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Thread: Write a Business Plan

  1. #1
    Join Date
    Nov 2010

    Default Write a Business Plan

    Write a Business Plan

    The most important thing you can do to prepare for starting and operating your own business. Developing a business plan requires a lot of time and energy, but it’s invaluable for one primary reason — it forces you to come to terms with your business idea. You must decide how you will generate income, what your expenses will be, who your competitors are, and most important, WHAT YOUR BUSINESS DOES. This may seem obvious to you now, but write it down. Think about it. What sets your business apart? What service do you offer that is superior or unique? What’s going to put you ahead of the competition?

    Beyond the mental exercises, a good business plan will give you a much better chance of getting a small business loan from a bank than walking in and saying, “I like Photoshop and maybe a can do some websites or something. Gimme money.”

    A few years ago, new age business rhetoric said forget the business plan and just run with it. Obviously, that didn't work out so well, so if you go that route, God bless you. The business plan exists for a reason. There are libraries of books written on them and huge websites devoted to developing good ones. Some resources:

    File for a Fictitious Name

    A fictitious name (called a doing-business-as or DBA in some states) is the government’s term for your company name. If you choose HyperGlobalMegaSoft as the start-up’s name, it has to be registered with the state to ensure no one else is using it. This will cost about $100, but prevents you from accidentally using someone else’s registered name, or from someone else using YOUR name. Also note that two companies can usually register the same name for different industries. For instance, Luigi’s (design studio) and Luigi’s (pizza joint).

    Note the fictitious name is not the same thing as a registered trademark. A trademark involves a whole separate process, more paperwork and additional fees. Unlike a fictitious name, however, a trademark is not required.

    This is a pretty involved topic, and enough books and articles have been written about it to make for years of boring bathroom reading. Advice in a nutshell: start the business with your own savings or borrow from a bank. I highly recommend the former or a combination that includes it, since it makes you pinch your pennies a little more. If you go the bank route, make sure the business plan is polished to a high shine. This may be a good time to hire a professional business plan writer/editor.

    There is one Golden Rule: Don't borrow money from family or friends. 99% of the time, you won't be able to pay them back, and on the off-chance you are, it won't be for months or years. The amount is irrelevant; $1,000 or $100,000 can quickly create bad blood.
    Get an Accountant

    In starting your business and maintaining its future financial health, there is no greater ally than an accountant. He or she (or they if you go with a firm) will be able to give advice on innumerable aspects of your new venture. They can advise on what type of business entity to start with, setting up bank accounts, a means of invoicing and collecting, and more. Most importantly, they also guide you on paying taxes properly and punctually.

    Brief advice on accountants:

    * Go with an accountant or a firm in your state. Each state has different laws.
    * Make sure the accountant knows business taxes. Do not hire a family-oriented accountant.
    * Unless, you are really, really strapped for cash, hire an accountant who is not a family member. While it may be tempting to get a family discount, it is better to have an unbiased viewpoint about your finances, and also better to keep your family’s nose out of your funds in general.
    * Try to trade services! Maybe your accountant wants a new logo, website, or brochure.

    Start with a Partner

    If you can, start the business with a partner. This person should be another designer or programmer with a level of experience equal to or greater than your own, but with a different skill set. If you’re the God of Annual Reports, your partner can be the Overlord of Identity Design. Having two Annual Report Gods will make for some lacking identity work when the client requests it. And for the record, once again, it will be better if this person isn't family.

    “But why a partner?” you ask. “I'm a darn good designer, and I'm really really gonna do this right.”

    A partner will keep you on your toes. When you want to buy that $2,000 scanner, he or she should question why. If you want to design a promotional piece, it should be a group effort to get the best results. If you start to slack off, he or she will be there to remind you of business priorities. No one can do everything, and two complementary skill sets create an asset that cannot be reproduced when flying solo.

    About Your New Office

    When you start a business, the option of setting up an office outside your home has dramatic pros and cons that must be weighed carefully.


    * You have a place for clients to visit if they are local.
    * Reinforces good image (see below). Proper presentation goes a long way, and making your office appear as if you’ve been in business for years (you didn't tell them you were a start-up, did you?) helps build client trust.
    * You can write off all office expenses (rent, repairs, phone, etc). This will affect your bottom line drastically.
    * Gets you out of the house. Having a real place to go to work makes the business more real, and forces you to take it that more seriously.


    * Money out the window. Renting an office costs $250-$10,000 a month, not including the initial deposit. This is a lot of money if you have a thin or inconsistent client base.
    * Requires additional expense. You will need to get a fire inspection and a certificate of occupancy, not to mention additional phone lines, Internet connection, furniture, etc.

    Setting up an outside office for a new business is a case-by-case situation, and depends almost entirely on start-up money and cash flow. Some businesses truly require a place to host clients (ad agencies),and for others it’s not as important (web development). Weigh the advantages carefully against capital, because being locked into a lease without a means to pay is no fun.

    Keywords:Funding,Write a Business Plan,advice on accountants,primary reason in bussiness,small business loan

  2. #2
    Join Date
    Oct 2011


    if you run your business successfully, then it is necessary to update your knowledge about business market, and then select your investment amount, and also check your future benefit and estimate your chances of losses.

  3. #3
    Join Date
    May 2012


    Aside from having a business plan, it is also important to consider your investment make sure that you have enough invest money before you start buying products to also have good cash flow.

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