Simplified Business Plan

Simplified Business Plan-66
The reason for making a plan for this is to eliminate potential roadblocks up front and thus increase the chances that this microbusiness will grow to a point where you should start considering a full business structure, outside investment, loans, and so forth. It looks at potential obstacles in your path and helps you think through solutions to overcome them now so that you’re prepared for them when they arrive. What it does instead is increases the chances for success to occur.You have a greater likelihood of having a hit on your hands if you created a business plan up front.If you’re reaching the point where something more robust is in order, you should take a serious look at the business planning resources available from the Small Business Administration, which will guide you through the steps of actually setting up a proper business structure for your activities.

The reason for making a plan for this is to eliminate potential roadblocks up front and thus increase the chances that this microbusiness will grow to a point where you should start considering a full business structure, outside investment, loans, and so forth. It looks at potential obstacles in your path and helps you think through solutions to overcome them now so that you’re prepared for them when they arrive. What it does instead is increases the chances for success to occur.

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Send each one to a few people and get their feedback.

Send them to people you trust and whose advice you trust and take their comments seriously.

A business plan is actually just the formalization of a lot of healthy thinking about your business ideas before you start sinking a lot of time and energy (and potentially money) into it.

Remember, with a business plan for a side business, your focus is primarily on turning spare time and energy into money.

By its very nature, a small side business is one that doesn’t require a lot of initial funding.

Whatever funding is required initially is something you’re investing out of pocket.

[…]I did this with The Simple Dollar (back then, I used a business plan book from the library rather than [the] great SBA resources that exist today) and with many other small businesses I’ve dabbled in.

The process of writing such a plan has almost always helped me see obstacles and helped me figure out how to deal with them before they become disasters that I’ve invested many hours in.

Often, this can turn into a feedback cycle, where people give you comments, you improve the business plan, and then you send it to people for a second reading or to new people for a fresh reading.

The goal is to develop a plan as well as you can so that you have a strong plan going forward when you start.” This section seems to have touched on the imagination of quite a few readers, several of whom sent in feedback wanting to know more about writing a plan for a small side gig.

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