Many people who start a small or home-based business never take the time to write out a business plan. That is a big mistake, as a business plan can greatly increase your chances of success. The following are some reasons why every business needs to put a business plan into writing.
What Is A Business Plan
A business plan maps out your future. If you have decided you are ready to start a business, your first step should be to write out your plans for what you want to do with the business and where you see the business going in the future.
If You Fail To Plan, You Plan To Fail
You have probably heard the old saying, “If you fail to plan, you plan to fail.” That is very true when it comes to your business. The more planning you do in the beginning, the greater success you will see in the future.
If you decide to take your home business to the next level, a business plan can help you secure financing. A financial institution will want to see, in writing, the reasons that they should loan you money. Simply walking in and telling them why you know you’ll be a success isn’t good enough.
However, if you can hand your lender a document that states your business idea, your business goals, a list of steps you plan to take in order to reach your goals, as well as your estimated earnings, you will be seen as a professional and the lender will take you more seriously.
No Plan – No Action
Your business plan will also help you determine your action plan. Your action plan consists of the steps you plan on taking in order to achieve your goals. This is another task that people usually sidestep. Instead of “just kind of knowing” or “having the ideas in your head”, you should take the time to put them on paper.
The reason this part of the business plan is so important is that it literally walks you from point A to point B. While your business plan, in general, serves a map, your action plan is the “turn-by-turn directions.”
The Better Half Will Know
Having a business plan to present to your spouse can also help your spouse realise your business idea is more than just a passing amusement. This can really help you, especially if your spouse is skeptical. Your spouse can see that you are serious and will become more helpful and more encouraging. Having the support of your spouse can really motivate you and help you find success.
Your Next Step
Contact us to discuss how we can help you to
- How to write a Business Plan
- How to translate your Business Plan into Action
- Learn how to execute and achieve the Business Plan and
- How to keep your spouse happy while building and running your business.
Why don’t you attend our Peak Performance Workshops, where we will join you on a new journey to become the always achieving superstar, who will be the envy of everyone else.
As a bonus we would like you to take action and download our free Action Plan for achieving a successful Work-Life Balance. It’s free and gives you the competitive advantage over others who seem to struggle each and every day by being busy and not achieving, by working long hours and missing out on life – your spouse will be more than grateful. With the right goals and action plan, you will become that superstar! Your journey could start with this action plan.