Mom entrepreneurs do you need a business plan, YES or NO?

Over the past several weeks, we have been discussing the components of a business plan in The Mom Entrepreneur Support Group. So far, we have discussed writing the Industry Analysis, Description of a Business and Competitive Analysis.

Members are undecided as to whether or not they actually need a business plan. They have mentioned reading articles or talking with experts who say a business plan is not necessary.

I strongly disagree. A business plan is imperative to the success of your business.

A “business plan” can take on different forms. When I started my first company, Bisson Barcelona, I wrote out a full business plan, which included sections on the industry, target market, competition, trends, marketing strategies and much more.  This was a business plan that I took to the bank to secure  funds needed to buy an office and equipment. I knew my business well, but needed an organized way to layout and present the information for investors as well as myself for planning future growth.

When I started my second company, The Mom Entrepreneur, I did not create the same kind of business plan. I was not seeking money from investors, and since I had already written a full business plan, I had a sense of the information I needed for planning the growth of the company.

I decided to use an idea notebook. This is a 6×9 inch notebook with pages that are filled with ideas, thoughts, plans, suggestions, etc. I refer to it often, make changes, delete ideas and add new ones.

No matter what type of business you own or how savvy of an entrepreneur you are, you must have a plan! Growing a business takes you to a destination. Would you get in a car and drive to a place you have never been before without a map or a GPS system or some other device to help you navigate?

Of course not. So why would you do it with your business?

“Even if you aren’t planning to borrow money or seek investors right away, there are good reasons to sit down and write a plan,” says Karen Klein, a business journalist who covers small-business issues for several national publications, including Businessweek. “Writing a business plan not only helps you determine whether your business idea is feasible, it also establishes a map for your company’s future. Without it, your business is likely to drift along without direction or parameters for measuring progress.”

Microsoft’s Small Business Center advises that if you’re starting a home-based business on a shoestring, some of these suggestions probably aren’t necessary, but you still should create a plan that outlines your goals, expected costs, marketing plan and exit strategy. If you haven’t written your plan yet, your business is still in the fantasy stages.

“A business plan is never quite finished because you’re always revising it, reviewing it, and building upon it. In fact, more important to your business’ future than having a written, 30-page, coil-bound plan to distribute is the business planning process that you undertake on a regular basis to hopefully keep your ship headed in the right direction without losing sight of your long-term destination,” explains Elizabeth Wasserman, a writer for Inc. Magazine.

Even a seasoned traveler needs to be reminded how to get to a destination. Perhaps landmarks have changed, or road construction has altered your direction.

If you are struggling in your business and feel like you have lost your sense of direction then take the time to research and write a business plan that outlines your goals and how you will achieve and measure them.

Here are some sites that can help get you started:

1. SCORE Business Plan Templates- they have a variety of templates here to choose from depending on your type of business. Easy to understand and use.
2. SBA Business Plan Template – this template is designed to help you build a business plan. Review and complete each section of the template. At the end of the program you will be able to generate and save a formatted business plan which can later be further modified or presented as a final product.
3. Entrepreneur.com Business Plan – describes the different sections of a business plan and offers free sample business plans.
4. Need help? Have questions? Join our discussion on The Mom Entrepreneur Support Group about how to write a business plan.

So mom entrepreneurs, what are your thoughts? Do you have a business plan? Do you recommend creating one for a business? I welcome your comments.

Tags: business planning, goal planning, How to write a business plan, starting a company, strategic plan

Filed under business challenges, business loans, Business strategies, business success, business support, business tips, mom entrepreneur support group, networking moms, small business planning, small businesses, start a business, starting a business, success in business | 0 Comments

Giveaway for $300 credit to MarketSplash HP extended

On Tuesday, January 27th, I told you about a great contest we were running to giveaway a $300 credit for MarketSplash by HP services. Unfortunately, I gave the wrong link to answer the trivia question.

So here are the details again with the correct link for answering the trivia question. Thanks for your patience!

For our giveaway, we will be offering $300 in MarketSplash by HP credit.

Examples of what $300 in MarketSplash by HP credit could purchase:

• Business cards (starting at $9.99)
• Letterhead
• Envelopes
• Loyalty cards
• Appointment cards
• Promotional post cards

Or, winners can choose to use their prize towards custom design work such as:

• Custom logo design (starting at $299)
• Custom business card and stationery design (starting at $199; great for businesses who already have a logo)
• Custom post card design (starting at $299)

NOTE: MarketSplash by HP is very flexible, and the credit can be a “mix and match,” depending on what the winner determines works best.

OK…so here are the simple rules:

• You MUST be a subscriber of our blog. Our awesome giveaways are for subscribers. If you are not yet a subscriber, you can do so via email or in a reader or click on your favorite web aggregator to the right.
• Answer the following trivia question correctly: As shown in “A Delicious Dilemma” video, what is the name of the award that Goobers, Sno-Caps and Oh Henry! are vying for? (HINT: the answer can be found at adeliciousdilemma.com.)
• Email your answer to traci@themomentrepreneur.com and confirm you are a subscriber of our blog. (You may only enter once.)
• Wait patiently until 5pm EST on February 5, 2009 to see if you are chosen at random as the winner. (Winner chosen at random from all correct entries using a sequence selection of numbers from random.org.) Winners will be contacted via email and announced on this blog.

That is it! Easy enough. GOOD LUCK!

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We are giving away $300 in MarketSplash by HP credit

I am excited to announce a great giveaway from MarketSplash by HP. The contest will run until 5pm EST on February 5, 2009 at which time the winner will be chosen at random from all correct entries.

Filed under MarketSplash by HP, mom entrepreneurs, small businesses, women entrepreneurs | 0 Comments

The Mom Entrepreneur is racing to the finish line

Today, I joined the Make Mine a Million $ Business RACE.

I am excited about the challenge of learning new things and connecting with other women who have more business experience and can aid in my goal to reach the finish line.

In addition, I will have access to:

• Cutting-edge on-line business assessment with expert advice and education
• Personalized “dashboard” to track my goals and annual revenue
• Social network to find other M3 RACE participants and post questions
• Invitations to three national educational and networking events
• Opportunities to reach new national markets with partners like American Express OPEN, Reader’s Digest, Dell and Sam’s Club
• Promotion through local and national TV, newspapers, magazines, radio, and blogs

After signing up, I received initial information on what I can do to prepare for the race, which officially starts on January 27, 2009.

Useful tasks such as:

• Developing a 25 word “pitch” for my business.
• Getting my financial information in order.
• Talking to other women entrepreneurs about why I have joined the M3 RACE, and encourage them to race with me.

So, I have joined because 2009 is going to be a great year only if each small business owner makes it a great year. Don’t sit back and wait for the economy to fix itself. We need to work harder, be more creative, network, share and educate ourselves as much as possible.

Invest the $100 (receive a 10% discount if you pay with Am. Ex. or apply to receive a free entry from Psi Bands), register and I will see you at the finish line!

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