Who Needs A Business Plan?

March 23, 2007 on 2:41 pm | In Getting Started | Comments Off

So many folks ask us how to go about getting a government contract, but for many of them they have not even thought through what it takes to even run a business yet alone manage a government contract. As a result we spend a lot of time mentoring entrepreneurs on how to get their business started before we even start talking about government contracts.

Anyone who wants to be their own boss should have a business plan. And not jst “anyone” but EVERYONE! There are no exceptions. What kind of business you plan to have will determine how detailed of a plan you might need, but regardless, everyone needs a business plan.

How do you go about doing that. You could go to the bookstore and get any of about 100 books on the subject. You can also go online and find a great number of resources and templates that will help you. Any of those might work, but before you begin you should do two things. First, you should sit down with your computer (or pen and paper, or whatever you use to record your thoughts) and just start writing. Write whatever things you think are important about your business. What do you plan to sell? Is is a good or a service? Where will you find suppliers? Will you do any manufacturing yourself? Will you be importing? How big will your company be? What amount of money do you need to get started? How much will you need to maintain your operations? There are countless other questions you might think about, but just get started! You can organize these thoughts into categories later. For now – just start writing.

 The second question you need to answer is – why am I writing this plan? Am I looking for a bank loan? Do I need an angel investor or a VC firm? Is my plan just to help me organize my thoughts? Plans take a different shape depending on what there purpose might be.

 So these are the first two question sto answer for your self and a couple steps to get started. Watch for more on getting your business started and then seeking government contracts.

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