Archives for posts with tag: Business Plans

What Do You Do If You Have a Great Concept But Need Funding

You have a new “Concept” or “Idea”.  Congratulations!  Now what do you do?

If the acquisition of capital is your primary goal for your business, then let’s take a step back and see what you need to do.

Many entrepreneurs become so excited with their New Concept they mentally start banking their money – but oops, they don’t have any money.  No problem. They’ll shop their great new concept to the highest bidder, get enough to pay-off their debts, hire the necessary personnel to run the new piece of business and still have a healthy operating budget.  Sounds doable, right?   

And Why Not?  It seems you read about these kinds of successes all the time, don’t you!? 

While you should “never say never”, the reality of the odds playing out, as described above, are right up there with winning the national lottery.  The good news is there are ways to better those odds.

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Did You Know – A Business Plan Can Make You Money Whether You Put It Into Action Or Not?

I am often amused when someone claims they don’t need a BP (Business Plan) because they “fly by the seat of their pants”, or “a BP is a waste of time”; then smugly point out they have never had a BP and they are so busy they can’t keep up.  To me, that’s a sign they are in the middle of a wild fire instead of a controlled burn. One day they are going to burn out.

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As we discussed in Part I, if you have been considering starting your own business but can’t find that perfect idea, maybe the following will help you.

 

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Business Plan: Two Plans in One

#1. The basic BP lays out the factual, nuts and bolts foundation of your business. From that full blue print of your business, you may confidently:
• Build your business
• Implement on-going strategies

#2. Whenever funding is needed, you are able create the needed documentation …… 

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ONE PAGE Business Plan Guide

If you need a business plan, or to update the one you have, but also wondering what it will take to do it, then here is a quick summary of the steps to take.

Everyone should have a Dream or Life Goal.  And with every Dream there needs to be a plan to make it happen.  Those without a plan to achieve their Dream might as well sit back and relax.  It is more than likely they are exactly where they are always going to be.

There is an old proverb that states:  If you don’t know where you are going, you are probably already there.

Think of it as if you have an overwhelming desire to go to __________________. (Your Dream)

Your Plan is how you make that Dream a reality, i.e. how do you get there.

Develop that Plan as you would for any trip.

  • Identify your desired destination  (Your Dream)
  • Find the address on the map (where you dream of ultimately being)
  • Identify your start point i.e. where you currently are
  • Select the route that best meets your needs – from where you are to your destination
  • Continually recheck primary vehicle construction and maintenance to prevent breakdowns (Your current source of income is your primary vehicle to get you to your destination)
  • Determine the shortest, safest route that meets your needs
  • Calculate the time it will take to navigate each segment (milestones) of your chosen route.
  • Know the costs for each segment of the trip and allow for unexpected extras
  • Determine how you will fund these trip costs (keep good records – from accumulating the funds to how the funds are used)
  • Hang on for Life’s greatest ride!

A good plan is really this simple.