Hi Keisha, business plan is very useful, specially when presenting the business idea for investors that are completely outside your circle. "But" my advice is like you said, this is useful but not the main thing. I'd go do a lot of research on the industry of your idea. What ever you do, you have to really know the industry and a little bit of some business knowledge such as marketing, accounting, legal, management. The main thing is research the industry, competitors. Sometimes after some research you will realize your idea wasn't so great. Not to be pessimist but this will put your foot on the ground and see the real thing. I'd say RESEARCH as the first step. Hope its helpfull :) edit

As a business entrepreneur particularly when starting a new venture you need to adjust ways of working and maintain schedules that work best for you.
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Hi Keisha: I agree! Facebook and Myspace founders probably did not start out with a business plan and it shows today: FB is having a verrrry difficult time keeping users and shareholders happy. Why? Because it didn't have a map to follow and now finds itself stuck between users who whine endlessly about privacy and paid ads, and the shareholders who demand black ink on the balance sheet. And Myspace is all but dead. It woke up one day and FB was all over it. It didn't have a plan for staying on top of user trends or how to attract the best programming/development talent.

Anyone can jump into a business and succeed with luck. Planning makes it much more likely that you'll STAY in business after a crisis hits.

As a SCORE mentor in Los Angeles, I am seriously biased toward you finding a good mentor, writing your plan and testing all your assumptions in a financial projections worksheet. Why not start today? Time will pass anyway--you may as well spend it investing in your business, yes? Check out the resources tab for everything you need at www.scorela.org or www.score.org (national).

Oh, and your plan doesn't have to be perfect sentences and grammar. It's a draft--a work in progress. You can always hire an editor to help you when you are ready to seek business loans. edit

Thanks Hilary and Ronis.
I didn't think about the downfalls of Facebook and Myspace and how a lack of planning may have contributed to it. I checked out the SCORE websites and located an office in my area. I will be looking into this soon.

And I agree research is very important and can help you determine if your idea is worth pursuing further. edit

What do you want to do? edit

Hi Keisha, Happy new Year.

White it is not necessary, it is highly beneficial to have a business plan. I have been working with many entrepreneurs and start-ups and at some point you will need a business plan, whether for investment purposes or to re-strategize.

A business plan is the fundamental strategy behind any business formation and execution and it can often mean the difference between success and failure as well as the presentation of the business to a potential investor.

A business's plan primary purpose is for you to be able to determine if a business idea will be successful and is worth establishing, in terms of money, time, and effort.
Thus, the first draft of your business plan should be as realistic and honest as you can be. Only then can you decide whether you think your business venture may be profitable and survive in today's competitive market.

That can be difficult, especially when it comes to the financial section of the business plan as you may have in mind what investors may think or "like to read" in your business plan. We will focus on editing the business plan accordingly based on your financial needs, whether you will be seeking an investor or a loan from the bank for example, after your first draft and the decision and own conviction that your business will be profitable and you should proceed to build it.

I specialize in helping start-ups and small business with their business plan completion (with an option to optimize your business plan for investor funding, grant applications, or business plans)..

If you would like to learn more, feel free to contact me and check out my site: http://entrepreneurlead.com/business-plan-workshop/

I'd like to offer you a 50% discount on our Business Plan Workshop if you are interested.

Sincerely,

Nicole Elmore

Entrepreneur Coach & Business Strategist

http://entrepreneurlead.com
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I agreed with Victoria. You should have 2 business plan.
My advice for the business plan to be presented to investor, don't create a huge plan. Go to the point and be effective, investors don't like to keep reading much, they might even get a bad feeling when you create a huge one. 10 to 16 pages I'd say.
www.growthink.com
Purchase the Business Plan Template from this website, it's a very helpful tool. It's gonna cost $200, but it will be worth it. edit

Great Feedback! Thanks all! I have created a business plan this far. Now all I have to do is tweak it a little and get it out there. edit

Business plans are definitely helpful! I can definitely say it has helped me tremendously when I started my business 12 years ago. However, the nitty gritty of the business begins once the marketing plan is in place and ready to roll to those audiences important to your success. I'm sure many of you know that the scope of your business changes with times and trends, so that marketing or business plan which was developed 12 years ago should have an area tailored for the "what ifs" or the "trend factors" that affect us daily. I offer a weekly webinar series for small biz owners, entrepreneurs, visionaries, retirees, etc. looking to reinvent themselves. I have many ideas to help you discover your niche, develop your brand and market them to the appropriate audiences effectively. As a seasoned Communications/PR expert, many folks who have worked with me can definitely speak on my behalf. So if you're interested in redirecting, restructuring and renewing YOU! Click here for more info http://www.hallemasworld.com/Pages/PickMyBrain.aspx edit

I recommend a strategic business plan. edit

Come up with a minimally viable product. A business plan is great and is important but it proves nothing. It simply is a mental exercise that you put down on paper to make you think through your assumptions and plans. So many people spend a lot of money developing their ideas based off assumptions they have made and soon find out their assumptions were wrong. Test your assumptions first then launch.
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Richard,

I can tell your a real world business person. edit

well..you know you want to start a business, but don't know the first step. Most people often wonder if this is a good time to start their business.There's really never a bad time to launch a business. Go for it right now!!!!!!!! edit

It is very important to have a plan and do research, but don't be afraid to just do it. A lot of assumptions might just affect your decision, in my experience is best to do it wrong than don't do it at all. Go for it and you will learn a lot along the way. Start your business yesterday. edit

Try to make a marketing strategy for your business and implement it properly. Target your customers to reach your products and make the products or business visible on the web. edit

The market for my business plan is great and there hardly is any competition.
.Is it naive to think i can sell investors to buy in just on these facts alone?
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I believe that one must do a market and customer analysis to know that you are stepping into the right market. A business plan is actually very important once you have done that. edit