The Importance of Business Plans

CQ Business CoachCoaches Corner0 Comments

“All you need is the plan, the road map, and the courage to press on to your destination.” – Earl Nightingale

Every morning, you have a plan to wake up (if you are lucky), have breakfast, get the kids ready for school, get ready for work, etc. You even have a planned route on how you get there every morning (with contingencies in case of traffic). If you plan the basic day-to-day routine tasks, why is it that some people believe that it is not necessary to have a business plan? A business plan is the road map to where your business is going. Where are you taking your business? What contingencies do you have in place? Knowing where you are going is important, not just on your daily commute, but in your life and in your business.

Business plans are tedious to write and daunting to think about. The enormity of the task seems to dissuade even the most savvy business person from taking it on. There are too many things to think about and sometimes it makes you feel overwhelmed. There is no need to feel this way. One way of making it more fun, is to actually enjoy the venture that you are about to embark on. When you sit down to do your research to write the plan, you must feel excited about your business.  That way, the research is more interesting to you because you WANT to know more about the industry and how your business can succeed in the marketplace.

When thinking about how to approach the plan, think about why you are entering this business. You must know what product or service you want to offer. Conduct your research to see if there is anyone else doing what you want to do. If so, how can you make it different? By starting with these basic questions, you will start to focus on the industry, competitors, how much they are charging, your competitive advantage, etc. These concepts are the basis of forming a business plan. You will start to enjoy the knowledge that you are attaining because you are about to embark on something you enjoy and will take pleasure in learning how you can succeed in your chosen industry.

This information should get you thinking and excited to start your own business.

What are some questions that you have regarding starting your own business? E-mail me your questions at and I would be more than happy to answer them directly or maybe write a blog on that topic if it is a popular question.

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