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Starting Up A New Business

Most people have a vision, and they see the creation of a business or organization as a means to manifest their vision. But many people have a difficult time articulating their plans.

Self Assessment Tool

While this section - the Self Assessment Tool - is not essential in a Business Plan, you may find the self-insight to be invaluable. You may discover you have marketable strengths that you hadn't thought of before, or you may decide that you need to do more background work before launching a business.Combined with a well-written and researched Business Plan, this is a tool that may make the difference between financial prosperity, or financial disaster.

1. Summarize your autobiography. Review all facets of your past career, including hobbies. Review personal relationships and free time entertainment.

2. List areas of special interest & knowledge.

3. List skills.

4. List talents

5. Attributes

6. List all skills and attributes you lack. Define which ones you can improve, how, and how long it would take to get there (and cost).

7. Of skills and attributes you cannot improve, list how they will affect business and solutions for dealing with the lack.

8. List the 10 top projects you want to do and write up in detail, and WHY - get emotional. Identify the projects that make you feel a sense of joy and passion, then focus on those. Successful business owners are passionate about their work.

Who are your Customers?

9. Identify potential clients and customers. Why will they want your product or services? What needs do they have, and what makes you unique in filling those needs?

10. Imagine your personal life in the future. What do you want it to be like, how does it look, feel sound, smell? Spiritually, financially, socially, and personally. What do you want for yourself and your family - what kind of hours are you willing to work?

11. Project how you want to operate your business. List the important stages and time frames of your business over the next one, three and five years.

Building your Business Plan

A Business Plan is a valuable tool to clarify your ideas, to identify your goals, and to create a roadmap on how to achieve success. If you plan on asking lending institutions for money, or applying for non-profit status, the Business Plan is mandatory. The more time you spend up front clarifying your Mission, Goals, Objectives, and Strategies, the quicker you will be able to determine which of your plans fit within the scope of your vision.

If you've been in business for a while but feel that your business isn't as successful as you would like, better late than never! By taking the time to write a business plan you will begin to see how you can define your marketing niche and become more focused. Associations and non-profit organizations also benefit from this tool. If you do not operate a non-profit as if it were a "for profit" business, you won't be around long enough to provide the services that motivated your organization to form in the first place. Even if you run a home-based business, you will still have to plan for your operating expenses and revenue streams.