Business Plans?

[ninjaman001]

Time for another question:

How many of you guys actually started out with a business plan? I'm thinking about purchasing one of the business plan software packages, as all of the articles about starting your own business preach this. I have, however; been doing business for a little while now and really didn't need one to get started. But I keep getting a feeling that I did "something wrong" because I didn't put one together at first. I didn't need any start-up capital, so it wasn't needed for that.

So: Did you create a B Plan? Did you find it necessary? Where is it now? Do you often refer to it? Or is it gathering dust in a file box somewhere?

:confused:

[thecoldone06]

I don't know that it is essential. I think it is a starting point for you to get all your ideas down on paper where you want your business to go. You shouldn't have to purchase any software, I found a template online that pretty much walks you through it.

[Simmy]

I did a business plan when I first started up in order to get a bank loan but I don't refer to it anymore. Writing down what I wanted to do was worthwhile, just so I had a clear goal. But doing profit forecasts (something the bank asked for) was pointless IMO because I had no idea how many jobs I would be getting. It was pure guesswork.

Sure enough it told me that I would need X amount of hours per week to pay the bills, but being unable to generate business at the drop of a hat it was fairly useless seeing as all I wanted to do was make as much money as possible. I guess profit forecasts tell you if your hourly rate is sufficient enough to make a decent living. After all you don't want to under charge yourself and end up working flat out all week.

I'm fairly sure my profit forecast said I would be retired and a millionaire by now :p

[focuz]

A business plan is just needed to get yourself off your feet and actually started. If your already started then its useless.

[ninjaman001]

Thanks,

All of your comments have been noted. I think that at this point I may just need to do an "evaluation" of where I am and where I'd like to be at different intervals (i.e. 6 mos., 1 year, 3 years, etc.). Maybe goal setting and planning, but not a full blown business plan.