I would say ABSOLUTELY!!!! 37% of business fail in the first 2 years because they lack a business plan.
There are many templates available online that show you step by step how to prepare one.
Your business plan should be your goal for the first 1 to 5 years. It's away to keep yourself on target and know what areas of your business needs improvement and in which areas you strive!

Good Luck!!!!

Originally Posted by lrdurham

I am so confused. I understand the reason behind a business plan and why its needed, but everytime I try to write it out I go blank. Maybe I just don't know what I'm doing when it come to a business plan. I have looked it up and got a templete and guide, but I just can't get to words right or know what to say since I have no idea what to put on it. I need help.

Do a brain dump of what you want out of your business. Start with these questions

1. What services will I offer my clients
2. Who is my target audience
3. What hours will I work
4. What will my rates be and what is my policy on increasing my rates?
5. What forms will I require my clients to fill out? For example a contract, intake forms, etc.

These should get you started and once you're done answering the above you will have your first business plan. Please remember that a business plan is not set in stone but rather evolves like every business does so revisit your business plan often and adjust when/where necessary! Good luck!

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Reese Ben-Yaacov
http://www.reesebenyaacov.com

Being a newbie VA, I found writing my business plan helped me consider different aspects that I may not have otherwise considered!
There is plenty of great templates out there, you just need to find the one that suits you best!

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Sam Spence
www.executivevirtualassociate. com.au

I wrote one, but not for a business loan or anything, but to get all of my ideas on paper. I had a lot of stuff that I had floating around in my brain, and I created an informal business plan that I keep with my important business files. If I ever come across something that I think I would like to add to my services, I double check to see if it fits in my original business plan, and whether or not it would hurt more than help if I were to add it.

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According to me first of all think on what's goal of your business, what you really want and you must have an idea about your business. You should planning for your business and then start working on it. Do some paper work for it. Go back and checkout your whole paper work. How many work you had actually done and how many work are pending. If some work are pending then start work on it.

Originally Posted by ReeseBY

Do a brain dump of what you want out of your business. Start with these questions 1. What services will I offer my clients 2. Who is my target audience 3. What hours will I work 4. What will my rates be and what is my policy on increasing my rates? 5. What forms will I require my clients to fill out? For example a contract, intake forms, etc. These should get you started and once you're done answering the above you will have your first business plan. Please remember that a business plan is not set in stone but rather evolves like every business does so revisit your business plan often and adjust when/where necessary! Good luck!

Absolutely! That is a great place to start. Thanks Reese

Also, think about having a contingency plan - what would you do in the event that there is a fire and your equipment is destroyed etc.

bplans.com is a great place to start. I started my business plan from there and have changed it a couple of times since then (I wrote mine in March)

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Josia T Denton Technical Virtual Assistant: For Businesses + People on the Go!

I read somewhere that if you are planning to work from home & not apply for a small business loan that you do not need a highly "technical" business plan. Something simple that details your:
Business overview
Description of Services
Mission Statement
Business Objectives, Goals and Vision
Market Analysis
Marketing Strategy
Financial Plan, Start Up Costs and Financial Projections

I am extremeley new at this and I think your advice is great. I just got my LLC but I am still trying to figure everything else out with the low start up budget that I have. Any suggestions on free hosts/domians/billing software? and what is voip? Please help

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Stacy Musacchia

For the past several years I've done SBA lending for my day job and can't stress enough the importance of preparing a business plan. The non-profit I work with is a Community Development Center and works exclusively with developing & financing small businesses. You can Google one in your area or contact SBA office.

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Romaine;
Outsource bookkeeping solutions

I thought my short plan was enough, but it isn't. We're apartment dwellers and moved shortly after starting my business. I had to expand my business plan in order to prove my income because there were still three months until I had had to file taxes for the first time.

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Lisa M. Bryant | www.jirehvirtualsolutions.com