To add more fuel to your enthusiasm to make things happen you have just lost your job at the company you spent the last 10+ years serving.
This is the answer to your problems, your lost paycheck, loss of pride, and spouse's sky-high stress level!
You've committed to being an ENTREPRENEUR.
You rush to the bank to where they offer small business loans and face your first hurdle:
the loans section has a stack of leaflets designed to inform would-be entrepreneurs and at the top of them all one looms large... a leaflet entitled "Business Plans For Small Business" - You leave the bank without applying, slightly shaken because in your excitement you overlooked a key component that you will need to get your business up and running.
No matter, you say, I'm determined to redesign a new life for myself so I'll do whatever it takes, red tape and all. Business plans for small business are the deal maker or deal breaker for loans but regardless of whether or not you require a loan, a solid business plan will probably be the difference between your success or failure.
In the Internet marketing industry that I'm involved with startup costs being as low as they are, and with such huge profit potential, it's an all-too-common problem that people start without a proper business plan... but having a clear plan of what you want to achieve and exactly how you're going to get there will help to ensure you become profitable quickly and remain in business.
Here are some essential points to consider in writing an effective business plan:
1) Who exactly is your target audience and what are their specific needs? Consider the different demographics of your target audience.
2) How exactly are you going to fulfill those specific needs with your products and/or services?
Include market and customer segmentation in your plan of attack and clearly define how you plan to cater to each segment.
3) Human resources - you will be a wearer of many hats as a small business owners but regardless of whether you leverage your time by taking on employees, consider whose help and advice you will call on to ensure your business benefits from expert knowledge and skills in areas that you still have to master.
4) Make sales and expense projections which are based on research which include specific numbers, not overlooking cash flow, and create best and worst-case scenarios and when and how you will respond to results with...
5) ...Alternate marketing strategies and/or product/service enhancements that you will be able to implement to boost your business on an ongoing business based on analysis as follows:
6) Demonstrate when and how you will analyze your business on a weekly and monthly basis, and how you will reassess and modify current strategies, products and/or services as necessary.
7) Articulate a clear focus for your business, commit yourself to fulfilling initial goals and forecasts without allowing yourself to be distracted from your vision and purpose.
Business plans for small business can be fun and inspiring to do when they are done right. Making a business plan is a very powerful process and more importantly will give you a huge amount of confidence because:
a) you have planned your success by considering all the factors that go into creating a profitable business
b) you have a clear plan of action to follow.
Best of luck in your future success as an entrepreneur!
To Discover everything you must know to run your own profitable home-based business,including why Business plans for small business are SO important and How You should write one, visit Rich's blog by Clicking here now
Article Source: http://EzineArticles.com/?expert=Rich_Mallinson
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