What is a Business Plan and What Does it Look Like?

Here we are… talking all about business plans for the last 9 months… and, you might be sitting there wondering:

a) what is a business plan?
b) what should a business plan look like?

My friends… we are here to answer these very burning questions for you today.

First, WHAT is a business plan?

Let me start out with an assumption… we are all in business to make a living, right?  We are all aiming to achieve some level of success and sustainability from said business, right?

Well, given these assumptions, the business plan is your ROADMAP to sustainability.

A business plan is a document that is written by a business owner (or its executives) that states the company’s philosophies, goals, and strategy.  It’s typically broken down into 4 parts:

• The Company Objectives: what is the underlying soul of your business?  why are you in business?
• The Marketing Plan: how are you going to sell your goods or services?
• The Operational Plan: how are you going to run your business?
• The Financial Plan: how much money will you earn and how will you invest it or spend it or pocket it?

That’s it!  Pretty simple.  Each of these parts breaks into pieces that you discuss in trying to accomplish your greater goal: to be a SUCCESSFUL and SUSTAINABLE business.

Next, what in the WORLD does this thing look like?

In a nutshell, it looks like a paper you would write in college.  Sorry to ruin any of the mystery or intrigue or high hopes you had for gilded laden paper, ala Canterbury Tales.  But that’s just the plain and simple truth.  It generally runs about 20-40 pages typed, depending on how verbose you are and how elaborate your plans are.  And, it breaks down the above 4 sections, generally answering the questions I posed.

Here are some general thoughts on what YOUR business plan should look like:

• You don’t need a template to do this.  Your business is unique and so is your customer.  It’s best to just sit down, open a Word Document, and start writing.
• Have fun with it.  Get creative.  If writing a 30 page report does not interest you in the least, take out the colored paper and scissors and “CREATE” your plan.  I love The Right-Brain Business Plan.
• This can be as long or as short as you want.  If all you can do is write a 2-page plan, then that’s great!  Just do it.
• Unless you are seeking financing from a bank (a post for another day), this should be for your purpose.  This document is for you to determine how to create a sustainable business for YOU.  So, do it however best suits YOU.

And, here are some examples of different business plans:

• Wedding Consultants
• Florist
• Other Businesses

Here are resources on writing your business plan:

• Sage Wedding Pros’ 13 Step Business Plan – free download
• Sage Wedding Pros’ The Simple Plan workshop – great for collaborating with others
• Small Business Administration – simple resources
• Business Plans for Dummies – nuts and bolts
• Grab a friend and make a weekly coffee date!

The hardest part about doing a business plan is starting it…

Commit yourself to one step.  Once you’ve done that, take the next step.  Soon you’ll be on your way!