Why Bother Making a Plan for Your Business? As Bonnie Drew Suggests, It Can Make a Big Difference in Your Overall Success.
By Bonnie Drew
Part I
It may sound like fun to be a free-wheeling entrepreneur with dollar bills stuffed in your pockets and customers on every street corner, but this haphazard way of doing business rarely succeeds for very long. Sooner or later, you start losing jobs because you can't remember who you promised what or when you're supposed to be where.
Do you remember playing with blocks when you were little? Each kid in the class always tried to build the highest tower of blocks. After a while, you learned that you could build a higher tower if you started with a broader base. Building a business is a lot like building a tower of blocks each block represents a component of the business. The more time and blocks you spend laying the base, the higher you can go toward your goals.
Your business plan is the structure or "base" of the business. Some entrepreneurs think of the business plan as a road map that helps you arrive at a destination. However you like to think of it, the business plan is not just a document that you write. It's a plan that you follow.
These are the purposes of writing a business plan:
1. To get a clearer picture of your business2. To see if your idea will really work
3. To plan details you might overlook
4. To provide structure for operations
5. To set goals
6. To explain your business to others
7. To apply for a loan (if you need one)
So you can see that a business plan can be a valuable tool for your new venture. In the next issue, we'll look at what you should include in your business plan.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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