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Habit # 6 - Entrepreneurs Have a Plan
 
   
  Having a successful business plan will take your business to the next level. I have heard too many times people tell me they were too busy working to write a business plan. To me that sounds like an oxymoron.
   
 
  • Our rule is to never start a company or project without a professional plan. The plan must be proofread four times by several "qualified professionals" before it receives the stamp of approval.
  • To develop our business plan, we used a professional software design. Programs that saved us time and thousands of dollars. In fact, it helped us secure investors for our business. Our business plan received high marks and answered every question our investor asked.
 

 

 

What are some of the guidelines that a business plan should entail? First, your business plan must be very detailed; spell it out as much as you can. Do not think you are boring your readers, in fact, they will appreciate you providing them with such good information. Plus, your mentor will see that you are very serious. If you have to explain one point to your reader, you have not completed your job.

Some agencies will encourage you to write a business plan with a maximum of two pages, three tops. This is okay if you are planning to solicit investor that do not require it. But most investors and banks, want a detailed business plan. So, do your home work.

How long should it take to create your plan? It took me three weeks and a minimum of 14 hour a day to complete a 25 page professional business plan...believe me, it was well worth the sacrifice.

   
  Here is a user-friendly ingredient list. At bare minimum, cover these points....
   
 
  1. Executive Summary
  2. Corporate Objectives
  3. Company Location
  4. Corporate History
  5. Product/Service
  6. Marketing Summary
  7. Industry Analysis
  8. Strategy and Implementation Summary
  9. Sales Strategy
  10. Sale Implementation
  11. Milestones
  12. Marketing Analysis
  13. Competitive Analysis
  14. Personnel Plan
  15. Financial Plan
  16. Break-even Analysis
  17. Projected Cash Flow
  18. Projected Balance Sheet
  19. Business Ratio
   
  If you want to achieve success, you must equip yourself with the right tools. In the long run, you will thank yourself for doing it right the first time.
   
   
   
 
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