Adrian Newman’s latest ‘e-Wealth Daily’ article in ‘Weekend Success Bulletin’ is titled “Every Great Business Starts with a Plan”. [Adrian Newman’s Article]

Adrian Newman’s latest ‘e-Wealth Daily’ article:

Every Great Business Starts with a Plan

Yesterday, I was chatting on the phone with one of my readers. He was a really nice guy who had told me that he had come up empty when approaching angel investors. I asked him if it was because of his business plan. He told me he never gave them a business plan.

Well, go figure, I told him.

This is one of the most common problems with those looking for money for their business: they don’t have a plan to give to potential investors. And remember, angel investors are investors, not charities, and they’re looking for a return on their investment.

How can you expect to get the most out of your business without a plan? Not to mention that if you are in need of financing, which is probably the case for most people, then how are you going to express to a lender that your business has potential if you don’t have a solid business plan?

I know it seems like a big hassle, but believe me, it can make the difference between getting financing or not. Without a plan, you might as well start flipping through the classified ads, because you won’t be able to start your own business.

Think about various professionals; they all use plans on a regular basis. Coaches, architects, surgeons, and even military generals all use a plan of some sort. Business is no different. You need to strategize and determine the best possible means of succeeding and a business plan will help you do just that.

A business plan to an entrepreneur is just as important as blueprints are to an architect. Both start from the foundation, then focus on the structure, and finally determine risks and solutions. Just as an architect’s blueprints show how much it will cost to build and what the building will look like upon completion, a business plan helps an entrepreneur see every aspect of their business.

Most lenders these days require a detailed business plan before they even consider giving financing to a small business owner. So you’re going to need to tackle this task sooner or later. The good news is that it’s really not a complicated process and it can be very helpful to you as well. In terms of setting your goals and really examining your business, a plan can help you see what you need to do in order to be successful and how you can avoid failure.

A business plan consists of variations of the following points. Keep in mind that there are many ways to go about constructing a business plan, but this should give you a general
idea of what to include.

You are going to need:

— An Executive Summary: This will outline your plan.

— A Business Overview: This introduces the business and will show how the different elements of your business fit together.

— A Description of Products/Services: A detailed and accurate description of what your business will bring to the table in terms of uniqueness and innovation.

— A Market Analysis: This is a description of the industry, your competition, where the industry will be in the future, and your target market and how you will reach them.

— A Marketing and Sales Section: This section will summarize promotion, pricing, growth potential, and distribution strategies.

— An Operations and Management Section: A description of who will do what and how management will be structured.

— A Financial Plan: This is the section that lenders are going to focus on the most. Include what you have, what you need, what you will need in the future (long and short term), business
expenses, insurance costs, how the funds will be utilized, salaries, a marketing budget, etc.

Don’t forget to present your plan professionally. The appendix could include letters of reference, resumes, legal documents, product photographs, licenses, permits, patents, etc. As well,
don’t be afraid to include a section that presents your potential risks. This is good, as it shows that you have thought everything through and that you have a plan in place in order to
avoid disaster.

Also keep in mind that the plan is there for you to actually use when starting up your business. Use it as a tool to keep you structured and focused. Update your plan periodically as your
business changes. Believe me; being organized and focused on a goal makes it a lot easier to reach.

Here are some useful resources to aid you in putting together a great business plan:

U.S. Small Business Administration (http://www.sba.gov)
Biz Planit.com (http://www.bizplanit.com)
Center for Business Planning (http://www.businessplans.org)

Sincerely,
Adrian Newman
Founder, e-Wealth Daily
http://www.ewealthdaily.com

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin andwww.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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