Starting a Business: Business Plan

Category : Musings & Thoughts, Starting a Business · No Comments · by October 14, 2014

SAB_Business_Plan

So you have a BRILLIANT idea that just HAS to be done….I know that feeling very well. That moment where you realize that you have a great product or service that you’d like to sell. Your cupcakes are legendary and all your friends and family have hinted that you could make a killing if you sold them. You’ve bounced the idea off of everyone you know and trust and they all agree that you have a winner?

Fantastic! All credit to you for developing a product or service that could create a sustainable income…who knows, even a profit.

But how do you know that it is a product/service that could potentially earn you billions?

Writing a Business Plan

I highly recommend starting with a business plan. Yes, it’s tedious and somewhat deflating…but it’s the theory that will streamline your offering and prove that your business idea is potentially viable.

There are two types of business plans that you could write:

  1. A formal business plan to supply to investors (private, banks, etc), or
  2. An informal business plan to guide YOU through the process of understanding how your business will operate

Free Business Plan Templates

The web is filled with many tools to inform and aid you in starting your business. Here are two rather pleasant options that I suggest:

  • The Business Owl has collated a few sample business plans for various industries. The site is cheerful and easy to navigate. It contains sample information which makes it easier to understand and replace with your own information.
  • Enloop –  a non South African, custom business plan generator. They allow you to set South Africa as your country, calculate a forecast in Rands, share contacts and add a company logo. It also assigns points to the amount of information you input, which gives you a general tally of how complete your business plan is looking. It guides you step by step through the process, prompting you for information. I have to say, if this was available when I started writing my business plan 8 years ago…the Financial Information alone is enough to convince me that this site is worth a try.

SEDA mention an important tip:

Planning is important, but don’t become stuck in planning mode.

I feel this tip defines those who become entrepreneur’s vs. those who only dream of becoming an entrepreneur. Dream it, plan it, but ultimately, get up and do it.

Stay tuned for the next chapter on Starting a Business – Creating aBrand.



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