How has writing a business plan helped you? I haven't written one yet, and I've been looking through the information here to figure out what I should get out of it. I'm still not sure. I feel like I have the information in my head, and it's not particularly complicated. Unless I'm getting a loan (which I'm now) why should I write a business plan?

Well I just started working on my business plan tonight and let me tell you I see the benefits of it already. I am very serious about becoming an entrepreneur and quit my full-time job by the end of next summer. So the business plan for me outlines what I need to do to achieve success and gives me markers that I need to work towards in the next year to get from where I am today to where I want to be next year.

I am a visual person so I need this to keep me on track. I just finished completing the General Company Description section and am extremely pleased with what I have put down on paper. The hardest part is sitting down and being motivated to get it done so I plan on devoting 30-60 minutes day to the plan until I complete it. Of course it will be a continuous working document that I assume I will revisit every so often to change.

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Cathryn Branch, MPA 'We will either find a way, or make one.' Hannibal

Hi Layha,

Cathyrn is absolutely right about writing a business plan and how it helps you keep on track of your business goals.

A business plan doesn't just help you get a loan from a loan company. It helps you set priorities and goals. It allows you to reach certain mile markers, then revisit the plan and set in new mile markers for achievement in your business.

Andrea~

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Action Jackson Virtual Assistant|

Hi Layah,

I absolutely agree with what has previously been said. I am in the middle of putting together my business plan and find it really helpful having something written down.

For me, it has been really beneficial in those times when I start to feel a little overwhelmed with everything that needs to be done. Going back over all I have written down, organised and ticked off to date makes me realise that I am making progress, even if it at times it feels like I am not. Just that additional bit of motivation to push ahead is so important. Its harder to give up on something when you have proof of how far you have come and how much effort you have put in.

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Stephanie

Hi Layah,

I am a huge proponent of everyone doing a business plan. Here are a couple of excerpts from articles that explain it far better than I could:

Why You Should Have a Business Plan: Benefits of a Business Plan

Neither did Alice in Wonderland.
"Would you tell me, please, which way I ought to go from here?''
"That depends a good deal on where you want to get to,'' said the Cat.
"I don't much care where,'' said Alice.
"Then it doesn't matter which way you go,'' said the Cat.

As a consultant, I have people ask me "How can I increase my business?'' The answer is often easier than they think. But before figuring out how, they must decide where they want to take their business. This is why everyone in business should have a business plan, not just the people seeking venture capital.

(con't)

Benefits of Having a Business Plan

Entrepreneurs often ask, "Why do I need a business plan?". Well, let's put it this way. Do you want a successful business? Because, writing a well-thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. Running or starting a business without a business plan is like walking through the dark without a flashlight. You can probably go a long way using just your senses and relying on basic instincts. But operating in such a manner leaves you wide open to the risk that something will get in your way (like a competitor) and you probably won't see it until it is too late. And just imagine all of the opportunities that are just waiting to be grasped - but without a flashlight, ah sorry - business plan, how will you see and take advantage of them?

(con't)

I also want to add that you will probably see the biggest benefits to writing your business plan when you actually start writing it. It's can be a pretty exciting process because it allows you to think about your business in ways you may not have already.

Hope this helps and good luck!

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Kate V. Kerans
Kerans Virtual Assistance

I am brand spanking new to this forum and to the industry, but the first thing I did was start working on a business plan. I feel it will help me to keep my thoughts focused and organized around my goal of becoming profitable in with my VA business

As I was working on my business plan, I stumbled upon this.....

Do You Need a Business Plan?

Yes, you do. One major cause of the 80% failure rate of new small businesses, including
home-based, is lack of business planning.

Planning has many functions in business. A business plan:
· Forces you to think through your business idea
· Helps you judge and evaluate a business idea so there is less risk
· Shows where you need help or information
· Organizes and presents information about your business so you can progress logically
and not get off track
· Increases your self-confidence
· Lessens the risk of oversights and errors
· Organizes ideas so you can communicate them to others
· Increases chances of business success once the business is established
· Reminds you of good ideas and ways to save time or money, especially important as
you get busier
· Helps you to obtain necessary financing.

Currently on second draft of business plan. Finding it beneficial as a strategy document but would like to keep it short and concise. Most templates/guides are very lengthy. Thoughts would be appreciated.

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Ann Murphy
ATM Business Services Ltd

There are templates and loads of other good information on the Small Business Administration and SCORE websites. Here are the links: http://www.sba.gov/ and http://www.score.org/ Best of all - everything is free!!

Good luck as you go forward with your business!

Could you please add your name to your signature! Thank you!

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Margaret
Helping You Build Your Empire

Hi Layah,

I actually wrote a blog post on this because even though a home-based business differs a great deal from a regular business a business plan will determine what you hope to achieve in the short term and also where you want to be in a years time for example. You can include start up costs, expected profit (a vital area to look into if this is to be your only source of income). You should also include business goals, legalities, services, company name and branding, market analysis, market strategy, ongoing costs, clientele, your company policy and similar points to this. It will help you to stay focused on your business and motivate you to reach targets otherwise you may never leave the "idea" phase of becoming a VA.

I hope that helps because it helped me a great deal. You don't have to become tied down to your original business plan. I had to change mine within a month because I achieved certain goals way before I expected to which was great.

Good luck!

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Sabrina L. Williams
For a bird's eye view of your business