Frugal Small Business Start-up Tips: Step 5- Writing a Business Plan

Posted by Adam_Gottlieb under Startups
From http://frugalentrepreneur.com 4642 days ago

Many aspiring business owners may approach the task of writing a business plan with a “let's get it over with” attitude; they may even try to completely avoid doing it. But this one seemingly inglorious, laborious task has the potential to save a lot of headache, heartache, and money down the road.

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Written by m4bmarketing
4641 days ago

Hi Adam,

When we were starting our initial business idea we developed a business plan as it gave us a chance to think through the issues before we just acted. Plans are not cast in stone and as planning and action are an ongoing process. What I have also found it can highlight opportunities that you may not have discovered.

Susan

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Written by yoni67
4642 days ago

Addendum:

Maybe it's also inherent with the startup aspects of becoming a writer?

It's pretty darn simple...

Start writing and see what happens...

Admittedly, I didn't find paying clients at first. I volunteered my services and said, essentially, if you like the work, pay me something for it. It was a highly-effective way to build up a portfolio, client-base and source for word-of-mouth recommendations.

Yoni

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Written by saraib820
4642 days ago

Yoni is just weird,

Most of the speeches he writes for corporate clients start out with things such as "A priest, a rabbi and an athiest are in a rowboat."

For some reason, people think it's a good icebreaker and end up hiring him. Go figure!

Rivkah

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Written by Adam_Gottlieb
4642 days ago

Yoni,

You're exceptionally talented, remember? (Meaning a lot of writers wouldn't succeed with your strategy alone)

For most people even if they are just starting their own freelancing business, they will need to make some kind of investment of money and certainly of time and energy in order to generate a worthwhile income. Though a fully written business plan may not be necessary, the *process* of answering the questions therein definitely is.

Adam

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Written by yoni67
4642 days ago

Ahhh...the business-plan. Funny thing is I've written them for many clients, but when it came to my business, I skipped it. My whole business was on a whim, fly by the seat of your pants, if it doesn't work...F$#K it!

Maybe had I gone with the business plan, I would have found too many reasons to doubt myself. That being said, I would highly recommend it for others...

Yoni

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Written by ronika
4641 days ago

Likewise Yoni, despite having prepared numerous cash flow projections and offering guidance on building business plans, I did not prepare one when I was starting out. I suppose I didn't have a clear vision of where the business was going . Also, my start up costs were minimal and I did not require any capital investment. That being said, in retrospect, I think it would have been a helpful exercise. I now find myself in a growth phase where a business plan might actually be necessary.

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