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  1. William Clements

    William Clements Moderator Member

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    For those of you who want to start a new business, expand an current one, or start an new one there is one thing that you need to do before you ever start and that is to come up with a Business Plan. Although, most fail in business, this is essential if you have an chance of succeeded and an positive mind frame is also a MUST.

    What is an Business Plan? Well, it is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.

    Can't I just brainstorm in my head and then take action?
    Sure, if you want to fail for sure! For a business Plan, you need to be sure to document everything before taking action on paper. This can be handwritten or typed, does not matter.

    Before beginning, keep in mind the of the following:

    * Your business plan short be short. If you've got a plan that's more than 40 pages long, you're probably not summarizing very well. This includes 10 - 20 pages of text and another 10 pages worth of visuals such as charts, graphs, etc.

    * Determine Your Goals and Objectives. For Goals, some of them might seem realistic at the time but hold on to that for hopes to make them an reality. Do include your financial goals as well as your other goals. Your Objectives should all start with I WILL...

    * Don't Forget About Marketing when making your business plan and break down how you will use the upfront funding or how you will obtain the needed funding to fund your business. This includes researching on average cost of obtaining an business license, registering your business as an LLC, corporation, trade name, etc., and cost of online & offline fees. If you think you do not need to Market your business and people will find it by just search engines then you need to reevaluate and realize that is probably not going to happen.

    Writing Your Business Plan

    * Preparing to Write. Before you begin writing, you need to prepare what to write about by gathering your thoughts, any needed documents, and keeping in mind everything above.

    * Updating Your Business Plan. When anything changes and/or you complete an step within your business plan then update that and check it off your bucket list of what you need to do.

    * Enhancing Your Business Plan. You may need to edit your business plan, change strategies, marketing, or whatever to produce more sales or what not.

    Business Plan Tools
    Some resources are from Entrepreneur Media, Inc.
     

  2. davidper

    davidper Member

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    oh, me too, I'm always optimistic when that failed, it might help me to go forward firmly
     
  3. William Clements

    William Clements Moderator Member

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    Glade to hear it. What type of business are you in or thinking about getting in?
     
  4. davidper

    davidper Member

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    I'm starting online business by marketers to promote products to get more experience :p
     
  5. William Clements

    William Clements Moderator Member

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    OK, cool. One thing I used to do is sales. I am out of that now and own an Affiliate Network. A lot of free stuff can be promoted and even some not so free. However, some make nothing, others make a little, and others excel as affiliates.
     
  6. Corazon

    Corazon Member

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    It might sound corny but I am making my business plan now although my intended business is 6 years from now, i.e. when I retire. Aside from the capitalization and strategy, I'm also writing an outline of the potential problems - how to avoid and the contingent actions in case it happened. Although the figures particularly of the capital and initial cash outlay are all fluid, the estimates are based on actual costs. And since it is just a plan, I have the courage to imagine how it would grow and on the other side as well, how it would fail.
     
  7. Nikita

    Nikita Member

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    For me one of the most important things is having a plan. Business plans tend to get overlooked especially by younger people who have the luxury of just going in guns blazing, but it think having some sort of outline ultimately helps in making your thoughts one step closer to reality in an organized fashion. This way you can figure out potential hurdles even before actually reaching that point, and when you do get there you at least will have a statement of what options you have, what the advantages and disadvantages are, and most importantly why the action or decision is even important in the first place.
     

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