By Daisy Campbell
BROOKLYN (Workers World Today) — Benjamin Franklin once stated, “If you fail to plan, you plan to fail.” Whether you are thinking of opening a business or even thinking of expanding or restructuring an existing business, a business plan is an essential tool which acts as a guide in your decision-making process. As tempting as it might be to jump in and start a business, creating the perfect business plan is ideal to ensure that your resources and time invested are not wasted. The viability of the business has to be outlined before initializing and hence a business plan acts as a “compass” to guide the business owner every step of the way.
From worker to business owner can be quite challenging, as creating the business plan that is right for you can be time-consuming. If you are, however, determined to have a successful business that will survive the initial starting phase, creating a business plan is the best way to go. Writing a business plan will provide clarity and a sense of direction leading to where you want to go, hence, building a successful business.
In essence, a business plan is a document used by new and existing businesses which outlines the desired goals of an organization. It includes products or services to be offered, strategies, staffing, and leadership, as well as operations management needed to promote a successful business. It is advised that as soon as an entrepreneur has the thought of entering into a business venture, a business plan should be considered.
Many successful business owners will tell you that for a business plan to be effective there are areas of its operations that have to be carefully analyzed before you can proceed. The primary purpose of a business plan is to clearly outline the strategy needed to start the business. The overall plan should provide management with enough information to formulate strategies required to meet the goals outlined by the organization. For aspiring business owners, a business plan has to be created to meet the needs for the desired results. Each business has its uniqueness, and as a result, each business has to have its own planning strategy.
As a potential business owner, careful thought, as well as research, has to be done. You have to determine what kind of business you want to venture into, the competitors you will have to deal with, the consumers you want to attract, the location, operations costs, and funding that you may require as well, to highlight a few issues of concern. A business plan can be formulated to determine the feasibility of the business idea rather than just jumping right in. It will provide you with the opportunity to apply the strategies needed to make your business a success. The plan serves as a blueprint of the business to attract investors. Depending on the viability of the business through its S.W.O.T. (Strengths, Weaknesses, Opportunities and Threats) analysis, investors may want to become benefactors, and hence the business plan should provide that information.
When venturing into a business, one has to remember that there are factors that will determine its success level. An effective business plan will provide the requisite information needed by the entrepreneur such as the start-up capital which would include fixed and current assets, location, staffing, competition, and branding. If as an aspiring entrepreneur, you are desirous of seeking funding from a financial institution, a business plan will be required. The financial institution will have to examine your plan to see whether or not you will able to repay your loan. The plan has to be detailed enough covering all areas which may be of concern and could negatively impact the overall success of the business.
Workers’ World Today is a free publication that empowers all workers, regardless of social or political affiliations. Distributed throughout New York City, our paper has a mission to educate workers and provide them with relevant information pertinent to the workforce such as workers’ compensation, discrimination on the job, workers’ rights, and more.