You plan may be the centerpiece of a loan application to a bank, friend or even a Venture firm. That single typo can set the mood and it’s not a good one. I’m also going to show you something cool about the word as well!

One of the most common mistakes is to spell business wrong. Be careful and make sure you use your spell check, ot at the very least proof read your plan.

Do you want to get some great free support that will save you a ton of time and research when you’re writing your business plan? Angelique and have developed a 35 page free guide to starting your own business. It covers financial planning, the bussines plan :-) and a whole lot more and it’s your completely free.

Don’t let anyone convince you that the business plan is a mountain that you just can’t get over. Don’t let this be the reason that you don’t start your own business. With a step by step guide you’ll not only write a great plan, you’ll learn loads about your new business, the market you’;re going to operate in and how much cash you’ll need up front to succeed. You don’t need software packages, special courses and all that stuff. With the right support you’ll be amazed at what you can do and how fast you’ll fly through it!

So here’s a thought for you – Etymology is the study of the history of words. So what are the roots of the word Business?

It actually comes out of two parts – busi (busy, occupied, diligent) and ness (a sense of work or occupation). It was first recorded over 550 years ago.

So there you have it. From a members typo I wondered about the word itself. At We dared To Dream we’ll help you avoid many pitfalls when starting your own business and in this case I stopped the dreaded bussines plan.

Let’s explode that myth right away. The best plans are concise, focused and practical – and not hard to write. OK?

I’ve also put together many tips on business plans in our start up guide. It’s totally free – you’ll find them in the section on business planning! You can get it right here.

Your business plan is one of the foundations of your success. A good plan will help you stay focused, manage your business, raise cash and avoid critical mistakes.

Remember that most business plans or for one year. It’s hard to predict 3 years out, particularly when you’re just starting your business.

So let’s look at business plan template free, that you’ll find really useful. I’ve created a series of areas that you’ll need to fill out. You’ll go step by step and be surprised how easy it really is.

1. Table of contents – You’ll fill this out last of all
2. Executive summary – Your plan on a single page. if you’re going to ask for a loan or an investment this should be the first thing they will read. So make it attractive to read, be enthusiastic, but not overly optimistic. You should write this when you’ve completed the
3. Description – What is your business, it’s products and service? What are your goals over the next year and how are you going to achieve them? We recommend three goals, not a laundry list! Finally, what are the keys to your success?
4. The market – Your market and competition. It’s not just about your business. You need to think about the environment in which you’ll be working. The best plans have estimates of size of the market and their competitors, including a brief summary of the strengths and weaknesses of each major competitor.
5. The consumer – Who are they and what are they like(target). What do they want and why are you relevant (product benefits)? How will you get your product to them (distribution)?
6. Operations – This should cover your supply chain and employees. Identify the risks you foresee.
7. Financials – Most investors skip straight to this section. Ultimately, there are two documents you need. First, there are revenue and cost assumptions that will yield profitability. Second is a cash flow analysis that will show how much cash you need for the period.

I looked at one template and it was 31 pages of different sections. It would take you months to complete and you’d have ended up with something bigger and more complex than the plans Rob developed when he ran a multi billion dollar business.

One of the main reasons for investing the time in preparing a thoughtful business plan is that you’ll get to understand your business, your market and the challenges ahead. That’s important, it’s not just a chore!

A well focused, concise plan is easier to you to work with and will be easier for potential investors as well. This is your business plan template free sample.

Let me know if you have any questions.

We’re going to show you how easy planning can be. You’ll reduce your risk and increase your chances of success and wealth.

We see so many businesses starting without a business plan. In fact, just last week we were helping a small retail business that was struggling. Guess what? They didn’t have a plan.

Without a decent plan your risk level just shot up through the roof. Actually, stop right here and answer this. Would you set off on a 25 mile hike across dangerous and cold territory with no map or preparation? Of course not. So you wouldn’t start your business without a decent plan, would you?

Here are our rules of planning…

1) Don’t write books

It’s not about the length or the format. It’s about content. it makes us mad when we see these sites and books about planning that have clearly been written by people who never got close to a small business in their lives. Your plan should not be more than 20 pages. Distill your thinking down to the key issues and strategies.

2) Write a 1 page summary

One of your most useful parts of your plan is the 1 page summary. It’s your plan on a page as we call it. Your key financial targets, your three most important goals and brief descriptions of how you’ll achieve them.

3) It’s not just your own business

Too many plans are 100% about their own business. Look at your competition – you need to understand their strangeth and why their customers like them

4) Focus on cash

Too many plans ignore cash flow. This is one of the most important elements of your first year. If you get paid 30 days net, remember to plan for that. running out of cash is at best expensive and at worst fatal.

5) Consider the bad as well as the good.

We like to what if scenarios. What if you miss your sales plan by 25% or even 50%. What can you do? What if a sales contract is 2 month late? What if a key team member quits? If you have contingency plans in place you’ll not struggle if and when the bad news happens.

6) Be conservative

No, this is not a political or religious discussion. It’s about not being optimistic. It’s far better to under plan and beat it than be optimistic and start to realize that you’re in trouble after 6-12 months.

7) Take action

You’re going to be running a small business. Winners take action and move quickly. They don’t strategize for months. One of your big advantages is that you’re going to be a small boat fast moving fast, weaving through your competition. Not a lumbering ocean liner like the Titanic that can’t even dodge an iceberg. Write down what you’re going to do and be specific.

8) Numbers come last

Huh? Don’t start your plan with goal to sell a million dollars of stuff. Start with actions you’ll take and explanations of how you’ll take them. then add it all up and see what you’re doing. We like bottom up plans for small businesses.

OK, you’ve got the guidelines. Now let’s show you how to get started with 3 easy steps

1) Know your competition

Spend some time listing them and learning about them. What makes them special in the eyes of their customers?

2) Look at yourself

Write down the three most important things you want to achieve and then explain how you’re going to achieve them and by when.

3) Do the numbers

Look at how much it will cost to do those 3 things and write down your planned sales. This is your first cash plan.

That was not so hard. This is how we work at WDTD. We’ll give you an awesome map that shows you all the small steps you need to take. You go as fast or as slow as you like. Lots of small wins and before you know it…..

Keep these notes because you just started your first business plan. You’re not done yet, but you’re on your way. It’s not hard when you know how. And guess what, you’re suddenly gaining clear understanding of your business and your competitors. That’s one of the major ways to reduce risk and create wealth!

Be successful

Rob & Angelique