...Do you think that if you had, you would not have started your business when you did or started it at all?
The reason I'm asking this is because business plan building intimidates and frustrates me. I don't like to be intimidated. It has also been a setback in my past with other business endeavors. About 8 years ago, I created the bulk of a plan for another endeavor, but as my mind kept changing, the plan kept changing and I never got it done - it was madness and the business never launched. This may sound nuts to those who believe in "traditional" business building by starting with a plan first.
However, I am the type who don't always desire to follow straight and narrow paths to get results. I look for different and creative ways to do things at times.
I crave reading about business owners and visionaries in Entrepreneur, WIRED and Inc. mags who has started their businesses in a non-traditional, bass-ackwards and wacky manner, yet are extremely successful. It tickles me more when I read that these owners didn't have stacks of degrees, or worked in high level positions prior to building their business. I have to know that some of the crazy thoughts I have, these successful people have or have had, but they acted on it.
I believe the key is just about doing it, being flexible, catching on fast to tasks, researching and learning from mistakes, whether your own or of others. I learn the importance of these things more as my days go by.
This go around to delve into the printed apparel business, I have put building a plan on the back burner or may not create one at all. I may just do vision/mission statements. I don't feel bad about not doing a plan like I did 8 years ago. It's not that I don't see some importance to doing one, it's just that I don't think that it should prevent me or anyone else starting a business if they don't have one.
What's your business plan story, thoughts, beliefs?
i had to do a business plan for the small business course i was doing. really helped, had to do all the financials for the first 2 years of business. projected sales and cost. had to do market research and include it in the plan. competitor and personal S.W.O.T.'s. goals and objectives. the whole box and dice. i have the business plan template in a .doc file and the financial template in excel format, if u want me to send it to u just PM me.
I am in the same boat as Ms. Blue. I am letting the business planning get in the way of me starting up myself. Brock could I see the template as well so that I can get a good idea of how it should look? Thanks a lot.
Actually, my business partner and I had a sit down session last fall with 2 SCORE counselors and guess what they told us?
Create a business plan.
I expected them to say this because it's part of their services and they believe it's the proper way to go about starting a business. One counselor was over 60 and was a marketing guru in his day. Another, looked to be in his 50s, was an Accountant. This is not my first time speaking with SCORE.
My business partner, on the other hand, was overwhelmed with the whole business plan idea, as she's never considered running a business until I asked her for help. I was curious to know how she felt. The task seemed to make her more hesitant to help start a business. I do have to keep in mind though, business building is not for everyone and I have to do self checks as well. But, she has some talent that I truly believe would be beneficial in any business. I try keeping her engaged with ideas, processes on how we can start by crawling and she's a talker.
Honestly, I would prefer to sit down and talk with Threadless owners, Dov of AA or the brothers from Life Is Good. But, I don't have that to my advantage, I don't think. However, I may test the waters.
One neat experience I'll share: In '96, I read a national computer reseller mag about a 16yo kid who slowly started being the kid in the neighbor to fix people's PCs. It then trickled into his first business deal to do technical support there. Next thing, it blossomed into him doing in at quite a few local companies with the help of his dad.
I was quite impressed to say the least and shared this story with an older gentleman coworker of mine, waving the article all in his face. You know what he told me to do? Call him!!! I looked at him like he was nuts but he was quite serious. He said if that's what you want to do, call him and talk to him about how he got started.
So, I did. I found his number in FL and called him, and actually got to speak with him! He talked about 15 min, I listened, and yes, it was like talking to a mature 17yo. Told me about the importance of business cards and what he did to create his. But, the kid came out in him as soon as he said his leg was sore from falling off his dirt bike!! Very cute, smart and down to earth, wasn't like speaking with a mad scientist. He was about 10 years my junior. I don't know what he's doing this day as I cannot find the name of his computer business he started with. But, he inspired me to seed my first business in '97.
But back to SCORE - they provided a nice folder of info on a well known bank who has a whole free business plan site on the web. If anyone wants that link, I'm more than happy to share it.
No you don't need a business plan to succeed. But if you do, that chance of you succeeding is much much higher.
Given that all a business plan boils down to is "What I am Doing and How", how could it *not* help? And if you know what you're doing, why not write it down in a comprehensive manner? And if you don't know....then how will you know what to do anyway?
People are caught up in the idea that a business plan is some sort of terrifing numeric compendium to impress a bank......it's actually your road map.
Saying you don't want to make a business plan sounds very much like "I don't want to do the research or groundwork" which sounds a lot like a business failing.
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Honestly, I would prefer to sit down and talk with Threadless owners, Dov of AA or the brothers from Life Is Good. But, I don't have that to my advantage, I don't think. However, I may test the waters.
I think there's a big difference between getting inspiration or having a vision for your company and having an actual plan of how you're going to make that vision a reality. You can't just have one or the other, you need both.
I found it very helpful to write down exactly what I wanted to do and how I wanted to do it. It was all in my head, but it was in one big, frenzied cloud of ideas. Writing it down made me see clearly what made sense and what didn't, and which areas needed more thought.
At first I didn't use a "business plan" format, I just wrote it down as if I was explaining it in detail to another person. After I did that I found that it was easier to put it into a business plan.
People are caught up in the idea that a business plan is some sort of terrifing numeric compendium to impress a bank......it's actually your road map.
Saying you don't want to make a business plan sounds very much like "I don't want to do the research or groundwork" which sounds a lot like a business failing.
Couldn't agree more. A business plan can be pretty simple - you can write it as a flow chart if that's your thing. Or dot points. Or a two hundred page comprehensive report. Whatever suits you. But it doesn't have to be unpleasant. The more comprehensive the better, but something vague might be good enough. It's a chance to step back and look at any untested assumptions you've been depending on.
I also spoke to some SCORE counselors, about a year AFTER I started my business. And they told me the same thing - write a business plan. I also didn't want to, but wrote a simple outline of my plans, ideas, and how I'd like to accomplish it. It just ordered things in my mind. Made me feel a lot better about the business. It took about 2 days to do. I think it is worth it.
Go for it!
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Monkey and Solmu - do you all have plans now or did you all write plans before operating your current business? Just like there are those who don't write plans and succeed, there are those who write plans and don't go anywhere. It's been my past personal experience that I let writing a formal plan totally overshadow operating the business. It didn't take a business plan for me to start and operate my S Corp in '97.
I am documenting basic information at this time for the current business but I'd be lying to say that I'm creating the formal plan like SCORE suggests. I know that businesses seeking bank loans must have a business plan in place, though I'm not seeking a bank loan.
Speaking more about this also made me think about how the Jacobs brothers publicly admitted that with their corp setup, they don't have a formal board of advisers and have no plans on making one. It could be said though that because they don't, the direction they take in their business with whatever frequency they make change, will fail every time, but that has obviously not been the case.
A BP forces you to think about what you are doing and gives you targets to shoot for instead of floating along. Very few people can hold all their plans in their head. A BP is more of a living document and not a write once and file it object.
Here is a suggestion if the BP troubles you. Write a modified plan that is very simple and states your goals for a month or a quarter. At the end of the period, evaluate your progress against the plan and revise as needed.
The BP does not need to be a chore or something to distract you from your business but rather a guide to help you meet your goals.
I wanted to open a new business and went to the bank to get a loan for the business. The bank said they needed a business plan before they would lend me the money. This was a long time ago and I really had no experience back then in doing that type of thing. What was remarkable was the advice the bank gave me. He said go to Stanford University, I lived in San Jose at the time, and go to their business school and ask the instructor if they had a student that could put a business plan together for me as part of their studies. I found out this happens all the time. I got a great kid and he spent 2 weeks going over everything with me. I presented the plan to the bank and they gave me my loan...
I wanted to open a new business and went to the bank to get a loan for the business. The bank said they needed a business plan before they would lend me the money. This was a long time ago and I really had no experience back then in doing that type of thing. What was remarkable was the advice the bank gave me. He said go to Stanford University, I lived in San Jose at the time, and go to their business school and ask the instructor if they had a student that could put a business plan together for me as part of their studies. I found out this happens all the time. I got a great kid and he spent 2 weeks going over everything with me. I presented the plan to the bank and they gave me my loan...
badalou - Thanks for sharing! This has actually been a thought of mine before. However, I would be concerned about sharing so much detail with a stranger in having them write the plan for me. Unless - there's a contract in place for them not to share this information or seed that particular business themselves within a certain period of time after contracting their services to me.
binki - This is pretty much the thought process I have in currently documenting basic goals. I just don't deem it a formal business plan and don't have plans to make a formal one. Have you written a plan and at what point did you write it in starting a business?
I'm not looking to be convinced on the importance of a plan or that I need one - I'm wondering though if anyone else feels the same as I do about creating one and if you're currently operating without one, successfully?
Monkey and Solmu - do you all have plans now or did you all write plans before operating your current business?
I have a halfassed plan that changes as I go, but it's still helped. I'll need to do a serious, formal, lengthy business plan before I take anything to the next level, but for now the unprofessional one suits. Personally I think getting it down where you can see it and say "What the hell was I thinking?" is the important thing. I think it's also important to set down actual dates so you have concrete goals.
Quote:
Originally Posted by AdriaticBlue
Just like there are those who don't write plans and succeed, there are those who write plans and don't go anywhere. It's been my past personal experience that I let writing a formal plan totally overshadow operating the business.
Which is why I'd recommend writing an informal plan in those cases
Something between Step 1: Print shirts, Step 3: Profit and a two hundred page manifesto.
Personally I think getting it down where you can see it and say "What the hell was I thinking?" is the important thing.
Oh God, I had so many of those moments when I was writing my plan.
AB, you've obviously thought about this a lot, so I have a question for you - Why not write a business plan? It's obviously going to be helpful in some way, so why not do it? Time? Lack of info? Scaryness factor?
This is a discussion about Did You Create A "Business Plan?" If Not... that was posted in the General T-Shirt Selling Discussion section of the forums.
Did You Create A "Business Plan?" If Not... 
It has also been a setback in my past with other business endeavors. About 8 years ago, I created the bulk of a plan for another endeavor, but as my mind kept changing, the plan kept changing and I never got it done - it was madness and the business never launched. This may sound nuts to those who believe in "traditional" business building by starting with a plan first. 
However, I may test the waters.
