Do all businesses need a business plan?
I want to open my own online store for knitted apparel and supplies. A simple concept; is it necessary to have a business plan when just starting out?
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Mar 21, 2015
just an idea of what you want to do, how you plan your work schedule, and how to collect money if you are selling them. a business plan will fall into place as you answer a lot of these questions and put established way of doing the tasks that need to be done to run your business.
Mar 19, 2015
It depends on what outputs you want. If this is just hobby or either way to spend money, than no plan is needed. Moneymaking suppose some understanding how many you want to get in some period of time and what are key drivers to bring money in your pocket. It does not mean you need sophisticated financial calculations, but to start with simple idea is ok.
Mar 19, 2015
Short answer is yes they do. A business plan is not just an instrument which can be used to obtain funding but it is an important exercise to help unpack your business looking at various scenarios so that if the going gets tough you have a clear vision and reference point to bring you back into focus. Having said this, having a business plan is NOT the start of your business. You must still go through a pre-business plan process of making sure that your picture of where you are and where you want to be, is crystal clear.
Mar 19, 2015
Yes they do need a business plan, however, who says this plan has to be the traditional words on paper? Why not a flowchart or mind map? You can make or take pictures of what you want your business to represent. I would use a business plan outline as a reference so you don't miss some of the details needed.
Do not skimp on the details, but don'the go overboard on them either. Putting together a business plan can be exciting, especially when you make one that appeals to your creative side. I would venture to guess that most of the business plans out there are written ones. Go ahead and have some fun with it, you will be amazed how creative you can become.
Kenneth Lash, MBA
Mar 19, 2015
Going with the majority here. Just a simple one page plan. Where you are,where you want to be in 12 months time and the stop off points along the way [ milestones you want to achieve ]. Best of luck on your venture.
Mar 18, 2015
There is a song out there I hear in my head when I do not want to write something out..the song says..."If you don't know where your going you might end up somewhere else."
Mar 18, 2015
I think everyone has a business plan even if it's only in our heads. Even though I help people prepare written business plans, I think it is not necessary for everyone. Just get your ecommerce site up and running, list your projects and advertise the site is enough to be getting on with
Mar 18, 2015
I don't think all businesses need a business plan, if you are looking for finance then its a must but otherwise not a definite. I often suggest business owners use the plan as a rudder or direction for their business and can be kept as a guide
Mar 17, 2015
Best of luck with the new venture Lynn,
Lots of great advice below while I agree with Dennis - start with the Business Model Canvas (http://www.businessmodelgeneration.com/canvas/bmc). Getting this right will simplify the Business Planning process (which only needs to be a few pages to begin with).
The Business Plan is a living document too - update and change it as your business evolves...
I second Mike's suggestion. The Business Model Canvas is an awesome strategic management and entrepreneurial tool. "It allows you to describe, design, challenge, invent, and pivot your business model." I've used and recommend it highly. It doesn't let you overlook anything. - The Pragmatic Web Designer