There is so much great advice here! I am in the process of writing a business plan. I have the template I got when I signed up to VAF, which is nice and easy to work off.
I think a business plan is an essential as you have all (well most) of the answers to questions you will get (or will ask yourself) later on down the track. It will help you keep your business in line and not venture off everywhere hoping that you're doing things right.

Phillipa

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My business is still relatively new but what I found from writing a business plan is that it has helped me to clearly define what my objectives are and how I can achieve this.

I used the Microsoft business plan template which provided detailed instructions and guidance of what information I should include and how I should set out my business plan.

It is something I can refer back later on either to ensure that I am on the right track of achieving my business objectives or to update the business plan in order to add additional objectives.

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Ervirnna Anniss
www.innovativepasolutions.co.u k

Lily,
For those of us who are looking for a business plan template, can you share where you found yours? I have been looking for one from just a simple one or two page to one that will make me reconsider and put down on paper exactly what I want form my own business.
Thanks,
Pat Bumpass, P.A.B. Consulting

I'm using a very basic business plan. The book written by Diana Ennen and Kelly Poelker entitled "Become a Highly Successful, Sought After VA" has a section on what to include in your business plan. I didn't realize how important working on a business plan was until I actually started working on my goals. It made me stop and think -- where do I want to be six months from now . . . a year from now? In addition, working on my business plan gave me a realistic value for my services -- how many hours a week/month do I need to work and how much do I need to charge so that I achieve the income I want? This is the format I am using, and it can be very simple at first. Remember, you are going to be amending this ALL THE TIME! In case you do not have the above-mentioned book, the following items should be included in your business plan:

1. COVER SHEET
2. TABLE OF CONTENTS
3. COMPANY OVERVIEW
4. MISSION STATEMENT
5. GOALS
6. OBJECTIVES
7. FINANCIAL REQUIREMENTS ( yikes )
8. MARKETING (very, very, very important!)
9. OPERATIONS/OPERATING EXPENSES
10. FINANCIAL PLAN

I hope this helps. Take the time to start your business plan. Things are so much more realistic once you put them in writing. Good luck!

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Patty

i have been working on my business plan for 6 weeks now and spent 100's of hours doing research online and in person through questionnaires. It has been a grueling task but I have learned so much and already corrected many problems that would have been had I not done this. I had an idea, I knew exactly what I was going to do but had no clue of what I was - A Virtual Assistant.
It can definitely be an important step towards success and think everyone should do this when starting any business.

It took me a few weeks to write my business plan but once I got down to writing it it was pretty easy. It made me focus on what I needed to achieve. I found it helped with some of the content for my website too. It is definately a must have.

Lisa

I'm in the process of writing one now. I tried to avoid if for all these years but it's VERY important.

I have to say, I'm just at the very start of getting my business going, but I've been VERY inspired by the thought of doing a business plan! It's funny because my DH and BIL were talking of starting a business and I went right to research about business plans, etc. (They have put it on hold for now). But when I decided to do a new VA business - it didn't even cross my mind!

Thanks for the reminders and great ideas!

Looking at samples and reading how to compile the plan. Looking at putting a mini-plan together to start.

Good luck to everyone.

This is great information. I haven't written a business plan as of yet. I did however write one a few years ago for a business I started. It was an eye opening project, but glad I did it. I learned alot about marketing, cost, and how to set-up your business. As well as seeing any forseeable problems in the future. Having a business plan is a must when starting a business.