Are You Business Ready?

Mar
25

A solid business plan accounts for more successes for new businesses than just about any other consideration.

What is the reason for that?

The very first thing a business plan defines is WHY the business exists. If all you want to do is make a lot of money, go get a job that pays a lot of money.

If you really, passionately need to be in business for yourself, your reason for doing so will be more important than the income.

Self-employment is not for the faint of heart. Entrepreneurship is a vocation, not a job choice. You need to have a powerful calling to be your o.wn boss if you expect to succeed.

Desperation and necessity are no substitute for the real motivation of business ownership. No matter how badly you need money, being unsuited for this way of living will doom your efforts.

Business has an element of social responsibility and “higher purpose” at its foundation. Based on that foundation, the business has a right to expect a
profit for its efforts.

Do you have a mission for your business?

Your mission, as a business founder, is to come up with a mission statement that sums up the contribution your business will make to the world. This is not an optional part of the plan – it’s the heart of it.

Too many would-be entrepreneurs come up with an idea or action plan that leaves out this element. They think that a cool idea or can’t-fail method of raking in cash is enough to get started and win big.

Unfortunately, the realities of doing business mean failures, setbacks and obstacles will challenge those ideas and methods. Without a clear vision of the future, which includes the benefits for society and posterity, making a buck fails as a motivator.

Once you’ve struggled with the main reason for being crazy enough to go into business for yourself, the rest is simply a matter of identifying what can be measured and getting it on paper.

A good business plan will account for all the systems, practices, methods and cash management the business will need and use.

A great business plan will be worth copying by others who want to duplicate the success of the original planner. Blockbuster Movie Rentals’ business plan was based on the McDonald’s restaurant business plan!

You, as a fledgling business planner, need to examine and absorb the ideas contained in other people’s business plans.

Find as many good plans that are similar to the business you want to start and tear them apart. Make copious notes about how each plan covers all the aspects of the business.

Become an expert at creating a business plan for your type of business.
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