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Wednesday, February 20, 2008

Do You Need a Business Plan?

I would like to start off this post by saying that another busy week at work has kept me away from the computer but I am now back with a few minutes to do some free blog reviews. I Stumbled upon 99 Bloggers Community Blog today and checked out their article on 10 Critical Steps to Writing a Business Plan. Although I have a business that is expanding faster than I had imagined, I have never really taken time to write a business plan. This does not mean that I would recommend not writing one to any person that is interested in starting their own business,on the contrary, I highly recommend writing one. Business Plans give you something to focus on and give potential investors an idea that your start-up has been well thought out. Nobody wants to invest in an idea no matter how good without first knowing how they will be able to see a return on that investment. Getting back to the review, the article was well written and brought out some good points. The site has an overall simple design that is easy on the eyes and no problem to navigate. The site is a community project of sorts where the community acts as a large group of posters. I found this idea to be nice as you never know what the next post will be pertaining to. To join the 99 Bloggers Community Blog simply click here and follow instructions.

3 comments:

Snowlark said...

Great question - and my answer is, depends. Knowing what your company is going to do, and how you want to get there, does not have to be in a business plan. And, sometimes, VCs tell ya to hit the road if you walk in with one - especially if you show one that puts you in the black outta the gate. :)

Cool post ... as I'm in the funding stages of my new company.

Take care,


Steve

Roland Varduhn said...

Like snowlark said, it depends. I think it's always a good idea to start, even a smaller project, with a (business) plan.

It will help you to get focused. And if it's written down your project or business starts to manifest and it's not just an idea in your head.

Free resource: http://www.myownbusiness.org/

Go for it ;-)
coachroland

Anonymous said...

Business plans are indeed vital in establishing a company. It serves as an outline on what strategy to follow regarding the business operation. This also includes some form of planning on the legal aspects.

Los Angeles Lawyers