This may be the wrong place to ask this and please tell me if there is a better one but I just have one quick question about business plans.

I always thought a business plan was an internal document you created if you intended to seek out funding, etc. Recently I read something that implied you should create one, with all the bells and whistles, for yourself. So my question is, other than seeking additional funding, what are the reasons you would want to have a business plan on file and is it really necessary to have it done before opening your doors?

Making a business plan even though you don't expect to be seeking funding is considered a 'best practice.' Unless you go to the trouble of writing out all the aspects of establishing your biz, you could easily overlook key areas. In addition, a biz plan functions as a road map as you go along. You refer back to it often and thereby keep yourself on track.
Are you required to have a business plan? Absolutely not. But those who take the time to create one are never sorry for the effort. Soon as you organize your thoughts in writing, your path becomes much more clear and determined.

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Mary H. Ruth/Virtual Writing & Communications
http://www.writingVA.com

I think it is important to go through the thought process, even for yourself only. It is a good way to set goals for your business.

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Devon Zimny
Vintage VA Services

Writing a business plan helps you focus on why you are starting a business. It helps you identify your goals and the steps you will take to reach them.

I've included this article from Entrepreneur.com for your review.

http://www.entrepreneur.com/starting...le38290-2.html

As it mentions in the article, the length and detail of the plan is really determined by what you will be using the plan for.

One last thing, your business plan is a dynamic document. You should make an effort to review your plan on a regular basis to make sure you are on track. Many new businesses find that after some time in business, their goals and strategies have changed and your business plan should be updated to reflect that.

Heather
Bowmanville, ON

I set up my business plan to help me determine a) my goals and b) how I was going to get there. Since I still work a 9-5, funding isn't something I need. I found it helped me to focus on what I needed to do by building up a business plan. Keep in mind that if it is just for you, it doesn't need to be anything formal. There are several discussions on the forum about folks using informal business plans for internal/personal use.

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

Hi All

I hope Im writing in the correct place here - but wondered if anyone had any advice for me - I am still in the process of starting up my company - and am trying (emphasis on the trying!!) to stick to a planned timetable. However, stress is getting in the way a little bit and I started to loose track!! Therefore, even though Im lucky enough not to need the funding yet, I decided to set up a business plan for my company. Now, Im a novice at this, so started from scratch, using any info I can find. The one thing Im struggling to find is an example Business Plan. I wrote mine "from the heart" but am struggling a bit with the financial part - ie I have no idea if I need a financial part, and if I do, what it should involve!

Can someone share their plan with me (is that allowed) or guide me to an example, if possible?

Thanks so much for any help and best wishes to you all!

Carolyn
CarrieOn.Com

Business planning is a fundamental exercise each business owner must go through. Your BP is the roadmap of your business, what you want it to be and not be, what your vision is, your purpose, how you plan to get it there, what you need to get it there, what you're going to do when you get there, etc. Your business plan should be considered a fluid document which is reviewed often and changes in your business should be noted. Without a written plan, you can get bogged down by unimportant issues and lose sight of what's important. It can start off as a simple 1-page plan and grow from there. I have found that businesses that do not have a BP don't stay in business for long. HTH

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Barbara Rowen, Owner/Virtual Assistant | Virtually Everything
8209 E. Sun River St., Nampa, ID 83687 | (208) 318-5582

I found a great document on docstoc. It has all the areas that you need to think about, in sections. It asks questions that you answer. I found it very helpful since I had never done a business plan before. It just helps you cover everything ahead of time... great tool.

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www.sageva.com
Shelley Halpain,

Hi Shelley

That sounds exactly what Im looking for - Im almost there, just need a little extra help and hopefully this will give me it!! I will be happy to have this document finished!!

Thanks so much - I appreciate the help!

Carolyn

Heather, thank you for posting that article it is extremely informative and helpful.

Shelley, that website is awesome! There are a lot of helpful templates on there. Thank you!! I myself am just getting starting and all of this information is wonderful. I appreciate you both posting such useful tips!

Darcy