Porterfield Consulting

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Palo Alto is the maker of
Business Plan Pro - the number one rated business planning software package.

First things First

I once read that starting and managing a business takes motivation, desire and talent. It also takes research and planning. That’s all true, BUT – the most important two ingredients to succeeding in business are determination and perseverance. If you are determined to succeed and don’t quit, you are much more likely to make it. How may people have you heard say that they’d like to start their own a business but never do? It’s because they aren;’t determined. On the other hand I’ve seen people start a business “on the side” and give up when it doesn’t prosper immediately. (There’s nothing wrong with starting your business “on the side”; that can be a great strategy. The problem is quitting too easily.)

Part of being detyermined is being smart up front and getting a good business plan together. A business plan isn’t just to get financing and investment. It forces you to think things through; what are you selling, who are you selling to, who are your competitors, how will you market, what will it cost to open the doors, etc. Many people launch out into business and do not know the answers to these basic questions. Can you say MISTAKE? Taking the time up front to examine your personal and business goals can help you develop a good business plan that will help you reach your goals, and get the financing and investment you may need. .

The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.

The following is a checklist that will help you answer the basic up front questions. Believe me, this is important. If you answer these, it will be easier to write a business plan. It’s like laying a strong foundation before building your dream house.

1. Getting Started
aa Why do you want to go into business. Some possible reasons are,

o wanting to be your own boss.
o wanting financial independence.
o wanting freedom.
o or wanting to fully use your all of your abilities.

aa Why do YOU want to start a business?

aa What business should you start; what is right for you? Lot’s of people have a desire to start aa a business, but don’t know what business. Answering these questions can help you decide.

o What do I enjoy doing? (hobbies, interests, dream job, etc.)
o What skills do I have? (carpentry, writing, typing?)
o What do others say I am good at?
o Will my family support the idea?
o How much spare time do I have to start a business?

2. What niche (the special place where your business will fir into the market) will your business aa will fill. Read these questions, mull them over, research them, then answer them?

o What business am I going to start?
o What will I sell?
o Is my idea practical, and will it fill a need?
o Who are potential competitors?
o What advantage will I have over firms selling the same or similar product or service (why would customers buy from me instead of them)?
o Can I deliver a better quality service?
o Can I create a demand for my business?

3. Here is a final list of things to consider before actually drafting your business plan. your plan aa is the pre-business checklist. You should answer these questions:

o What skills do I bring to the business?
o What will be my legal structure (sole proprietor, partnership, LLC, corporation – more info below)?
o Who will maintain my business records?
o What insurance will I need?
o What equipment or supplies will I need?
o How will I pay myself?
o What are my resources?
o Will I need outside financing or investment? How much?
o Where will my business be located?
o What will I name my business?

Your answers will help you create a good business plan that will be a “road map” to success. focused, well-researched business plan. that should serve as a blueprint. It should detail how the business will be operated, managed and funded.

One of the most important cornerstones of starting a business is the business plan.

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