Need help making a BUSINESS PLAN

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rgiraldo

rgiraldo

Member
Location
FL
I have always been good keeping things down on paper. How ever writing a Business Plan has a lot more detail and areas that I am not educated on.

Also I don't plan to fly by the seat of my pants and expect things to go great.

I have a lot to loss getting this thing wrong. I have a bunch of link to the SBA. What I really need is the insights of someone in this field. I know that some of you have not even bothered to create one and feel that your doing good why need one. Ask your self where would you be right now if you did make a plan.

Now for you business expert out there please educate me.

Thanks
 
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fireryan

Senior Member
Location
Minnesota
Many banks require a buisness plan to get a loan. If you use those sba links you have they can help you write one
 
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Rewire

Rewire

Senior Member
Location
Lake of the Ozarks
A business plan is simply answering the questions that you will ask as you build your business. The first question is will their be a need for my type of business? Who are my competitors?How will I set myself apart?
As you answer these questions you will a written plan for your business.So when you have been in business a few years and you ask yourself how do I reach new customers you will simply go back to that "plan" and find your answer.
 
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satcom

Senior Member
The Business plan is a compass for your business, so don't buy a cheap compass, as it may give you bad bearings, even a good compass may be subject to errors, so don't cheap out when you build your plan, if you need help to build this foundation, use professionals, your accountant, attorney and bank, to help you thru the process, the SBA has some outlines, that will help you get started, you can do most of the basic work, and get help with the items you get stuck on, we had problems with some of the accounting and asset setup issues, these are things you don't want to get wrong, from day one, so help is advised if your new to business planning, a business is in constant flux, so it will change as your business grows, so do not panic, this is a slow and sure process, that will help you get over the bumps in the business road, some contractor may think a business plan is a waste of time, many of them with this type of thinking, are still struggling to make their business work for them, they are still working for the business.

Good Luck
 
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wawireguy

Senior Member
If you need a book to handhold you in whether you should start a business you aren't going to make it. Guts and glory. It's hard and you better want it.
 
flyboy

flyboy

Member
Location
Planet Earth
wawireguy said:
If you need a book to handhold you in whether you should start a business you aren't going to make it. Guts and glory. It's hard and you better want it.[/QUOT

"You better want it" is spot on. In fact, I would put it at the top of the list. He better want it so bad, that he?s willing to learn everything he?s going to need to learn, to be successful. That means learning to do the things he?s never had to do before. That means learning, which means reading books, attending workshops, getting a mentor and seeking out what works and what doesn?t work, because he doesn?t know, what he doesn?t know.

If he thinks he?s going to get by on his technical knowledge alone, he?s in for a rude awakening. The fact he?s asking for help developing a business plan is a good sign he?s not, most don?t.

Business isn't hard, it's easy; once you know what you need to do. Here are some things that will lead to failure in the contracting business (or any business for that matter) and will certainly make it ?hard? if ignored.

1. Failure to understand the responsibilities associated with
being a business owner

2. Failure to seek advice/assistance from credible and successful outside resources

3. Failure to hire properly, track and understand employee
performance by providing clearly written systems, procedures and job descriptions

4. Failure to charge correctly, based on your breakeven and desired profit for your services. Failure to implement flat rate pricing and quote work to qualified entities (customers).

5. Failure to understand the cyclical nature of the contracting
business and plan accordingly

6. Failure to build a solid customer base

7. Failure to understand the difference between advertising/ineffective advertising and marketing

8. Failure to focus on your core business

9. Failure to build a reliable resource network (accountants, tax attorneys, business consultants (consultants that have done it successfully), mentors, etc

10. Failure to set goals, properly plan and budget based on your numbers (that means knowing what to do with the plan(s) instead of putting them up on a shelf to collect dust

11. Failure to receive timely monthly financial statements and know what to do with them

12. Failure to implement financial control/discipline by tracking numbers daily, weekly and monthly

13. Failure to understand income statement/financial ratios and what they mean to your business

14. Failure to understand profits and cash flow management

15. Failure to understand the balance sheet

16. Failure to control excessive personal expenditures

17. Failure to understand the need to reinvest capital/replace
assets and avoid being undercapitalized

18. Failure to understand gross profits of different services

19. Failure to safeguard against fraud & implement an HR program

20. Failure to recognize what you?re not good at and hiring people who are

21. Failure to plan an exit strategy and estate planning

Once you completely understand, implement and quantify the above, business is easy.

Fail at any one of these basic business requirements and your right, it can be the hardest thing you ever do in your life; with dire consequences.
Click to expand...
 
cadpoint

cadpoint

Senior Member
Location
Durham, NC
The Host of this web site has released newletters over the years both his own and people that wrote on/about the subject matter. This is a link to a search of his newletters on Business Plans
This is a link to all MH newletters going back years. Check it out :roll:
 
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wawireguy

Senior Member
Alright, I was being a little dramatic. Seems to me that the things I see in business plans are things that should already be in your head.
 
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