What Does It Mean When A 5 Month Old Sucj Do Solopreneurs Even Need a Business Plan?

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Do Solopreneurs Even Need a Business Plan?

Here’s a little insider secret about solo professionals – less than 1 in 5 have a written business plan. Are you in shock? I’ve been working with smart independent self-employed people for almost six years now, and in that time I’ve come to understand why you don’t. Here are three main reasons:

1. Business plan templates often require information that is not relevant to your business, such as detailed capitalization plans through old business mechanisms such as bank loans and venture capital.

2. Commonly used business plan templates often do not support newer business models such as Internet-only businesses, businesses with little or no physical inventory, or direct sales businesses.

3. Templates also often shortchange the marketing and customer service aspects of the business, which are arguably the most important parts of the business for micro-businesses.

While commonly used business plan templates or outlines do not serve solo professionals particularly well, you will still do better in your business if you have a written business plan. So if the dirty little secret of your business is that you haven’t done any formal planning, listen up! You need a plan! Here are just a few reasons why.

* Completing a solopreneur business plan forces you to be more clear and concise about what you have to offer, and this allows you to speak to potential customers (prospects) in a way that attracts them to your services.

* A completed plan gives you specific goals to achieve at specific times, allowing you to review and reflect on how you’re doing compared to what you said you could do 3 months, 6 months or a year ago.

* A plan that is often even more valuable than both of the above will help you avoid the “bright, shiny object syndrome” that so many of us have. It gives you a quick way to judge whether an opportunity is a distraction or something that will actually help you achieve your goals.

There is so much more that proper business planning can do for solo professionals. And by proper, I mean planning that is created specifically for a small sole proprietorship that operates out of the home (or a small solo office). Even if you don’t need a huge plan that talks about venture capital and brick and mortar buildings, you’ll still benefit from thinking about your structure, your goals, and your timelines.

I suggest you block off just 30 minutes twice a week and start creating a simple business plan to help you run and build your business. Give it six months and you’ll find your business has grown in ways you never expected!

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