A Key ingredient to online Small Business Success: A Solid Business Plan
Eureka! You've discovered your profit earning passion. It's finally time to cash in on your creative, winning attitude, stellar work ethic and vision. You are about to become a card carrying member of the local online Small Business Owners Association. So why do you hesitate?
Could it be a recent study conducted by the Small Business Administration stating 2/3 of all hopeful small biz start ups make it the first two years and even less than half that number survive to the four year mark. I don't know about you but numbers like these are enough to make any sane person pause. Thankfully, the entrepreneurial mindset places "you" the visionary on the wrong side of sane.
While being on the wrong side of "sane" doesn't mean you're completely without direction. You have passion, a good product, start up capital and a plan. You're ahead of the power curve. And just for the record, whether you aspire to make billions or a modest income from your basement, your business plan will be a key factor in determining the success of your online business.
Why do you need a plan? Good question. A solid business plan, defines an online businesses strengths and weaknesses, identifies and addresses the issue of competition, facilitates financing through traditional banking avenues as well as non traditional means. If constructed well your business plan will keep the focus on goals of the business and provide a clear snapshot of your destination during any phase of business development.
The online small business owner is a breed apart. He is often faced with unique challenges as well as unique opportunities. He builds ships heading for the new world of prosperity using vision, creativity, innovative ideas and determination. However, the starting of a business is not the reinvention of the wheel. Success has a map. Think of the business plan as your map to financial prosperity. It is designed to get you from point A to point B without delay and helps get you back on track if you find yourself lost.
There is high risk involved with any start up be it corporate or home based. As a business owner or aspiring business owner you have a choice. You can travel the route of Columbus with an idea the New World exists and no map or you can navigate the often choppy waters of small business with a a solid business plan. Isn't it better to have the exact location of the New World at your fingertips?
Could it be a recent study conducted by the Small Business Administration stating 2/3 of all hopeful small biz start ups make it the first two years and even less than half that number survive to the four year mark. I don't know about you but numbers like these are enough to make any sane person pause. Thankfully, the entrepreneurial mindset places "you" the visionary on the wrong side of sane.
While being on the wrong side of "sane" doesn't mean you're completely without direction. You have passion, a good product, start up capital and a plan. You're ahead of the power curve. And just for the record, whether you aspire to make billions or a modest income from your basement, your business plan will be a key factor in determining the success of your online business.
Why do you need a plan? Good question. A solid business plan, defines an online businesses strengths and weaknesses, identifies and addresses the issue of competition, facilitates financing through traditional banking avenues as well as non traditional means. If constructed well your business plan will keep the focus on goals of the business and provide a clear snapshot of your destination during any phase of business development.
The online small business owner is a breed apart. He is often faced with unique challenges as well as unique opportunities. He builds ships heading for the new world of prosperity using vision, creativity, innovative ideas and determination. However, the starting of a business is not the reinvention of the wheel. Success has a map. Think of the business plan as your map to financial prosperity. It is designed to get you from point A to point B without delay and helps get you back on track if you find yourself lost.
There is high risk involved with any start up be it corporate or home based. As a business owner or aspiring business owner you have a choice. You can travel the route of Columbus with an idea the New World exists and no map or you can navigate the often choppy waters of small business with a a solid business plan. Isn't it better to have the exact location of the New World at your fingertips?
posted by Mantis29 at
21:39
2 Comments:
Hi Phil
You are so right, a business plan is of paramount importance. The saying goes "if you fail to plan then your plan to fail" and that is so true.
Michelle Jayes / Online Income Opportunities
Hi Phil,
Thanks Phil, I really needed to read this article. I know I need a plan. My plan is to succeed but I suppose I need a more detailed plan on how to accomplish that.
I will start on my plan today.
Keep up the good work.
Mona
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