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YOUR BUSINESS PLAN

© Barbara Massie

Most people feel anticipation and anxiety at the thought of starting something new. Whether it's new business, new seasonal shows, new products, or any unknown new THINGS.

I guess nobody is immune to feelings of apprehension when starting something new, especially would-be-entrepreneurs. Even though I have been in business for years, as have many of you, there are still those starting out who want to know what to do. And, who of us can't learn something new regardless of years in business? The following questions show that crafters just starting out want advice and many are shrewd enough to ask for help.

Q. I am looking for information on writing a business plan. I want to start a business selling dried and silk floral designs. Any advice or help would be appreciated. My business is based in my home. Thanks so much.

A. It is very wise of you to realize you need a business plan. Many consider a plan as necessary only when they want to borrow money. "Planning is mandatory for business success" is the first sentence of -- Fail to Plan and You Plan to Fail Writing a business plan helps you to think through every phase of your business. Later, the plan is used as an operating guide to follow to implement your idea into the reality of having a business.

To give you complete instruction on writing a business plan would take many pages. Here is a brief, simplified outline of what factors are included in a plan. More hints are available at the Learn2.com site. Read their Learn2 Write a Business Plan Writing a business plan takes time (time well spent) since you will be writing about every part of your business.

The following will help you start to think and write down your ideas:

1 - What is the business structure you have chosen?

Sole proprietorship, partnership, or corporation.

2 - Who are the principals?

a. Determine what proportion each has of the business.

b. Describe their duties, titles, etc. (As a sole proprietor, you do it all!)

3 - What is your financial strategy?

Analyse the following:

a. What will the overhead costs be?

b. How much income do you anticipate?

c. How will costs be covered until there is an income?

4 - Description of the business:

a. What type of business are you in - service, manufacturing, etc?

b. What is your product or service?

c. What kind of customer will be your market?

The copyright of the article YOUR BUSINESS PLAN in Crafts is owned by Barbara Massie. Permission to republish YOUR BUSINESS PLAN in print or online must be granted by the author in writing.