Business Plans – Why are they needed anyway?

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In the opportune times we live today, there are so many problems we are surrounded in as a world citizen that everyone has many issues to take care of and loads of obligations to fulfill. However, for some reason, most of the people keep looking for brilliant job opportunities to make their life.

Entrepreneurship is synonymous to risk-taking, however, the pursuit of this adventure has made fortunes for those who take the responsibility and push themselves through the zeal and passion required for success. It is also referred to as the “Creative Destruction” where new technologies, practices and approaches take over the old methods of doing things bringing betterment to the society at large. Microsoft & Google, for instance, changed the face of how personal computing & internet operates today, but they started off from a garage & dorm rooms.

The most amazing thing about this buzz word is the number of myths surrounding it. Many of the reasons people generally give to themselves for not pursuing it include lack of money, contacts, opportunities, looks, etc. but these are just excuses pushing ourselves back from our goals.

If someone is interested in pursuing a venture, there could be no force that would drive him back. What is needed though is a preparation for the business. Preparation starts from an idea that seems to be potently marketable. It could be as outrageous as opening a kite flying school to as sophisticated as starting on a VLSI microchip fabrication plant, but it is all right as long as there is sufficient demand in the market to cater to.

Whist having an idea won’t work much unless you take a step further to give it a practical dimension, you need to sit down and analyze your product’s estimated demand patterns that you believe would follow. Once you know the size of the market, you would be in a much better position to estimate your share of the pie and prepare feasibility, a.k.a. the Business Plan. This is one of the most important documents you need to prepare as it is the face of the company before the company has a face.

Business Plan
Plan: You have nothing to lose!

In a business plan, you would need to have information on various areas of business establishment, including production, marketing, distribution & logistics and of course, finance. This might look like a grueling task, but if you’re excited about your idea, you should not mind spending some time filtering its applicability. This business plan does two major things: firstly, it forces you to think over your idea’s various aspects and understand the difficulties, dynamics, and details of the business yourself; and secondly, it can be a rather small 20-30 page summary of the proposed business that could be given to potential investors, bankers and other financiers for project’s funding.

Don’t be afraid of this work as you could approach me to assist you for your business plan preparation needs. I have worked with people from a range of industries from hard-core single product start-ups to multiple service-based setups needing to expand. The best thing is that when you have it done professionally, you won’t regret as the costs you incur are actually miniscule in comparison to the benefit you would derive. So if you are thinking about getting your own business off the ground or expanding the scale of operations, make sure you get in touch!

The gist of the matter is that having a vague idea is only as good as having no idea at all, but if you are determined to implement your business, you could be far better off if you do this the right way as Brian Tracy puts it: “A clear vision, backed by definite plans, gives you a tremendous feeling of confidence and personal power.”

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