Navigation: | Home | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |
Entrepreneurialism Information Click here for eBay Motors! Get 2 weeks FREE CA Anti-Virus 2007 Accept Credit Cards Get your FREE $250 Cash Card PhotoStamps

Top 10 Business Plan Myths of Solo Entrepreneurs


Don't let these stop you from having a business plan for success!

A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?

Here's the top 10 myths Solo Entrepreneurs often have about business plans-usually, the reasons why they don't have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun--and can jumpstart your success!

1. Myth: I don't need a business plan--it's just me!

Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for-and you might have to phone home for funds for your return ticket.

Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.

2. Myth: I have to buy business plan software before I can start.

Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.

Solo Entrepreneur Reality: Business plan software can be helpful-but it's not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.

3. Myth: I need to hire a consultant to write my business plan.

Consultants are an expensive way to have your business plan written.

Solo Entrepreneur Reality: Your business IS you-and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor-someone who can guide you in what you need to do, not do it for you.

4. Myth: The business plan templates I've seen have all these complex-sounding sections to them-I guess I need all those?

The only time you need to follow a specific outline is if you are looking for funding.

Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions-that's it! Don't make things more complicated than necessary.

5. Myth: My business plan needs to be perfect before I can start my business.

If you wait for everything to be perfectly detailed, you may never start.

Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.

6. Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.

Many Solo Entrepreneurs never start because of this myth-which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!

Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don't be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!

7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced?

Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.

Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on stickie notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and and it is easily accessible to you when you have doubts, that's all that is necessary.

8. Myth: I don't need a loan-so I don't need a business plan.

YOU are the investor in your business-and would you invest in the stock of some company without seeing a prospectus?

Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If "doing the numbers" seems overwhelming, remember you don't need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.

9. Myth: My business plan is in my head-that's good enough.

I don't know about you, but I sometimes can't remember what I planned yesterday to do tomorrow, if I don't write it down!

Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it's a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.

10. Myth: Friends and family are the best sources of feedback and advice on my business plan.

If your brother is an accountant and your best friend is a market research expert, then this might be true.

Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren't the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!

Copyright 2004, Terri Zwierzynski - Accel Innovation, Inc.

_________

Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at http://www.TerriZ.com.

_________

***** Find more articles like this at http://www.Solo-E.com - Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter, and find other online training opportunities. *****


MORE RESOURCES:
Business:Entrepreneurialism Articles from EzineArticles.com
05/16/2019 11:55 AM
The Key To Setting Realistic and Attainable Audience Growth Goals
Growing your audience requires doing something to get more email subscribers, more social media followers, and more people looking at and consuming the content on your website on a regular basis. If you have the right information, you can set realistic and attainable goals that make sense for you.
05/13/2019 01:38 PM
What Do Your Customers Really Think Of You?
When you put your users' experiences about your business first and foremost, it will show up in not only better traffic to your website but also better stickiness from those who do visit or buy from you. If you want people to become loyal to you, put them first and they will.
05/10/2019 10:23 AM
How To Stop Negativity And Start Thinking Creatively
The more you can experience positivity, the better. Read positive books. Watch positive movies. Be around positive people and practice turning all negative thoughts into positives. When you do, you're going to be more creative and more people will want to be around you - which will also increase your creativity by opening more resources for you to use.
05/10/2019 10:22 AM
Learn To Let Go So Your Company Can Grow
In 2016, my client Mariah found herself at a tipping point that many entrepreneurs can relate to. Her business was growing in revenue, scaling quickly after several years of building. Mariah had steered her company for 6 years but was spread so thin that the stress was beginning to show.
05/07/2019 02:12 PM
Quick Guide on How to Get and Stay Motivated
Motivation encourages us to deal with our opportunity and become valuable and useful for the society. When motivated, we don't squander our time. We interact based on facts and values. We only concentrate on the objectives that we need to accomplish prior to the end of the day.
05/07/2019 01:11 PM
Quick Guide on Being Mentally Tough
Everybody has mental toughness to some degree. But the tougher you are, the more likely you are to accomplish greater and better objectives. When you are mentally tough, you'll have the capacity to re frame your negative self-talk so you can keep progressing in the direction of your objective with expanded certainty.
05/06/2019 09:56 AM
7 Ways You Can Make Your Company a Great Place to Work
Losing a great employee is costly. Here are 7 ways you can keep your best staff members.
04/29/2019 10:18 AM
Power Amplifies: Are You Using It To Have Impact?
As a leader, you have power. How you show up every day influences your organization and your impact.
04/24/2019 12:05 PM
Is Ray Higdon's Success REALLY Duplicatable?
If your in Network Marketing, then you HAD to have heard of Legendary Blogger Ray Higdon. He isn't shy. He proudly possess producing benefit from his blog site totaling over $50,000 A MONTH! How? When just a couple of short years ago he was in financial foreclosure.
04/24/2019 11:43 AM
Selecting Your Temporary Medical Staffing Niche
Why is it so important to pick a niche in the medical staffing industry? It is the difference between finding contracts and loosing the opportunity to establish yourself as an expert and resource in this industry. Far too many starting in this industry want to be everything to everybody.
04/23/2019 02:27 PM
Autopilot Money Making Software
What is autopilot money making software? How can someone use it to build an online business from scratch and reach a global audience with digital products?
04/23/2019 10:05 AM
Startup? Build a Business With Staying Power!
Are you thinking about starting a business in 2019, but don't know how or even where to begin? This article outlines the biggest obstacles to overcome, what you need to start your business, and what to do after year one!
04/23/2019 09:49 AM
How Limiting Beliefs Can Hold Your Business Back
It's important to ask yourself whether you have beliefs which are limiting you at the moment. Once you have identified these, you should know how they can hold you and your business back.
04/12/2019 11:26 AM
Fear and Getting Through the Storm
We all have fears. Fears about how the company will do financially this year, about that crucial new hire who looks promising but is unproven, or about how your new offering will fare in a busy market. Fears can abound, especially if nurtured and given attention.
04/08/2019 09:25 AM
What Is a Biblical Entrepreneur?
So, what is a Biblical Entrepreneur?Also in some circles the term Christian Entrepreneur is used. To fully understanding the meaning (and heart) of a Biblical Entrepreneur, you must understand how God views business and entrepreneurship.
03/12/2019 08:35 AM
Your Strategy Is Destined to Fail If You Don't Do This
Effective strategy can make the difference between success and failure of your business. At the very least, a poor strategy will undermine your company's earning and impact potential. The Purpose of Strategy Strategy: Sets priorities and establishes direction so you can respond to a changing environment Focuses the energy of your staff and other stakeholders (e.
03/08/2019 10:53 AM
What Is Standing Between You and The Life Of Your Dreams and Desires?
If you guessed--a problem, Notice I said "create" your dreams and desires versus focusing on a problem. When we focus on a problem or the problem... we find more problems. If we focus on a course of action... we are focusing on solutions. What is the best way to invent the light bulb? Edison didn't look at all his 'failures' he looked at what to do next to invent the light bulb.
03/06/2019 09:16 AM
Your Will or His Purpose
God blesses in several different ways, but His blessing solely depends on His purposes. Sometimes God's answer will match exactly what the person has requested, sometimes His reply is less than desired, and often God's answer dramatically exceeds our expectations.
03/04/2019 10:24 AM
The Scariest Thing I Ever Did Changed My Life Forever
Every day we are faced with big and small risks. The biggest risk I ever took shaped my entire future.
03/04/2019 09:26 AM
High Value Thinking Time Increases Your Income and Impact
As a busy CEO, you likely don't have a lot of time to sit and do nothing but think. But you should - here's why and how you can add more thinking time to your schedule.
02/25/2019 09:12 AM
Reimagine the Purpose of Your Business
Much has been written about your business' why, your purpose, your mission. All of those can be a very narrow viewpoint. You can have a much greater vision.
02/18/2019 09:05 AM
Ready for a High Impact Mindset Reset?
Your mindset, your thoughts, can buoy you and your business up or drag you down. The good news? As you practice these mindset boosters, the easier they become.
02/08/2019 12:20 PM
Highly Engaged Employees Increase Your Company's Impact
Engaged employees are willing to go the extra mile. Find out how you can encourage engagement within your impact-focused company.
01/25/2019 12:04 PM
Three Mistakes Entrepreneurs Make At The Outset
Many entrepreneurs make three crucial mistakes at the outset. They do not pay sufficient attention to customers' preferences; they ignore their competition because their product enamor them, and third, they neglect to follow their business strategy. Indeed, some have no strategy.
01/24/2019 09:52 AM
Try These Tips If You Want To Succeed In Affiliate Marketing
Affiliate marketing can be a great way to establish a good income with little or no overhead at all. Just a whole lot of honest hard work, dedication and of course, good information. This article is designed to provide you with some excellent advice on the business of affiliate marketing and help you find your way in and around it to a nice, consistent profit!
01/21/2019 11:07 AM
How Customers Are Using Their Money to Vote for Impact
Customers increasingly want their purchases to do more good in the world. Your commitment to impact can expand the number of customers you reach.
01/18/2019 04:48 PM
Helping You Better Understand Leadership With These Simple To Follow Tips
Having good leadership skills is important if you are in charge of one person or 500 people. Good communication, people skills and many other things are required of great leaders. If you do not have these skills already, it is time to learn. Use the tips below to become a more effective leader to your team.
01/18/2019 04:47 PM
Discover The Tips That Can Lead You To A Prosperous Affiliate Marketing Strategy
If it's affiliate marketing that you want to learn about then you have come to the right place. When it comes to affiliate marketing it's sometimes the little tips that you know that contributes to your success. Experts and newcomers alike can appreciate any and all tips that come there way, so dive in and digest these useful tips.
01/17/2019 02:33 PM
Reputation Management - How It Can Help Your Business Thrive
When you are trying to maintain a positive business image, you're going to encounter a ton of obstacles. You might know quite a bit about business reputation management, but you can never be too prepared. So continue reading in order to find out some great techniques you can use to help make sure your business continues to thrive.
01/17/2019 02:33 PM
Take Charge Of Your Life With These Top Leadership Tips
The unique assemblage of traits and qualities that comprise a truly great leader can sometimes prove quite mysterious and elusive. To really grasp what effective leadership entails, it is important to acquire a thorough education on its principles and truths. The material below should provide a strong basis for any study of the topic of leadership.
01/07/2019 12:55 PM
A Simple and Powerful Tool for High-Impact Achievement in 2019
Year-end planning helps define your 'what'. To be inspired in your aspirations, here's a tool to help define your 'how'.
12/26/2018 01:27 PM
Here's Why Your Strategy's Not Working As Well As It Could
Conventional strategic planning techniques only go so far. They're missing an important ingredient that materially affects your business' success.
12/18/2018 12:57 PM
Don't Snuggle Up to Your Self-Doubt
You might believe that those high profile people you admire always know what to do. Nothing could be further from the truth.
12/10/2018 10:55 AM
Stop Managing Your Time and Do This Instead
Busy as you are, you may still not feel that you're using your time well. Time management systems don't address this fundamental issue. This article does.
11/19/2018 02:50 PM
You Could Be Sabotaging The Long-Term Success of Your Own Business
You could be close to that next-level growth in your business, but seem to be hitting a brick wall. Don't make the mistake of overlooking the obvious in search of the spectacular. The key to unlocking the future of your business may be just one degree away. This article helps you identify a common behavior that can hinder you from long-term growth.
11/12/2018 12:16 PM
Armor Up: What's Holding You Back As a Leader
I always thought that it was fear that holds us back from being the leaders we want to be: bold, courageous, inspiring. Research has found otherwise.
11/09/2018 02:05 PM
Top 10 Questions You MUST Ask an Event Planner Before Your Next Speaking Gig
Last week we started talking about getting started as a professional speaker, and some tips to give your business a boost. One of the key points is to be polished, professional and at ease, in any situation - the best way to do this is to be prepared - for everything.
11/09/2018 09:54 AM
How to Make Sure Your Goals Are High Impact
Make your goal setting a high ROI activity by using the IMPACTOR Goals model. It will ensure that your goals will get you where you want to go, with high impact.
10/22/2018 09:41 AM
Stop Arguing for Your (and Your Company's) Limitations
Your choices are very powerful. When you make choices that are world-class, you'll get world-class results. Mediocre choices?
10/10/2018 05:51 PM
11 Ways Investing in Impact Helps Your Business
Impact is where you and your business meet the world and make it a better place. Here are 11 reasons why investing in impact helps your business.
09/24/2018 10:08 AM
How to Lead Change in Your Business Like a Boss
Change in your business is essential. Navigating it is challenging and can be bewildering. Here are 10 ways to work change like a boss.
09/20/2018 01:09 PM
Find Your Success Sweet Spot!
Most people don't show anyone their scars and bruises or share their "up to their eyeballs in the dirty stuff", real and RAW stories of what the journey to success is sometimes like. They usually reveal the rainbows and glitz of it instead. The pretty and SHINY version. When only the SHINY and glammed-up version, smelling like roses is revealed it seems off and PHONEY, like they're disingenuous or hiding something.
09/17/2018 11:12 AM
5 Business Lessons I Learned From My Mom
You're surrounded by people with gifts to give. My mom's way of being in her prime has been valuable for me in my businesses. From my mom to me to you.
09/10/2018 01:33 PM
How to Go From Overwhelmed to Productive
Overwhelm can really slow you down in your business. Here are 3 strategies to help guide you out of overwhelm territory.
09/05/2018 12:49 PM
Why Are New Entrepreneurs Only Able to Copy Other Businesses - Little or No Original Thinking?
As a former franchisor of an original concept, I always assumed that all entrepreneurs were like me, deep thinkers finding new niches in the market place to exploit with their original solutions. Today, what seems to pass for "entrepreneurship" is much different. It's like everyone who starts a business is considered an entrepreneur? Mostly, what I see is everyone copying everyone else. What's worse many of these new business owners think themselves so damn clever as they do. Seriously, the situation is out-of-control, so pervasive it's now the norm, almost as if it is considered acceptable - Why?
08/27/2018 11:28 AM
10 Profound Insights From Impactful Entrepreneurs
Wouldn't you love to have people like Seth Godin, Marianne Williamson, and Prince Ea give you advice about your impact? You can in these nuggets from the Work Alchemy podcast.
08/22/2018 02:45 PM
Whose Mind Is It Anyway?
I recently read a gem of a book by Lisa and Franco Esile called Whose Mind Is It Anyway? Get Out of Your Head and Into Your Life. It was a quick read - under an hour.
08/17/2018 12:22 PM
White Papers Win Customers!
Are you getting the sales you want? White papers might be just what you need to tell your story in a way that your ideal customers will "get.".
08/17/2018 11:40 AM
Virtual Mastermind Programs - Benefits of Beta Testing
Creating virtual mastermind programs is a great way to take your business to the next level. The challenge in creating programs for most entrepreneurs is knowledge, time, and money. It's a shame because your message could have a profound, positive effect on the audience you want to attract. Beta testing new programs can literally mean the difference between success and failure.
07/30/2018 04:45 PM
The Wealth Creation Formula - Creating Income
Income is your key to wealth. Creating income shouldbe your ost important task as an entrepreneur. Income is the first step in the wealth creation formula.


home | site map |