How long did it take for you to write your business plan, or is it an ongoing process.. I just want to know should I have it finished be for I open up my VA business.

- Diane

Hi Diane, I can't say that my business plan is 'done' and I've been in business almost five years.

I think unless you need to apply for loans then your business plan can be an evolving process - however it is important to have at least the basics laid out. The more planning ahead and thinking-it-through you do the better prepared you'll be.

With that said, here's a thread that might interest you: Did you write a business plan in preparation for your practice?

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Hi Diane -

This subject comes at an opportune time for me to be able to try to respond. I've been working on mine, and I just sat through a LONG meeting today on a project where I am helping a Board of Directors get a childcare center up and operating! So...with all the experts surrounding me - including a banker who's responsibility it is at her bank to award money - and advising me personally over the last couple of weeks...I may have a little light to share! Finally I can contribute something. lol!!

Ok...there are different purposes for business plans. Typical 3 are 1) to get loans 2) to get investors and 3) for internal use only for you to just have your roadmap.

#3 for a VA should be the least you have and it will be fluid to some degree. There is an incredibly awesome template (and I looked at about 20 resources before I took the plunge) that Danielle Keister who runs the VA Chamber of Commerce. When I finally broke down and paid the $27.00 to download her business plan form it helped me tremendously. Not only did it help me formulate my ideas - it helped get my creative juices going for some other things I hadn't thought of. Not that I ran with the ideas in the business plan, but it was just inspiration!

If you decide you need a business plan to get money, then that will take some more in-depth research and work. The banker who's been mentoring us said that one should expect a business plan that has everything needed to get a banker or investor to want to work with you usually takes up to 50 - 60 hours to prepare - at a minimum. She also highly recommends a book that she says is the ultimate book for writing business plans. It is called "The Anatomy of a Business Plan" by Linda Pinson.

Our banker has written many successful business plans for others, as well as grants that have won money, over her career - so I'm buying her the best lunch I can next week to get into her head even more!

I hope passing on what I'm learning will also be of benefit to you.

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Pam Blackman - On My Wings International
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Thank you Pam & Tess, this is great information to have. I have already started my business plan. I am a business school graduate so, I can write a plan. I do use bplans.com for reference though. Pam, I will take notes on the info you gave me. Just in case! Thank you both

- Diane

I am still writing and rewriting my business plan I think it will never stop for me.


Diane

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Diane Clark-Ragans
www.outofofficevirtualassistan t.com[/url]