Why a Business Plan?

Many believe that when establishing an online business setting up a business plan is optional. This isn't true and if continue to believe this way many it could lead to a path of destruction.

There is no need for a business plan since I am not answering to a boss; I'm working for myself so why would I need one? Would you go on a trip without a plan? Would you get married without a plan? Plans are a necessity with everything we do. Business plans will help you get and stay focused. While developing your business plan this will give you an opportunity to think through all aspects of your business and will guide you too success.

It will be necessary to invest in expensive software to establish a solid business plan. Of course software could help but is not necessary.

Hiring a consultant to help establish a solid business plan is the only way to be successful. You should have an idea of how you want your business to run if not all the consultants in the world won't help. It would be more beneficial to you and your business to find a coach or mentor to help guide you through the learning process, rather than hiring a consultant to do things for you.

Everything needs to be set up perfect before getting started. If you wait that long you may never start. Fix it as you go. Just make sure the major points are as good as they can be.

Once my business plan is developed I must follow it exactly or my business will fail. Sometimes detours or changes can be beneficial to your long term plan. Don’t sweat the small stuff.

My business plan must be typed, at least 50 pages long with a professional looking cover. You can write it on the wall as long as you can understand it and access it when needed.

The only reason I would need a business plan is if I'm getting a loan. With or without a loan you are still investing money into the business. Wouldn't you want to have a solid direction for your business and your investment? Make sure your business plan includes a solid budget.

Your business plan doesn't need to be something in writing; like mentioned above it can be written on a wall but you will need it written down. Many think that if they have a plan in there head they can move forward. Honesty will you remember it?

All advice comes from my friends and family to have a successful business. Think about this; could a city man tell a farmer how to run his farm? Your friends and family maybe great advisers if they are currently running a successful business. Keep in mind your business many be completely different and the advice they are giving may be meaningless for your business. Take advice from whomever you can gather valid points to use for your business. Remember that it is advice!

The bottom line; is it is very important to have a plan prior to starting your online business with a solid budget. Once you have established the plan remember you can make modifications and changes as your business grows. Never turn down advice but don't rely on only a few to give the advice.