Showing posts with label planning. Show all posts
Showing posts with label planning. Show all posts

4/02/2007

Guides To Starting A Small Business

Inc.com offers a great set of resources in How To Start A Small Business Topics covered inclue:

Business Plan Building
Business Plan tips, how to write a business plan, get sample business plan templates, free business plan software, help and business plan advice for the small business entrepreneur.

Business Plans at Internet Speed
Writing a business plan faster, with online resources, free business plan software, and web-based advice for the small business entrepreneur.

Buying a Franchise
Buying your own franchise is one way to break into the entrepreneurial ranks and become your own boss. If you're considering a franchise, this collection of tools and tips will help you find the ideal business.

Cash Management Basics
Cash is your business's lifeblood. This guide will help your business -- and you -- avoid a heart attack.

Choosing a Form for Your Business
Trying to choose the right structure for your business? This Inc.com guide brings together our site's best articles on corporate form options, from sole proprietorships to C corporations.

Creating a Great Web Site on the Cheap
Want a terrific Web site -- without spending a fortune? Check out inc.com's guide to building a low-cost, high-impact Web site.

E-Commerce Starter Kit
The Internet will soon be the Grand Central Station of business, and getting a seat on the gravy train means implementing a smart e-commerce strategy now. We've got some basic ticketing instructions.

Hiring Your First Employee
Your business is growing so fast that soon you'll be not only your own boss, but someone else's as well. It's time to hire your first employee, and Inc.com has the help you need.

Patents
Got a great idea but not sure how to obtain a patent for it? This collection of tips and tools can help you get started.

Raising Start-Up Capital
Financing a new business isn't easy. Here Inc.com offers its best advice and resources for finding start-up capital.

Setting Up a Home Office
There are many practical, financial, and psychological benefits of working from home. Inc.com has brought home all our best articles and resources on setting up shop at home.

Setting Up a New Office
What's the biggest hurdle your new business faces? Perhaps it's setting up your first office. Our guide will take you through the process step-by-step.

Financing: Where to Find It
Where to find financing for your business.

Angel Investors
Court and win over angel investors with Inc.com's guide to angel investors.

Market Research
This Inc.com guide offers tips and resources to help you research your industry and competition, and meet your target market's needs.

Grassroots Marketing
Get inspired to fuel your company's growth with this collection of innovative marketing ploys.

Pricing
Inc.com will help you tackle the pricing issue -- we've compiled strategies, advice, and techniques that have served other entrepreneurs well.

3/25/2007

Professor Cornwall on Business Planning

I was asked recently by an entrepreneur whether he should hire someone to write a business plan. I remembered that Professor Cornwall at The Entrepreneurial Mind had written about the answer to this question. I also know what a treasure trove of information is available by searching a blog full of useful posts like the Entrepreneurial Mind. So after conducting a search on business plans on Professor Cornwall's blog, I came up with the following advice, quoting the three posts cited below:

"Unless a would-be entrepreneur needs to raise substantial startup capital from institutional investors or business angels, there is no compelling reason to write a detailed business plan before opening a new business...

Business plans are a way to document sound analysis and good planning of your new venture. Whether you actually write this document is to a large degree irrelevant. What does matter is that you go through the process of evaluating the market for the venture, analyzing the potential profit margin it can produce, and reflect honestly on your personal readiness to make it happen. So it is the process of planning, not the actual plan, that really matters...

Too many people think that a business plan is the beginning, middle and end of starting a new venture. The business plan is simply a reflection of a sound process -- it is not the actual process.

In reality, investors like venture capitalists use it in the same way. They want evidence of sound analysis and planning, and the business plan is a way to capture the work an entrepreneur has done in these critical steps...

First you need to figure out why you need a plan. A plan you write for yourself is very different from a plan you write for an investor. Know the audience of the plan. You probably will need to write a couple of different versions for different uses: one for you, one for your investors, and one for creditors. If the plan starts to break down financially or in your ability to make it happen, give it up and go on to your next idea.

A business plan starts with you and your needs. And equally important, it provides a process that helps you learn about the business. It is a process with many exit points that you need to pay attention to so you don't get in too far too fast.

You'll need to intimately know all the details and nuances that are discovered. And when it comes time to use the plan to raise funding, the banker, creditor or investor will expect you to know the plan inside and out. Only the person who writes it will have that knowledge. And it would not look good for you to drag me or some group of college students along to explain everything for you...

When you develop your plan, work on it in the order that they [investors] will evaluate it (other than the Executive Summary, which you write last). Start with market research of the industry, competitive environment and potential customers. Use that to develop a strong and compelling marketing plan. Then forecast your revenues based on the marketing plan. Take your time. This is probably the hardest step of writing a plan if you do it correctly. Revenues are simply price times quantity, but those are two of the most uncertain issues you will face. Do you homework to show that you are making reasonable assumptions.

Then work on the operating plan and expenses. This is usually easier for most of us. However, don't worry about getting it right down to the last dollar. Too often we waste time on these sections. We feel safer here, so seem to want to work on that which we feel most comfortable with. Be accurate and complete, but never overly obsessive with every last detail.

When you finally put it all together you will put it in the traditional outline that most of the books and software suggest, as that is a fairly commonly expected standard format. But, when you write it free-style as I am suggesting, you have the best chance of ending up with a powerful story that holds together for even the most experienced business plan reader.”

Sources:
To Write a Business Plan, or Not to Write a Business Plan

Write Your Own Plan

The Danger of Short-cuts in Writing Business Plans

3/10/2007

Create a Mini Business Plan

Create a mini business plan free online at this startup.wsj.com site. Test your assumptions and start documenting your ideas for your new business. The MiniPlan guides you through creating the basics of a business plan including:

Break-Even Analysis
Market Analysis
Executive Summary
Company Objectives
Mission Statement

2/19/2007

Small Business Resources from Dell

"Dell launched a couple nice small business focused resources recently. The first, called Studio Dell, features well made videos of folks talking about small business and tech solutions as well as case studies and small business stories...In addition, they launched another nice resource for small business called Dell Small Business 360. They bill it as a comprehensive website designed to help you build your business.

The plans are to grow this new portal with content and resources from small business experts and add a community and advice section. At the moment the site is pretty tech heavy as you might expect..."

See this Duct Tape Marketing Blog post from which the foregoing was quoted for live links to the Dell sites.

2/13/2007

Preparing a Business for Sale

This article from entrepreneur.com offers the following tips for someone reaching retirement age who will likely be selling her business within the next five years:

"1. Get a business valuation...
2. Get your books in order...
3. Understand the true profitability of your business...
4. Consult your financial advisor...
5. Make a good first impression...
6. Organize your legal paperwork...
7. Consider management succession...
8. Know your reason for selling...
9. Get your advisory team in place...
10. Keep your eye on the ball..."

You may also wish to review these articles I have written on this topic: Preparing a Business For Sale and Key Concepts in Selling A Business

12/04/2006

Primer on Choice of Business Entity

Attorney Imke Ratschko writes: "Articles on choice of business entity are a dime a dozen. Here is one that stands out from the crowd." Please see her post for an active link to an excellent resource.

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