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Are You Setting Up A New Small Business - What answers are you looking for from your Business Plan?

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       Are You Setting Up A New Small Business - What answers are you looking for from your
                                        Business Plan?
                                                                  By Kaye Dennan



   ? When a person is looking to set up a small business it is beneficial to all concerned if a business
plan is written up. If you do not write a business plan it is like trying to find your way around a room
with a blindfold on.

You won't know which way you are going, what problems will create trouble for you and eventually you
will totally lose your way and come to a slow grinding halt, scared to move in any direction.

A business plan will help you bring your ideas together in some form of structured format which you
can use to go forward with your business in the short term and the long term.

If you are going into a partnership you will definitely benefit because you will have down on paper all
the thoughts in the partnership and you will all be able to stay focused on the same goal.

From a financial point of view, having all your assets and costs written down will allow you to have a
clear picture of what cash you have, what finance you need to arrange and how you are going to pay
back any finance that you borrow. If you are in partnership you will be able to have in your business
plan any differences in funds being added in to the business by each partner and how the partnership
plans on handling the repayment to each partner.

Once you know your financial situation you will be able to go ahead with your set up cost analysis and
the financing if you are borrowing monies.

From there another extremely important point to look at in a business plan for a small business is the
marketing. Lack of marketing or the incorrect marketing can make or break a business. By setting this
out in your business plan you will be able to see what you need to do, when you need to do it and how
you are going to fund it. Then when you know these details you can go ahead and write a more
detailed marketing plan which you should include with the business plan if you are going to be
presenting it to any lenders.

Another point of your business plan is to assess the competition and also look at any other negative

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factors that may impact on your business.

You can see the important role that a business plan plays in setting up your business. Most new
business owners are so keen to get their business up and running that they do not complete this step,
but believe me it is worth it. Your small business has a much greater chance of success if you look at
all the criteria before spending any money.



Kaye Dennan has owned small businesses for over 25 years and has always attended to their
marketing, and has attended many marketing courses. For more information on Small Business
Marketing go to http://ebooksnowonline.com/small-business/marketing/ or read our blog about small
business at http://blog.ebooksnowonline.com/category/small-businesss/




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             Are You Setting Up A New Small Business - Have You Done A Business Plan?
                                                            By Kaye Dennan



? Most people who go into small business borrow money. Whether it is because you do not have the
cash to go into business or whether it is because you are doing so to get the tax benefits. It does not
really matter what the reason is, the fact of the matter is that to get a loan you should have a business
plan to take to your lender.

You see, a very high percentage of small businesses fail in the first 5 years and mostly it is because of
finance either at the beginning or the finance to grow the business as required during that time. If it is
not the finance it is more often than not the fact that the owner has no marketing strategy and
eventually the business fades into oblivion.

To convince a lender to give you money you need to be able to prove to them that you know what you
are doing and what you plan to do in the next 5 years. Gone are the days when you can walk into a
bank, like I did 30 years ago and ask for a loan and have the bank manager say with a big smile on his
face: "I like the look of you, I will definitely lend you the money."

THE PURPOSE OF A BUSINESS PLAN

The idea of a business plan is to let your lender understand:

- what your proposed business is all about

- how well you understand your proposed business

- that you have analysed the business ownership structure

- that you have talked to your accountant

- that you have a very good budget for setting up the business and also for the ongoing running of the
business

- how much research you have done in relation to the product or products that you are going to be
selling

- that you understand what your competition is doing

- that you know the legal obligations of the business

- that you have a marketing plan and the funds to pay for it

- your plans for the next 5 years

- most importantly how you plan to pay the money back

I am sure you can see from this list that there is a lot to consider when making up a business plan and


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you can also see why a lender would want you to have one if you are planning on starting a small
business on their money.

As mentioned earlier, a marketing plan is also very important to have made up and you should take a
copy of the marketing plan with you when you approach your lender.

In total, before opening the doors of your small business you should have a business plan and a
marketing plan already made up and in printed form.



Kaye Dennan has owned small businesses for over 25 years and has always attended to their
marketing, and has attended many marketing courses. For more information on Small Business
Marketing go to http://ebooksnowonline.com/small-business/marketing/ or read our blog about small
business at http://blog.ebooksnowonline.com/category/small-businesss/




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