Here's a link to the 'how and why' of business plans that I wrote last week.

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Lily Chambers, The Virtual Office Goddess, LLC
Author "How to Do Your Own Small Business Bookkeeping"

This is the one thing that I have been putting off. I have done the VA packet that I have received when I first joined. But the business plan I keep putting off because I'm nervous about doing it. Im just over whelmed with all the information and my mind is a whirlwind right now. So what I plan to do is step back for a week clear my mind and get started on my business plan.

Originally Posted by Cbonn

This is the one thing that I have been putting off. I have done the VA packet that I have received when I first joined. But the business plan I keep putting off because I'm nervous about doing it. Im just over whelmed with all the information and my mind is a whirlwind right now. So what I plan to do is step back for a week clear my mind and get started on my business plan.

You can write the parts you have clear in your mind at the moment and add to your plan in time but it is a great way for you to orientate your business. I wrote mine in full but as my business progresses I make changes to it to adapt it to where my business is at the moment and where it can be a bit further down the line.

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

Originally Posted by Cbonn

Im just over whelmed with all the information and my mind is a whirlwind right now. So what I plan to do is step back for a week clear my mind and get started on my business plan.

That's exactly how I feel. I'm taking deep breaths.

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Rhonda

Hi Layah

I think writing out your ideas in the form of a business plan helps articulate what it is you really want to do with your business. Regardless of whether you are raising capital or seeking a business loan having a business plan is like having the recipe for a meal.

Your business plan should cover:

*A background of you and your business' history incuding what relevant skills you and your colleagues bring to the business that will contribute to its success
*What your business plans to do
*A market analysis - basically some research into your target market ie Who are your potential customers? What is the size of your market? Who are your competitors?
*Marketing Plan - A description of how you are going to go about attracting customers
*Operations Plan - A description of the day to day activities of the business, incuding who is responsible for the key areas of your business
*SWOT Analysis - stands for Strengths, Opportunities, Weaknesses & Threats. The names are fairly self explanatory and are important to consider all 4 aspects when planning your business
*Cashflow Analysis - This is a very crucial part of the business plan and allows you to budget out your marketing activities against expected revenue. It is very important that you manage your business well within its means. The vast majority of small businesses fail due to lack of funding not bad ideas.

I hope this helps explain the importance of having a business plan. I have written a number of articles on business planning that you may wish to checkout at www.smallbusinesswizardry.com

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Starting a Small Business?
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I put off writing a business plan initially as well. Until I read a very well written article by a seasoned VA. She said, "Why would you give 100% to your client and only 10% to yourself?" I thought about it, and she was right. I would never let a client go without a business plan! I know how important it is. So why was I allowing myself to go without one?

The business plan covers what you intend to do with your business and how it will be done. The process of writing down what is involved in bringing your idea to reality requires dealing with the why, what, who, how, where, when, and how
much of your venture. Writing a business plan forces you to take a deep look at your idea and how you will turn it into a business. Doing so helps you recognize areas that need rethinking or support. Without performing this vital step we will be ill prepared to handle running our businesses.

I found putting all my ideas down on paper and into a business plan gave my business structure and now I have something that I can refer back to.

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Megan - Aspiring VA from Australia
Starting my VA Business in 2012