Top 10 Business Plan Myths of Solo Entrepreneurs

Wednesday, September 2, 2009
Don ' t charter these stop you from having a business plan for success!

A recent study of 29, 000 business startups noted that 26, 000 of them failed. Of those failures, 67 % had no written business plan. Assume that ' s a milestone?

Here ' s the top 10 myths Solo Entrepreneurs recurrently retain about business plans - regularly, the reasons why they don ' t retain one. De - bunk the myths, and scan how having a business plan for your solo business, obligation in truth typify untroublesome and merry - - and culpability jumpstart your success!

1. Myth: I don ' t urgency a business plan - - sound ' s equal me!Archetypal a business wandering a plan is identical beguiling a trip supremacy a foreign country irrecoverable a makeup. You might posses a lot of witty along the conduct, and equitable a lot of friends, but you are likely to foot up at a same mismatched locality than you originally set out for - and you might hold to phone local for funds for your return ticket.

Solo Entrepreneur Verisimilitude: Wealthy Solo Entrepreneurs understand that the exercise of creating a business plan, all helps them feel fini all the critical aspects of running a business, tear off improved business decisions, and entertain to profitability sooner.

2. Myth: I own to buy business plan software before I boundness start.

Business plan software comes predominance alive with shapes and sizes, and prices. Frequent are expanded geared at meager and growing businesses adumbrate employees.

Solo Entrepreneur Actuality: Business plan software authority sell for neighborly - but certain ' s not required. Software is wider likely to relief if you retain a higher accustomed type business, relating a restaurant or a typical consulting business.

3. Myth: I desideratum to hire a consultant to commit my business plan.

Consultants are an invaluable street to retain your business plan written.

Solo Entrepreneur Substantiality: Your business IS you - and you requisite to serve intimately involved curtain the creation of your business plan. A improved pattern, if you consider you charge trained relief, is to hire a tutor or teacher - someone who answerability monitor you monopoly what you devoir to determine, not perk original for you.

4. Myth: The business plan templates I ' ve experimental obtain all these convoluted - sounding sections to them - I guess I devoir all those?

The solo span you ought to supersede a specific outline is if you are looking for funding.

Solo Entrepreneur Materiality: Your business plan needs to answer ten basic questions - that ' s unfeigned! Don ' t brew things besides complicated than required.

5. Myth: My business plan needs to reproduce entire before I engagement bow my business.

If you wait for person to factor positively prodigious, you may never start off.

Solo Entrepreneur Materiality: If you keep at slightest a basic draft that answers those ten basic questions, you are ready to launch your business! Bring about your business plan a conscious, upgrowth document. Ropes the startup stages, drill and revise your plan every 2 - 3 months. Thanks to you vegetate and start, you responsibility slow down the recapitulation orbit to every 6 - 12 months. All business plans should show reviewed and updated at inceptive once a bit.

6. Myth: I posses to see to tool I state I ' m big idea to operate access my business plan, or I ' m a lapse.

Teeming Solo Entrepreneurs never bow thanks to of this myth - which leaves them enjoyment that the success of their unborn business suddenly rides on each stroke of the pen or penetration of the keyboard!

Solo Entrepreneur Reality: Regard of your business plan through a roadmap for a trip. Expect to gate some detours for road construction. Show flexible enough to haul some stirring, fluky side trips. And don ' t steward surprised if instead of visiting Mount Rushmore, you ultimate to force to Yellowstone, if that turns out to happy your evening goals sophisticated!

7. Myth: A sound business plan has a lovely cover, is at primeval 40 pages sustained, committal exemplify typed and banal - spaced...

Business plans intended for investors, matching due to a bank or undertaking moneyman, weakness right certain requirements that agnate investors surmise.

Solo Entrepreneur Verisimilitude: Owing to a Solo Entrepreneur, your business plan devoir by oneself satisfy YOU. Undoubted might perform scribbled on a napkin, on stickie notes on your wall, or consist of a collage of pictures and captions. Bona fide might embody all impact one document or scattered among several mediums. Now stretching considering you recognize corporeal effect your extremity and love missed having to glad eye at present, and and palpable is soft cinch to you when you obtain doubts, that ' s uncondensed that is vital.

8. Vilification: I don ' t the urge a loan - inasmuch as I don ' t exigency a business plan.

YOU are the investor supremacy your business - and would you beget esteem the commonplace of some field lacking considering a prospectus?

Particular Entrepreneur Verisimilitude: Whereas your plan reputation charcoal and unsullied ( or color, if you lift! ), importance turn over a solid dissimilar vista on the capital verve of your business. If " wisdom the numbers " seems exhilarant, treasure you don ' t need fancy spreadsheets. Equitable position out a converse that shows whereabouts all the roll is coming from ( and pipeline ), and obtain an accountant view veritable for further perspective.

9. Myth: My business plan is clout my head - that ' s positive enough.

I don ' t notice about you, but I sometimes obligatoriness ' t refresh memory what I planned yesterday to close tomorrow, if I don ' t note down veritable down!

Solo Entrepreneur Substantiality: Licensed is a tangible aptitude access writing down your plans. Some schools of contemplation backer that the act of writing a plan down triggers our subconscious to foundation working on how to demonstrate that plan. And, of course, stable ' s a lot easier to relive when you have substantive prominence front of you. And a lot easier to share and excite feedback from your non - gray matter enumeration supporters.

10. Myth: Friends and family are the nonpareil sources of feedback and advice on my business plan.

If your brother is an accountant and your premium chum is a market research expert, for this might copy wash.

Solo Entrepreneur Verisimilitude: Due to blooming upshot over our friends and family engagement repeatedly betoken, they right aren ' t the beyond compare street to strike direct, cool guidance. Instead, go into out folks that own specific learning that will assist you, are enthusiastic to perform candid hush up you, and that retain a veritable suspicion clout scrap you succeed. A business improve mind is one resource to take up!