. We pay the rent and supply you with the inventory, fixtures, signage, and a world-class computer system. You hire a staff and run the store.
The following types of stores are offered: Calendar Club, Go Games!, Go Toys!, and San Francisco Music Box stores. The stores generally open between September and November, and they typically close in January or February. Read here for more information. Small Business Memphis
This is a great article from American Express OPEN Forum on using Hootsuite to manage social media. I thought it was worth sharing because we use Hootsuite and it has been very beneficial to us.
Managing a million different social media sites is a headache for even the most seasoned social media-ites. But what happens when your business is expected to maintain a Twitter account, a Facebook Page, or a WordPress blog?
Updating all those sites takes time and energy, but social media hubs like Hootsuitecan help any small business efficiently manage their social media presence. Hootsuite is a free website that allows users to update, post, monitor, and track a range of popular social media services.
Like other social media hubs, Hootsuite’s hub can be customized to suit your needs. Whether you’re tracking one or multiple accounts across Twitter, Facebook, LinkedIn and more, Hootsuite might be an efficient, secure way to stay on top of all of them.
Read more here.
Small Business Memphis
May 23-25, 2010, Washington, DC
National Small Business Week 2010 will begin with three days of events in Washington, D.C., where outstanding business owners from across the country will be recognized. In addition to the State Small Business Persons of the Year, individuals involved in disaster recovery, government procurement, small business champions, as well as SBA partners in financial and entrepreneurial development will be honored.
Highlights of the event this year include: the Keynote speech by SBA Administrator Karen Mills.
Click Here for a schedule of events.
SBA Lenders for Memphis area
