Business planning is not a good use of time for the small business owner, entrepreneur or home business operator for a few simple reasons: 1. The primary goal of a small business is survival which translates into positive cash flow: 2. Any business with five or fewer employees take direction from the leader or owner with day-to-day information exchange: 3. The plan is effort that is put on the shelf never to be looked at again: Positive cash flow means more cash is coming into the business than is going out. If a business owner needs to continue to put cash into the business, the cash flow is negative. At some point the business owner will realize that the business is not an “on-going business” it is a hobby, much like a boat or a plane that consumes great amounts of cash and provides something to do. If changes to the business cannot move the cash flow from negative to positive, the only business decision is to shut down the business or use up great gobs of cash while passing the days, weeks or months until the cash runs out. : One person to five people businesses take direction from the owner and adopt the owner’s characteristics with the same end game: to create survival. The owner is the prime mover of the “team” and monitors what is happening on a day-to-day basis for two essential reasons: to make sure the team is moving in the direction the owner directs and makes changes in direction based on feedback from the results of current activities. : The sample business plan used by people starting a business is a sample for an organization of tens or hundreds of employees where layers of management need “marching orders” in written form to guide their actions. In small organizations the plan required for borrowing money is dutifully put on a shelf only to be pulled out the following year and updated to satisfy the lender. No one in the small organization basis any actions on what is written only what is verbal from the owner. : Join the author for a business where there is no need of planning at: http://www.every1candoit.com

About the Author

Tracy Emerick is a serial entrepreneur with over 30 years of marketing and sales experience. He has helped many people succeed in business using basic approaches. Tracy retired but was brought back to business due to the drop in his nest egg. Tracy has also been a professor at the graduate level, most recently for NYU. He has a masters (MBA) and doctorate (PhD) in business administration which provides the academic foundation for his real world approach to business and life.

Growing – or Not Growing -Your Small BusinessSeveral small businesses need to and usually will remain small. Another enterpriseborn small with hope of becoming a giant – sometimes very big. TakeStarbucks, which began as a small Seattle coffee shop, and Apple Computers,which was first headquartered in a garage. When small businessesturn intogiant corporations, it’s obviously not by chance. Behind that growth is a well-thoughtout writing business plan along with the drive and the resources to get there. Butbecoming a big business isn’t for everybody.An entrepreneur who started a stereo shop in a small Illinois town a fewyears back created just the kind of friendly, cluttered, slightly disorganizedplace you’d expect to see in a college town. But the salespeople who workedthere really knew and loved audio equipment, and the business was stockedwith great components at very competitive prices, thanks to the fact thatoverhead was so low. The unbeatable combination of quality, service, andprice soon made the store a huge success – and the owner began to dreamabout expanding into a chain of stores throughout the Midwest.We’d like to say that this idea sounded good on paper, but the owner nevereven put his business plan in writing. He launched right into action, buildinginventory and leasing storefronts without once thinking about how he wouldfind knowledgeable sales teams, promote the new stores, or create an organizationthat could manage the jump from one shop to half a dozen. The laidback,disorganized style worked fine for a single store with a garage-worth ofinventory, but it turned out to be a disaster for the small chain. The lossesfrom the new outlets soon eroded the original store’s profits. Six monthslater, the owner closed up and went back to school, even though he’d alreadybeen through the school of hard knocks.A well-crafted business plan may have helped avoid disaster. But even beforethe planning, the owner should have asked one simple question: Do I reallywant to grow my business?Some small businesses are meant to remain small, and some business ownersare meant to run small companies. In this case, an entrepreneur loved audioequipment, worked well with his sales team, and had a great rapport with thecustomers who came through his door. But he wasn’t particularly well organizedor good at delegating – the two main characteristics he needed to runa larger operationhttp://www.absolutebusinessplan.co.cc

About the Author

Humberto Harper writes regularly about business related topics. I hope you enjoy this article.

1. Executive Summary -Brief information about your credentials and the business you are intending to start and the location.

A.) The Business- What is the business all about? Give full detail.B.) The Customers – Who are the customers you are going to reach?C.) The Management – More about your credentials and experience.

2. Objectives – What are your business goals? What do you need to have done in 1, 2 or 3 years?

3. Mission – What will your business do for the customers, employees, community?

4. Company Summary – How will it be financed and will it be a C Corporation, S Corp, LLC or sole proprietor?

5. Company Ownership – Who will own the home based business?

6. Start-up Summary – Exact costs of business startup. Put in all details for business equipment, supplies, incorporation fees, state fees etc. Create a spread sheet and put in a chart called Business Startup Costs.

7. Services – Exactly what services will your home business offer?

8. Market Analysis Summary- What does the market growth look like for your industry? Who are your competitors? What is the income level of your customers?

9. Strategy and Implementation Summary – What is your competitive edge? What is the sales strategy of your business? What are your sales forecasts?

10. Management Summary – Summarize what your management team will look like. Including any employees you may hire.

11. Financial Plan – A summary of what your business expectations are with included growth information. Project your profit and loss for the first two years. Put this in a spreadsheet format and include a chart as well.

Writing a business plan isn’t very hard. If you do the research to find a hot target market and products which appeals to you, then you will have most of the information you need. A small business plan is a building block for the formation of a solid business. It allows you see where you are currently and follow a plan for success down the road. In a nutshell it is your business goals and direction for the future.

About the Author

Paul Kopp is the Founder and CEO of Kopp Enterprises, Inc. Paul has been a Home Based Business owner for over 7 years. Currently he operates 2 online businesses and also is involved in numerous non internet related businesses. Paul created Home-Based-Business-Solutions.com to give quality information and resources to start and run a home based business smoothly and profitably

A small business plan outlines the purpose and goals of a business. A business plan is helpful when applying for funding for start-up or operational expenses. Before beginning a plan, individuals must identify the following: the product to be offered by the business, potential customers, and the means by which the business will be funded. Keep in mind that an effective business plan takes more than a few days to write.There are many key components that should be included in a business plan. The first is a mission statement that details the major goals of a business. A successful mission statement will pique the interest of potential investors and clients. Secondly, a business owner should provide a detailed description of the business. This can include the types of products offered, how the company began, and how the company will realize its goals. A successful business plan also includes a defined market for the product it offers. Business owners should think about who they expect will buy their product. They should also research the market for their product to provide evidence of a need for their goods. Next, a business owner should outline the management of the business by setting a certain number of jobs and describing the responsibilities of each. The next steps of a business plan are to define the product offered and compare it to the competition. Product descriptions should include materials needed and the production process. Lastly, a business plan should include goals for future growth, including how growth will be funded and executed. Some business owners also prefer to follow the completed plan with a summary of their company and key parts of their plan.Find restaurant advertising generally refers to the process by which restaurant owners find efficient ways to promote their business. Effective advertising gives a business a competitive advantage to businesses, which expands the number of customers a business receives. There are many traditional and non-traditional ways to find restaurant advertising.One method of traditional advertising, through newspapers, varies in price according to which newspaper and what options are chosen for the ad. Major newspapers may charge up to or more than seven hundred dollars per day for any size of ad. However, they also give discounts of thirty to fifty percent for individuals who buy large ads or pay for their ad to appear on multiple pages. The rates of smaller community newspapers may be considerably lower, but the ad will not reach as many potential customers. Billboard advertising costs seven hundred to three thousand dollars per day, but they also have a tendency to reach many more possible clients.The Internet has created new ways for business owners to find restaurant advertising. An individual may add his or her restaurant to search engine directories for as low as twenty dollars per month. Business owners may also consider paying another company or individual to design a website specifically for their restaurant. The rates of custom websites range from a few hundred to a few thousand dollars, depending on the complexity of the website. Restaurant owners should also invest the inexpensive means of finding restaurant advertising. Business cards, flyers, brochures, and postcards can also be used to expand the number of customers a business receives.

About the Author

Please visit these links for more information on Special Considerations For Retail Businesses and this link for information on Marketing And Advertising For A Small Business

1. Mission and Objective

What is the overall purpose for your business? Your answer should be detailed, specific, meaningful and measurable. To say “make a lot of money” is not an objective. To say “consistently exploit advantage X to create Y amount of value by date Z” is better. A good objective will be realistic, but ambitious. It will focus your attention and push you to take reasonable risks. It specifically defines what “success” looks like. Although the world of small business is constantly changing, with new opportunities and new threats all the time, your mission should provide a solid, consistent framework. Within that framework, you will plan, strategize, innovate and execute in a changing marketplace.

2. Strategy

How will you attain your objective? What fundamental rules or method will you use? That is your strategy. Strategy is a long term approach that underlies all of your short term actions, in the service of your objective or mission. A good strategy, like a good objective, will be detailed. It should be detailed enough to provide answers to a variety of important questions that you will encounter. But it should be general enough to only change occasionally. What major tools, methodology or resources will help to achieve your goal? What kinds of advantages, characteristics or unique qualities will allow you to stand out from the competition? These kinds of questions will help you develop a strong strategy.

3. Tactics

Tactics are the short term, day-to-day and week-to-week measures taken to support the strategy. Good tactical decisions allow you to compete more effectively. Tactics are inspired by two types of sources–internal and external. Internally-inspired tactics come from new initiatives and new projects that you think will help to further success. Externally-derived tactics are responses to short term changes in the marketplace, in the overall economy, feedback from customers or new moves by competitors. Success requires flexibility. Flexibility is what good tactical decisions are all about. By staying flexible and responsive to both internal and external developments, small businesses can find success consistently.

This is particularly true when you find yourself trying to work on the on-line environment. Competition is at an all time high and its vital that you lay the foundation needed to get a strong start. This is why it is crucial for any business trying to enter the on-line environment to create small business plans so that they can establish a strong start. This will start with creating a quality site that best represents your company, not only to sell your products but also attract your consumers.

Following the generation of your on-line site, the next step that ought to be addressed in your small business plans is found with marketing. Marketing is crucial in any industry and the high competition levels that are found online make it extremely difficult to find financial success.

For this reason, its important to discover what your best marketing options are and how they can work in your small business plans. One of the latest ways offering a successful marketing strategy is found with the possibility surrounding social media management. This style of marketing utilizes the tools of social media to provide businesses with the newest possibility to reach consumers within their own venues of renowned communication.

When businesses started to institute on-line branches into their small business plans, huge success was found tapping into the global environment of the internet. As competition increased more businesses were required to find new marketing opportunities to contact clients directly through the direct marketing possibilities of e-mail.

Next, companies looked towards the possibilities that were available with marketing on the websites their clients frequently visited to further advance their small business plans in marketing. Now that these resources are being accessed by most businesses, a lot more companies are searching for the next step of marketing prospective in business.

You can discover the next step when you start to use the resources of social media management. On-line communications have greatly advanced the direct marketing opportunity. As phones start to accept a higher level of technology and the internet becomes extremely portable, a social media management opportunity begins to reveal itself as the next level of marketing.

Social media outlets receive high levels of customer traffic for private use and informational use. When a company embraces this new possibility for marketing, they are reaching out to their clients and finding them, rather than relying on clients to find their business with traditional on-line marketing.

With this step you’ll start to lay the basis for online expansion where customers can head to to obtain information, peruse your various goods or services, and make purchases given you operate an effective site. Following the development of your new on-line home, the next step in on-line small business start up relates to defining your marketing and how you wish to implement it in the aim to attract clients.

There are several avenues of pursuit available to a business looking to include effective marketing into the small business start up. Most businesses have embraced the creative possibilities that are available with direct e-mail marketing, though consumer information is required to utilize this possibility.

Other businesses turn to target marketing where a business will advertise on websites that are relevant to their client’s interests and also advertise on other websites which are related to their own business. More businesses are starting to embrace the idea of social media management in their small business strategy in an attempt to keep up with the varying times of customer interest.

For some the idea of social media management is a foreign idea as they proceed to embrace what could now be defined as the more conventional form of online marketing. It is important for every business trying to compete online to understand that their chosen market is continuously changing and greatest success could be achieved when you incorporate new ideas into your small business strategy.

Take the impact of website videos on the marketing atmosphere. The original generation of the website featured businesses posting vast quantities of written information on web pages where customers were required to read to discover new information. When viral success of videos was established it was the businesses who embraced this marketing advancement first that found the greatest amount of success.

Social media management represents an amazing opportunity for any company that is trying to take advantage of the next phase of marketing advancement. New networks are continuously being developed and as clients flock to the communication opportunities, few businesses are truly embracing an efficient marketing strategy. Whether you’re looking to embrace the phone advancements such as Twitter or seeking on-line networking such as Facebook, using a social media management plan in your small business strategy is an effective step in the right direction. Its vital to reveal however that a poorly managed social media management plan could even be harmful to a business.

In addition to filling out the 7a SBA loan application, you will also be required to present your lender with a business plan that explains what you intend to do with the loan funds, the anticipated financial results of your business, and what service/product your company offers. According to SBA lending professionals and experts, your business plan is about 33% of the ultimate decision of whether or not to lend to a small business.

As we have discussed in other articles, if you have having trouble developing your business plan then you may need to hire a business plan consultant that can assist you with this process. This is especially important if your small business operations on a more local basis as local demographic research, local competitive analyses, and local economic analyses will need to be completed. Banks and finance companies, given the current economic climate, now always verify the information in full on any given loan submission document including the business plan and formal loan application.

There is no wrong or right way to write a business plan. However, any business plan that you create should have the following components according to the SBA:

A detailed executive summary
An overview of the Owner(s) of the business.
The anticipated financial results for the business over a three year period.
Usage of 7a SBA loan funds.
Personnel overview and an overview of the corporate organization
A highly detailed marketing plan
A description of the products/services that are selling to the general public.
Previous operating history (if available)

In the even that you are seeking to acquire an already established company then you should have that business owner provide you with all of the necessary financial documentation related to the previous operations of the business so that it can be put into your business plan. A certified public accountant will be able to do this for you if you are unable to do so on your own.

“A research study shows that entrepreneurs managing small businesses in Pakistan consider formal business planning a mere wastage of their precious time.”
Do you agree or disagree, support your argument with solid reasons.

(Your answers must be brief)

How to Write a Business Plan that Works!

If you are a new start up business operator then you should have already completed our Feasibility Study which you can grab by visiting our website and you have determined that your new business idea is in fact a viable business venture…Congratulations! Now we carry what you have found throughout your Feasibility Study and move that information into a plan that is going to work for you, every day in helping your drive your business forward towards a profitable success.

If you are a current business owner and you feel you may have lost your direction or you are lacking the ability to drive your business forward, then our business plan is going to change all of that and hand you back the reigns to your business! You will take this plan and implement it and immediately notice results easing the pressure on you as a manager and helping you see the light at the end of that tunnel.

So why do we do a business plan?

Usually if you require funding for your business you are going to need a business plan to prove that you are going to spend the banks money in a way that they see is planned, fair and organised. You must prove that you know where you are heading, in great detail.

However the real reason every business owner must operate with a plan is because without one you are simply treading water. I know you are groaning at me right now because you believe all of your wonderful ideas are up there somewhere in your head and you believe that you are somehow implementing those ideas into your business everyday. Chances are if you are reading this article, that you have realised that ideas in head = confused business operator who cannot grow and drive their business forward.

We do a business plan so that day in day out we have one very important thing; Clear Direction.

Clear Direction = Profitable Business.

Simple.

Let’s take a look at what your plan should include. We will then discuss how to implement it. It’s dead simple.

Step 1 – What are the Primary Objectives of Your Business

The Primary Objective Section is simply a short paragraph that outlines your overall intention for the business, or your mission statement. Do not fluff or overdo your mission statement. Keep it clear, short and concise. All you are doing here is stating exactly what it is you intend to do.

Step 2 – The Summary of Your Plan

In a nutshell, describe each section of your business so that it is clear in your mind just how this business will run.

The Concept – Where has your idea come from and what do customer need do you intend to fill by starting this business? The Product and Service – What do you intend to produce and supply and briefly how you to intend to do this? Market Research – What has your market research revealed? Is there a dire need for your product and service and how will your product or service fulfil that need? What will you do that your competitors are not? Marketing Strategy – What strategies are you going to outline in your plan that can demonstrate how you will reach your customers? Funding - What will the initial funding be and where will it come from? What other funds do you have to pay for the first year of expenses and what earnings do you expect to see within the first 12 months of operation.

Step 3 – Brief Description of Your Business

This is where you:

Describe the core activities of your business? Business name and details? The current position of the business; new or established? Where will the business be located/where is it already located? Where the business will be in 2 and 5 years? What Structure have you chosen and why?

Step 4 – SWOT Analysis

Strengths, Weaknesses, Opportunities and Threats?

This is where you outline your strengths and weaknesses as a business and opportunities and threats outside the business. Under each heading, use bullet points to outline your advantages and disadvantages and be completely honest; especially when considering your weaknesses as a business or individual and what will threaten your business. Only by being honest in these areas can you identify which areas of your management ability and the business requires the most attention.

Step 5 – Analyse Your Market

It is essential to show that there is a sound customer base for the business or that you get to know your customers better than they know themselves. Provide a description of the market in terms of the following:

• Who are the customers?

• What is their geographical location?

• How many customers are there in this location?

• What is their purchasing power?

• How are they accessed?

• What is the stability of the market and expected growth (or decline)?

• What are the seasonal trends?

• What influences the customers?

• What is the price sensitivity?

• What is the competitive edge?

How have you determined this knowledge? What proof do you have to support your research? Be thorough here and provide proof of your findings.

Step 6 – Marketing Strategies

How do you intend to market your business both offline and online?

Break your marketing strategies into the following sections and bullet point your answers:

Customer Service Promotional Literature Advertising Location Website Online Advertising Unique Selling Position/Competitive Advantage

The BusiWizard ebooks can help you master this field.

Step 7 – Sales and Production Targets/Working Capital

In a dollar value and product amount, what do you intend to sell each month/year and how are you going to fund your working capital each week/month until you are paid? You must be able to outline where your funds are coming from to fund a service (if need be) until you are paid.

Outline in words how you intend to do this by breaking down your estimated profit per month and your estimated working capital requirements. Also determine how you will pay for your operating and advertising costs until you begin to see profit.

If your business is already operating, outline how you are doing this currently.

Step 8 – Business Growth and Development

How do you intend to grow your business? How will you increase your sales, optimise the use of the business infrastructure that you have created?

How will you improve and become more efficient? What management skills do you have to be able to do this and how do you intend to do it step by step?

This is the most crucial part of your plan as this will determine whether your business grows with market trends and whether you have the ability to consistently give your customer what they want as your customer base grows and as you grow busier, prove how you are going to continue to drive your business forward whilst still running it each day?

What systems and structure will you have in place to do this?

Be very, very specific throughout this section and break it into the following areas:

Management Processes; what account and customer management processes will be in place to ensure the business runs smoothly?

Financial Position; how will you monitor your financial position? What percentage of your profits will you allow to grow the business?

Products and Services; How will you continue to monitor your products and services compared to that of your competitors?

Marketing and Advertising; What marketing and advertising will you use to ensure your business grows?

Step 9 – Production

Provide an outline of how the products and services will be produced:

• The skills, qualifications and experience of the proprietors

• The equipment required

• Sources of raw materials

• Subcontracting

• Technical requirements

• Personnel

Step 10 – Financial Requirements

It is vital to assess total funds required to set up a business and cover its operating costs until it becomes profitable. At first glance, it may appear that all that is required is stock, basic fixtures and perhaps the first month’s rent. However, there are many other costs and expenses in starting a business and you should consider every possible expense.

Above you have already outlined in words what kind of profit you intend to see, what type of funding you are going to acquire and how. Now you are simply going to pinpoint what your exact expenses will be and whether your funds will support your expenditure.

Our ‘Pull Out Business Template’ supplied with a video tutorial in our Ebooks cover this section in great detail so be sure to grab yourself the course if you require further assistance fleshing out the following areas of expense.

Pre Business Costs Initial Costs Capital Costs Possible Direct/Renovation Costs Possible Overhead Expenses for the First Year

Step 11 – Projected Profit and Loss/Cashflow

Now that you have outlined your expenses, you can project your profit for each month of the year and establish your profit or loss…

When estimating your profit, it is important to be realistic about what you are going to sell. Work on minimal figures to be safe. For example, if you are an electrician and you are starting a new business. You may estimate an average of two small jobs per week for the first 2 months and then build your job list from there. You would estimate the profit received from those jobs and this will become your profit projection for each month and for a whole year.

To calculate your projected profit and loss simply add all outgoings for the first year to establish your required capital (this will include all direct or initial set up costs). Subtract your outgoings from your incomings and there you have your estimated profit or loss. When costing your products or services be sure to include your profit in the price so that the business is sure to stay afloat. To establish what your bottom line will be, simply take out the estimated profit and there you have the bottom line financials that you must make to stay afloat.

It is possible that for the first year you will have a loss so you will need to determine how you are going to fund your business until you begin to see profit.

Factor into your monthly profit or loss statement that your business will require cash flow. Cash flow shortages can arise from customers not paying on time or from an over order of stock etc so you must understand that your projection is simply that, a projection. Allow a certain amount of profit or funds to be available for business cash flow. Talk to your accountant or book keeper to certify what kind of cash flow you will require and to double check that your estimated figures are realistic estimates.

To grab yourself a free profit and loss projection form googling Microsoft Templates and searching for a P and L Projection.

Step 12 – Personnel

The proprietors and staff are the most important resource of a small business and good arrangements between the business and its personnel is necessary to ensure the success of a business, especially in the long term. The following matters need to be considered:

• Arrangements between the proprietors?

• Involvement of family members?

• Assessment of staff and subcontractors’ performance?

• Contribution of staff to the development and implementation of business plans?

• Training programs?

Step 13 – Administration

What records do you have to keep and how are you going to keep them?

Some items to consider may be:

• Cash book

• Receipt book

• Invoices, received and sent

• Bank deposits and statements

• Petty cash expenditure

• Wage, WorkCover, superannuation, long service leave records, and employee details

• Capital assets register

• Materials purchased and allocated to each job or temporarily as floating stock

• Contact details of all enquirers, existing clients, suppliers and subcontractors

• Individual job records showing progress

• Job estimates

Provide a detailed summary as to what type of account, customer relationship management and office organisation system you intend to use.

Outline your experience in using these types of systems and if none, outline personnel who will be hired to undertake the job for you or training that you will undertake to ensure you can manage the administration side of your business.

Wow, that is your plan complete!

I know what you are thinking… You are cringing at the thought of putting a document like that together. But here’s the good news. It doesn’t have to be long and complicated, it can be 3 pages long if you stick to the important information and keep it clear and simple.

Now, how do we implement it into everyday business life?

This is the really easy part. Gab a white board and a diary and plan ahead every month including everything from your plan you decided to work on for the whole year. Yes this requires effort, but once you begin to start using your plan everyday by taking what you set out to do and sticking it right under your own nose everyday it will become like second nature and yo will start to see your processes streamlined as your business continues to grow with ease.

You have outlined in your plan your marketing principles, your projections for profit, your management and structural processes and much more. Now take that information and decide for the first 3 months what you are going to achieve. Tick it off as you go. Now for the next three months repeat the process ensuring that you are taking on more marketing and systemising your business as you go. This is how you drive yourself forward. Allow time to implement and take responsibility for your plan.

The only way to implement your plan is to do just that. Take it, read it, write it down on your weekly to do lists and actually start physically implementing it!

So off you go, right now write your plan and start implementing it immediately.

Don’t forget our comprehensive Ebooks cover everything from planning to management and marketing for small business operators just like you. A Step By Step Guide that is absolutely packed with resources, useful information, templates, tutorials and more to walk you through your daily journey as a business manager. It will save you hours of time, oodles of cash and give you the freedom you deserve to have as a business owner. Best Wishes!

Heidi Shannon

Gone are the days when it was all about how much money you could bring to the table. It used to be that small businesses couldn’t afford to get in the same playing field with the big boys. Now it’s not like that.

Yes it does take some money to market online, but it is now more about the tactics that you use and not the money that you have. It doesn’t require an extravagant amount of money to competently market on the internet and get your website ranked right next to that of a large business competitor.

As a small business owner you just have to believe that you are in the same league with these big companies. If you spend the money that you do have wisely it can grow your small business to heights that you never imagined.

The essential task that you can complete for your business is to learn all that you can about search engines and page rankings. Research what you need to accomplish in order to increase your rankings and then get started. Write the articles, do the blogging, form the relationships necessary, learn effective SEO; anything to help you market your business.

I’m not saying that it is going to be easy, but what I really want to convey to you is that it is realistic to grow your small business and compete with the big boys. Locate your niche, learn what your target market is and dominate it. Work with what you can manage and not with what you feel you can’t handle. As a small business owner there is such an opportunity for you to grow.

Look for the weaknesses in the large companies because they are there and will end up being pretty obvious to you. If a larger company in your niche is falling short in one area then you can boost that area of your business. This will allow you to furnish something to the customer that the big guys can’t. It may be that final piece to the puzzle to give you the advantage that you need to get ahead.

As a small business owner you are empowered and ready to take on the big companies. With the state of the online business industry right now it really is possible to make your mark and experience exponential growth in your small business.

This is especially true if you can find a proven automated marketing system that you can employ from the the comforts of your own home to create a six-figure income all online.

Also, where and how do I go about looking into getting state/national grants for small business…I’d thought of small business loans, but my credit is not that great.

http://www.businessplandirectory.net/

Twelve things to do when writing your business plan:

Create a framework for the plan e.g. table of contents. Identify possible appendices, attachments etc. Estimate page lengths for each key section. List main issues and topics to be covered within key sections. Assign work programs based on the framework and lists. Draft all key sections in a logical sequence. Check the preliminary draft for completeness and plug gaps. Stand back and take a detached overview of the draft. Let an outsider or adviser critique the latest draft. Redraft, fine tune and spell check. Write the executive summary and plan’s conclusion. Get an independent assessment of the final draft.

Of crucial use to small businesses are credit card services and small business loans. The entrepreneur needs to know how to avail of these tools and how to effectively wield them for maximum business growth.

Credit Card Services

A small business would do well to get reputable credit card services in order to prosper in the current business climate. Availing of credit card services will enable it to accept both credit card and debit card payments. This is true either for brick-and-mortar businesses or internet based online businesses. After all, most consumers nowadays routinely use credit cards or debit cards for payment purposes. It only makes good business sense to be well-equipped for the needs of credit card users and debit card users as well as for the needs of customers who pay in cash.

Merchant services provide credit card services covering a wide range of solutions for the processing of credit cards and debit cards as payment options. These credit card services include traditional terminal equipment at point of sale, where credit cards or debit cards are swiped. It also includes software and high speed IP solutions for both traditional commerce and e-commerce. Credit card and debit card payments can, therefore, be accepted in person or through the internet, by phone or by fax.     

Small Business Loans

Any business – whether a small start-up business, a medium-scaled one or a big business company – will be needing an infusion of additional capital sooner or later. Additional capital is always needed for expansion, additional inventory, additional manpower, new systems, new equipment or a new physical layout.

Capital is not always easy to come by, though. The original investors’ personal coffers may have been emptied by the earlier outlays. Prospective investors may not be keen on shelling out funds in times of crisis. Businesses, therefore, have no choice but to seek business loans.

Getting business loans is a difficult process. Even small business loans are not readily approved. Be prepared to present a lot of documentation and paperwork. For small business loans, the proprietor’s personal credit history is taken into account and related references need to be submitted. Of course, the company’s financial statements are just as important in proving the feasibility of the business and its capacity to repay its business loans. Having a detailed business plan will show your business strategies and projections, demonstrating your business acumen.

Unfortunately, even with all the requirements completed, applications for business loans – including small business loans – are, more often than not, disapproved.

Solutions

Some merchant services provide a comprehensive solution for the needs of small businesses in relation to credit card services and small business loans. The set up is elegantly simple. A small business need only avail of the company’s credit card services to be eligible for merchant cash advances. These cash advances are actually small business loans, except that there is no need to go through the complicated application process for business loans. Repayment is made very easy and worry-free, too. A certain small percentage is built into the credit card processing rates to take care of the advances. This way, repayment is actually done automatically in a very affordable manner and according to income flow.

Small business owners would, indeed, be wise to look into these timely business solutions.

1. Research the need for your product or service. If there are already 8 dry cleaning services in your town of 1,200 people, chances are your dry cleaning business will not succeed. If you are still determined to open your business when the demand isn’t great, consider adding some creative or innovative products or services that the competition doesn’t offer. Look into your local small business service centre for information on demand in your industry. Knowing that a service is in demand will give you the extra confidence that your business has potential.

2. Once you have decided that your business venture is viable, surround yourself with positive people. An encouraging word from a friend or family member can go a long way. Confidence and positivity go hand in hand. Conversely, negative thoughts bring self-doubt, and self-doubt almost certainly leads to failure. If someone in your life is negative concerning your business, try to discuss it with them as little as possible. This doesn’t mean don’t talk to them, just stay away from the subject of your business. Talk about your business and ideas with positive people only. This will help to leave you feeling excited at the end of your conversation instead of defeated.

3. Stay involved in the lives of your family and friends. Starting a new business can be all encompassing. It takes over your thoughts sometimes night and day. Don’t forget to put things into perspective. The most important things in life are your friends and family. Don’t neglect them. You need to have a healthy balance between work and family and friends in order to be happy in your life. Remember your ultimate goal is happiness in the end. If you are not happy, then what is it all for?

4. Read as many books as you can find. Read books on your industry, opening a business in this industry and business in general. Many online bookstores allow you to read reviews of books before buying them. These reviews will most likely be from people like yourself, looking for the same kind of information as you are. They will let you know if the book is worth purchasing. Learning as much as you possibly can about your industry and opening a business, is a sure way to gain confidence.

5. Get involved. Join trade associations if they exist for your industry. The advice and insight you will receive from the individuals already working in your field can be even more valuable than the information you can read in a book.

6. Don’t listen to the inner negative voice. Self doubt and fear of failure are what stops many would-be entrepreneurs from realizing their dreams. Whenever you realize that your inner dialogue is turning negative, change it immediately. You control your thoughts. Positive thinking is a powerful tool that will most certainly contribute to your success.

7. Love what you do. If you are planning on opening a home cleaning service, but can’t stand cleaning your own home, you are in all likelihood doomed to failure. Choose something that excites you and that you feel passionate about. You need to feel motivated in order to continue growing your business in the years to come.

Remember what your goal is and stay focused on that. Don’t let fear of failure defeat you. Regrets are one thing you certainly don’t want in life. Once you’ve researched your venture and know it has potential, keep the next steps in mind. Learn, stay positive and enjoy this exciting phase of your life. Good luck.

The heart of any useful business plan – and any plan that attracts financing and partners, is the financial projections section. Most important to those projections are the assumptions used.

TIP 1: BE CAREFUL ON ASSUMPTIONS

The core of any usable business plan, and also any plan that is created in order to find financing or partners, are the financial projections. Then, most important to those projections are the assumptions used to create these projections.

Are the assumptions understandable? If you’ve written your business plan because you’re looking for an investor or lender, don’t assume that the reader can understand your business plan assumptions. By the time you are finished with your projections, you will be very familiar with the assumptions you used to construct your financial models. A first time reader of your business plan will not. Are you certain that you made it easy to follow your logic? It’s better to explain a little more than you have to, than not explain enough.

The best kind of projections are well-rounded ones. Telling the investor that his projected return is 52. 444% is not any more impressive projecting a return of 50%. Many entrepreneurs come down with a bad case of “spurious exactitude” when doing projections. This would be a very contagious disease.

TIP 2: BE CAREFUL WITH “WHIZ BANG” SCENARIOS

Many people think that the more complex their financial models are, and the more “what if” scenarios they concoct, the higher their chances of being funded. A variation of this is the business plan that has projections seemingly for decades. 50 pages of imaginary numbers are not better than 5. Particularly in this age when technology is evolving so quickly, it is impossible to accurately forecast 3 years out, let alone 7.

Concentrate instead on answering these questions: How fast are we going to use the investor’s money, when does the company’s cash flow turn positive, and what margins can this company earn? It is definitely better to KISS (Keep It Simple, Sam) than to try and wow your business plan reader with outlandish scenarios that they will know instantly are not realistic.

TIP 3: THE HARD TRUTH ABOUT BUSINESS PLAN SOFTWARE

There are a number of business plan software packages that sell thousands and thousands of copies. Software can be very helpful in developing financial models and preparing projections. But they are not going to write the narrative sections of the business plan for you, so you may be disappointed in the results you get from using a computer program in building your business plan. How can the programmers of “Super Duper Hot Business Plan Package” or whatever the software is called, possibly know how your plan should look since they have never met you and do not know anything about your company? Software can’t think for you.

Much better would be to learn what you need in your plan and then simply write the plan with the correct information. You can go to Small Business Tool Kit (www.toolkit.com) for an excellent outline. This site is a free Wiki site to all who use it; believe it or not, they are not selling anything! Amazing, huh?

For the average cost of these software packages you could take your family out for dinner, and at least two of them could order dessert. Why not do that instead of wasting you money on one of these software packages that will not really make things any less complicated for you anyway?!

The overall idea here is: Make sure your assumptions are simple and easy to accept, then your financial projections and the example scenarios you create will also impress and inform your business plan readers.

Starting a new online business does not mean that you have to give up your current job. You can set it up doing extra work in your evenings and weekends and keep your income from your current job while the income from your new business grows.

So what do you need to do to maximise the chances of success of your new business?

Find something that you’re either good at or passionate about. Then you need to research and plan properly.

Here are 8 questions – answer them in full for your situation and you’ll have the basis of a sound plan for your business:

1. What are your skills?

Can you teach? Can you write? Can you sell? Are you technically proficient?

2. What do people want to buy? In a recession.

Luxuries and frivolous things are not going to be at the top of people’s shopping lists if they are struggling with the effects of recession. Necessities are.

3. Is there a market?

Is there a demand for it? How much would people be prepared to pay for it? What will affect demand for it (e.g. weather, strikes, competition) and how? How much competition is there? How much is your competition charging?

4. What will the process be?

How are you going to make it? How are you going to market and sell it? How are you going to deliver it? How are you going to get people to pay you for it?

5. What are the dependencies?

What type of premises do you need? Do you need outside suppliers – if so for which parts? Do you need licences – if so what licences? Do you need special equipment? Do you need staff?

6. What are the costs?

Premises, raw materials, suppliers, marketing, delivery, license costs, staff costs, lawyers and accountants, day-to-day operational expenses.

7. How much money can you make?

How much can you sell it for? How many can you sell in a week/month/year? What sales channels will you use? How will you promote it?

8. Do you have sufficient funds?

What are the start-up costs? What are your marketing and promotion costs? How long before you can break even? Where is the funding going to come from?

It doesn’t matter what type of business you’re thinking of, going through that checklist is a good way to make sure you’ve got most things covered.

Use the answers to those questions to create your business plan.

And here’s some good news: if you start an online business many of the items above won’t apply.

With an online, affiliate marketing business, for example, your start up costs would be negligible, your delivery and logistics costs zero, you would have no need for special equipment or premises and no need for separate outside suppliers.

But you still need to develop a plan!

It’s important to remember that, whether your business is online or off-line, it’s still a business.

Don’t be taken in by all the promises of easy money online. It simply isn’t the case – if it was everyone would be doing it!

But, as long as you treat it like a real business, you can make a lot of money online.

There are lots of resources available to help you with developing and promoting your online business – just make sure you pick top quality ones.

And beware (and avoid) the snake oil salesmen: those who promise huge monthly incomes for doing just a few hours work a month.

The business plan will identify your businesses goals, and look at how you can successfully implement processes and procedures to obtain those goals. This will draw on a range of business areas, including accounting, HR, marketing and operations.

How you progress with your business plan can be unique as your business; however the key areas that are usually developed for a business plan are as follows.

o Your organizations background

o Management structure and plans for your business

o Organisational marketing plan

o Operations planning

o Financial planning of the business

o Goals and actions to take with the business

Once you have understood these areas are ready to move forward with your business plan then you can consider how to structure it. This is a straightforward process. For those who are great at the ideas generation, but tend to get stuck on the nitty gritty details, a business template is the perfect option for you.

A template for your business plan will outline the priority information that is required, and whilst you can pay someone to do this for you, there are a number of free templates available. Try doing a quick search of the net and plenty of options come up.

Typically your business focus will dictate the precise contents of your business plan, but getting a basic feel for what is required goes hand in hand with the production of a concise plan, tailored just for your business.

The contents page of your business plan may read something like this.

o Executive Summary

o Organisational Goals

o Management Plan

o Research and Analysis on Target Market

o Marketing Plan

o Operational Planning

o Financial Organisation

o Progress Plans

One of the key areas that you will cover in your business plan is the Executive Summary. Again this can be as individual as your business, but it will need to focus on decisions that need to be made by your organization, and sell the reasons for approval of that course of action.

The final thing that you will need to consider with your business plan is who your target audience is. If you are a large corporation with a number of external stakeholders, such as shareholders and board members, then you will need to prepare your business plan to reflect this. A business plan that targets this audience will often be detailed in its financial analysis and its progress reporting.

If you are a smaller business, or you are self employed then your business plan most likely serves a different purpose. Most likely your business plan is focused on distribution to internal stakeholders. This being the case you will want your plan to focus on goals and progress that needs to be made by the key individuals or departments in the company. An example of this is the strategic business plan, which states internal targets for the organisation, as well as giving information about how to reach the goals laid out in the strategic planning.

Whatever you organisation is involved in, a business plan is a vital document. Even in its simplest form, there is no doubt that having a set of guidelines and goals is a key to ensuring success and progression in your chosen field of business.