Thursday, September 29, 2011

If you fail to PLAN... Your Business PLAN may FAIL...

Starting a business can be a headache if things are not done properly. One of the key steps is creating a business plan. This plan will help guide a successful company. The plan can be used to present to potential investors and banks letting them see that your company can prosper in this declining economy. When writing this plan, it is important to research others who were successful and pull some tips they used to benefit your business plan.

Here are two individuals that I’ve read on and found very interesting. Hopefully, some useful information is gained to benefit your business ventures!

Guy Kawasaki:
Guy was born in Honolulu, Hawaii and studied at Iolani School, Stanford, and obtained a MBA from UCLA. His work experience includes evangelizing hardware and software for Apple Inc., writing for Forbes, and many entrepreneurial ventures. Currently he is the co-founder of AllTop and partner of

He operates an American Express Open Forum Blog, where he shares excerpts from his many books and also insight on how to write a business plan. Guy states that the most important part of the plan is the Executive Summary. His explanation is that it is the first thing a reader sees. It should capture them to read further and gain interest in your ideas. I must say, this is a good read! Click here to read the entire blog. Also, Guy lists 10 sections that are key:

1.     Contact Information
2.      Executive Summary
3.      Description of the problem your solving
4.     Description of how you solve it
5.      Underlying magic
6.     Marketing and Sales Strategy
7.Competitive Analysis
8.     Financial Projections
9.     Team
10. Status/Timeline

Simone Brummelhuis
With a background in international law and publishing, Simome Brummelhuis is the CEO of the first women’s internet business magazine. Entitled The Next Women Business Magazine, issues are in the UK and Netherlands. Being a speaker through Women Inc., Simone was nominated for the Media Woman of the Year 2010. She also helps judge business competitions and awards.

She has a blog post entitled, “Working as a Remote Entrepreneur.” She speaks on how the economy has made it hard to start a business in a new working office. She suggests that new businesses start in a home office. This saves office space rent, commuting costs, and other fees. She also mentions how important it is to separate your home space from your workspace. This will enable you to keep focused while working. Who wants to have a conference call and hear the laundry machine at the same time? (LOL) But by creating an office space, others in your home will know that business is being done.

I really enjoyed both entrepreneur’s stories and hope you find articles to help your business plans!

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