| What’s the biggest obstacle to writing a sound business plan? For many aspiring entrepreneurs, it’s a matter of simply getting started—knowing what information is needed and where to find it, then actually putting it down on paper.
Interestingly, this proverbial first step of the thousand-mile journey is relatively easy. For starters, you’re not venturing into unknown territory. Millions of people such as yourself have transformed their bright ideas into thriving enterprises. Putting together a business plan is also a valuable learning experience, an opportunity to learn about your chosen new field, and yourself. And as you learn more, your energy and enthusiasm for this venture are sure to increase as well.
Best of all, there are many valuable resources available that can guide you through the process from start to finish. These aides can’t do the work for you; you will still need to invest a fair amount of time and effort in research, writing, revising and more research. But once you do get started, you may well find yourself wondering why you waited so long.
Use Tools & Templates to Get Started To get a complete picture of how a business plan is structured, visit the Small Business Administration’s online Business Planning Basics page. The pages outline the elements found in most business plans, and provides a wide range of sample plans for various types of businesses.
The SBA’s Basics page also offers helpful guides to financing, marketing, employee relations, taxes and other topics that entrepreneurs should consider as they shape their business plans and strategies.
Because you’ve already logged on to SCORE’s Web site, another valuable resource is virtually next door: business plan templates. These easy-to-follow templates are available in Word and PDF formats. Download them directly to your computer and get started.
Each section explains the type of information that’s needed, why it’s essential to the plan, and questions you will need to answer when seeking financing. The templates are also a great way to organize your plan as it’s being developed. You see immediately what areas are complete or have gaps, and what sections are ready for editorial fine-tuning.
You’ll also find templates for bank loan requests, competitive analyses, personal financial statements, opening day and projected balance sheets. There’s even one for existing businesses looking to expand or add new services.
Remember, however that while these tools can provide valuable guidance, they are by no means all-inclusive. The nature of your business or industry may require considering of specific issues beyond a “generic” business plan.
A Word on Business Plan Software Other popular options for aspiring entrepreneurs are business planning and financial software programs. Among the most popular products are Business Plan Pro (Palo Alto Software, Inc.), Plan Write (Business Resources Software, Inc.) and BizPlan Builder (JIAN). Each offers step-by-step guides for developing business plan sections; spreadsheets and forecasting tools; industry analyses and financial resource guides, and other valuable features.
For small businesses that are already up and running, accounting and financial software from MYOB-US, Inc., and Intuit’s family of Quicken/QuickBooks products can help you with both day-to-day management (printing checks and invoices, recording expenses and income), business performance analysis and short- and long-term forecasting.
Be sure to examine and compare these products carefully before you make a purchase. You may find one program easy to follow and another too complicated to use. The industry information may not be as current or detailed as you need. And, you should avoid paying for more features than you really need.
Finally, even though your business plan looks complete, there may be more work to do. Share it with others who can prove an informed, objective critique and suggestions for improvement. And don’t file your plan away after you get your business started. Periodic reviews will help you gauge your progress, identify areas for improvement and opportunities for growth.
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