bidness
November 9, 2008 9:23 AM Subscribe
Best resources for writing business plans?
I've developed the framework for a small business in my head. I'm aware that the next step is to write a detailed business plan.
What are the best books/software/resources for doing this?
What else should I know about this step, in your experience?
For software, I'm using a Mac.
I've developed the framework for a small business in my head. I'm aware that the next step is to write a detailed business plan.
What are the best books/software/resources for doing this?
What else should I know about this step, in your experience?
For software, I'm using a Mac.
Depending on both the business and the meaning of 'detailed', its entirely possible that writing a detailed business plan is somewhere between 'not necessarily the next step' and 'colossal waste of time'. You should ask yourself what you hope to get out of writing the plan and then figure out if the plan is really going to deliver that more effectively than any other use of your time.
Software-wise, you don't really need anything beyond Excel and a word processor. One thing that could actually come in handy is if you can find a solid budget template made by someone who is running a similar business to yours. Helps not miss things and gives you an independent check on some estimates.
As far as I can tell, there are two primary uses of business plans: one is convincing yourself that the business works. The second is convincing people you want to invest in your company or loan money to your company. In the first case, a 50 page word doc with nice headings, etc. is more of a distraction than anything else. In the second case, no one is going to read your 50 page word doc.
I realize this might not be what you're talking about at all and I'm making some big assumptions, but your introduction of the idea of special b-plan software makes it sound like you might. There's also a huge industry or culture geared towards telling people to do this: every university and MBA program sponsors "business plan competitions". There are shelves packed with how-to guides on b-plan writing. Competition b-plans have as much to do with starting a business as competition cakes do with eating tasty desserts. Business plan writing very easily turns into one of those tasks that feels like work but doesn't accomplish anything: once you've got the basics down in some rough form (who will buy this product? how will I get them to buy it? how much will it cost to do that and how much money comes back in when?) there's almost definitely a better use of your time than tweaking the prose on page 44 of your "Competitive Market Research" section.
posted by jeb at 3:45 PM on November 9, 2008 [1 favorite]
Software-wise, you don't really need anything beyond Excel and a word processor. One thing that could actually come in handy is if you can find a solid budget template made by someone who is running a similar business to yours. Helps not miss things and gives you an independent check on some estimates.
As far as I can tell, there are two primary uses of business plans: one is convincing yourself that the business works. The second is convincing people you want to invest in your company or loan money to your company. In the first case, a 50 page word doc with nice headings, etc. is more of a distraction than anything else. In the second case, no one is going to read your 50 page word doc.
I realize this might not be what you're talking about at all and I'm making some big assumptions, but your introduction of the idea of special b-plan software makes it sound like you might. There's also a huge industry or culture geared towards telling people to do this: every university and MBA program sponsors "business plan competitions". There are shelves packed with how-to guides on b-plan writing. Competition b-plans have as much to do with starting a business as competition cakes do with eating tasty desserts. Business plan writing very easily turns into one of those tasks that feels like work but doesn't accomplish anything: once you've got the basics down in some rough form (who will buy this product? how will I get them to buy it? how much will it cost to do that and how much money comes back in when?) there's almost definitely a better use of your time than tweaking the prose on page 44 of your "Competitive Market Research" section.
posted by jeb at 3:45 PM on November 9, 2008 [1 favorite]
btw if you could put any more details about what kind of business you are working on that would really help people post better answers.
posted by jeb at 3:47 PM on November 9, 2008
posted by jeb at 3:47 PM on November 9, 2008
This thread is closed to new comments.
If you want to use your plan to get outside funding, of course, you'll need a more formal approach. The book I mentioned is very detailed so will probably get you there.
posted by PatoPata at 12:13 PM on November 9, 2008 [1 favorite]