Lessons Learned from Writing a Business Plan

Okay, so I knew writing a business plan would be difficult, but doing it on a timed schedule while finishing school work, working two jobs, attending to your significant other and children, as well as housework and cleaning, can get a bit overwhelming.  (Phew!  That took a lot out of me to write that!)  However, by following experts TimBerry and Rhonda Abrams for the last few weeks, I’ve taken some words of advice from them that will help make the process a bit easier.

First off, Tim Berry discussed data in a few of his blogposts.  He states that it’s important to be able to prove everything you’re talking about.  That could include studies and statistics.   I know when I was working on my business plan, I was in a bit of a hurry, and so I didn’t look for statistics and studies that could’ve helped.  That’s one thing I need to change.  Secondly, on his website, he has a post called, “5 Points on Business Planningand Imminent Change” (timberry.com n.d.).  The title basically speaks for itself but some main points he discussed were to always identify assumptions, change is always imminent, every business plan needs regularly scheduled reviews and planning is better than no planning (timberry.com n.d.).  This is one thing that I did change about my plan.  I knew that I missed a few details so I went back and reviewed what I thought I needed to add, and fixed that.  I thought I would only have three employees because it’s an online-based company, but it turns out I needed to add a few more professional’s to handle the work I DID NOT want to do.

As far as Rhonda Abrams goes, she feels that it’s important to incorporate strong values into running a business so it can also benefit the bottom line (rhondaonline.com n.d.).  I was actually thinking about this when I was watching the video on Zappos, but it didn’t really click until I read that sentence on her site.  It is important to incorporate your strong values.  Bring good work ethic, so when your company does expand, and you need to hire, strong work ethic is something you’re going to look for in an employee.  By doing that, your bottom line will continue to benefit.  Also, I feel it’s important to allow fun in the workplace.  I’m a fun person and I want my employees to have fun.  If they are fun, they will carry that over to the customers.  If a customer is happy, they will most likely use your service again.

One more thing I thought was important that I would like to use with starting my business is Rhonda Abrams “The Successful Business Organizer” (rhondaonline.com n.d.).  Ever since I started this business plan, I’ve kept telling myself I’ll get organized, but that doesn’t happen.  I want that to change and I can possibly do that with this organizer.  It’s basically a take-with-you-everywhere handbook for starting new businesses that is packed with checklists, worksheets, and forms every new business owner could need.  So, yes, organization is a must for me!

After getting all this advice plus everything we've learned from class, I think the idea itself is the most important thing for the investor's to read.  If you don't have a good idea, or if they just don't like your idea, all the other information will be irrelevant.  So it's important to make your business idea clear and use as many details as possible.

After getting back the critiques and changing as I go, I’m confident that my business plan will turn out decent.  Even though I don’t have any desire to start my own virtual event planning business, I can take all that I have learned and carry it over with me for when I decide to start a business I want.


SOURCES:

5 Points on Business Planning and Imminent Change. (n.d.). Planning Startup Stories —. Retrieved May 29, 2013, from http://timberry.bplans.com/2009/02/business-plans-and-change.html

About Rhonda Abrams, keynote speaker and bestselling author. (n.d.).RhondaOnline.com: Starting a Business--advice and tips from business guru Rhonda Abrams. Retrieved May 29, 2013, from http://rhondaonline.com/content/aboutRho

The Blog on Social Media Business Planning. (n.d.). The Blog on Social Media Business Planning. Retrieved May 29, 2013, from http://www.smbplan.com

Tim Berry | Business Planning Expert. (n.d.). Tim Berry | Business Planning Expert. Retrieved May 29, 2013, from http://timberry.com