Many people want a business plan when starting a business while many others could care less. Some people think they know what one actually is when the fact is, what they’re talking about is just part of the overall plan. In this starting a business tips article, I’m going to discuss what business plan is and what isn’t.
Recently I was participating in online discussion forum when somebody asked what the best plan is. Truth is, there is no such thing as Best plan. Each one has its good and ugly side but that’s beside the point. This guy at the forum listed three things he was planning to do such as create a squeeze page with free offer as well as OTO on download page, creating his own product or creating an information site with affiliate products.
As a matter of fact I hate to burst your bubble but those are NOT business plans or anywhere close to one. They are just small pieces of an overall plan or rather a startup necessity. If you were to visit a bank for a loan and tell the bank manager that one of those were your business plan, you are not only going to be disappointed but probably laughed out of the bank without a loan. Now the question is what’s a business plan?
It is a whole business model. Let’s quickly examine the one small piece above, making your own product. You would need to outline what the product is, it’s market, your projected sales outcome, complimentary products, if you have any, your expected costs, your projected income, what your USP is, what marketing strategy you’re going to use, and so on. Every little thing needs to be in full details.
Putting up a review for an affiliate product is NOT a plan. In my opinion it’s a half baked attempt at earning some little income online which is ok if that is what you want. For the love of Pete, please don’t call that a business plans because it’s certainly not.
This is one of the major mistakes that home business operators make. Not only do they not create a business plan but they don’t even know what one is. Without a concrete business plan, you stand a little chance of achieving success because you don’t have a goal or aim. At the end what happens is, it’s either the business is not as profitable as it ought to be or it folds up completely. A big thanks to your negligence.
When starting a business you need to carefully make your plans in order to succeed.