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More resources:

It is a bad plan that admits of no modification. -  Publius Syrus

Planning lies with men; success lies with Heaven. -   Chinese proverb

Mistakes are a fact of life. It is the response to error that counts. -  Nikki Giovanni

Whether you have a new home based business idea or a service or store in mind, you need to do the math. This phase is about preparing your

Large or Small Business Business Plan

To create a business plan for small business, there are a lot of tools available. On the right sidebar you can find links to software programs that guide you through the process of creating a great business plan. I urge you to use these resources, because they ask all the right questions and give you professional results.

7. Action: Determine your process for income projection.

Questions:

1. How will you project your income?
2. Where can you get examples from similar business?

Background:

No matter how hard you try, you can never know exactly how the business will go. If economics were a pure science, all those who teach it would be filthy rich from the stock market. Accept that income projection is speculation. Nonetheless, it can be educated speculation.

Role models are the best way to get educated. Learning from the examples of others will give you the most reliable way of estimating your income. The closer to your plan your role model is, the more accurate their experiences will be in helping you estimate income.

Take the Palo Alto Success Potential Quiz (towards bottom of page).

8. Action: Plan to estimate your marketing costs.

Questions:

1. How will you decide what marketing avenues to pursue?
2. Where will you find cost information for all those avenues?.

Background:

Marketing and advertising are consistently underestimated by many businesses. I have a revolutionary process which makes a world of difference. It simply is to plan the marketing at the beginning, rather than at the end.

The saying, "if you build it, they will come," will get you a store filled with ghosts. If you build it and advertise it well, it will get you a store filled with prospects. If you build it, advertise it well, and fill the needs of people, it will get you a store filled with customers. Give yourself every advantage by planning your marketing now, so it can focus your plan on success.

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9. Action: Plan to estimate your setup costs.

Questions:

1. How will you know all setup costs involved?
2. How will you get the best idea of what the range might be?.

Background:

If you want to have some fun, I recommend reading "Don't Stop the Carnival," by Herman Wouk. It's about a fellow who starts a business on a Caribbean island. It shows how easy it is to overlook so many things in setting up your business. Answer these questions, and get feedback from a objective, qualified mentor.

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10. Action: Plan to calculate your legal costs.

Questions:

1. How will you find out all of the legal (contracts, trademarks, lawyers etc..) expenses?
2. How will you know the accurate range of these costs?.

Background:

Your small business business plan must include costs other than infrastructure. Find out what these costs would be for your particular business. For example, a home computer business idea will require web hosting, Internet marketing, site design and many other things. A restaurant needs licenses, premises, insurance and so forth. Embrace getting all the facts, because you are turning your dreams into facts.

For programs and forms, utilize the resource below:

Shop... Real Estate Personal Legal Business Legal Small Business/Startups Contractor Human Resources

11. Action: Plan the procedure for projecting running costs.

Questions:

1. How will you list all of the running costs?
2. Where will you find out what each one's price range will be?. .

Background:

I once worked with a producer who put together a musical extravaganza. We sold out four of our nine performances. The others were well attended too. Why did he end up thousands of dollars in debt? Because he never asked these questions. Again, embrace the facts. They are your friends.

Here are some free calculators to use:

• Starting Costs Calculator
• Cash Flow Calculator
• Investor Offering Calculator
• Discounted Cash Flow Calculator
• Email ROI Calculator
• PPC ROI Calculator
• Conversion Rate Calculator

12. Action: Plan to plan your budget.

Questions:

1. How will you use all the above information to create a budget?
2. How will you determine the best risk/benefit ratio?
3. How will you find and utilize guidance from your advisers?. .

Background:

Budgeting is a critical step. Many businesses fail in their first few months because they didn't budget for the long term.

There are many things to be taken into account, such as delays in getting paid, accidents and mistakes, damage repair and other unpredictable expenses. Understanding how much safety net to these in your budget and at the expense of walked is a tough but necessary step.

Again, consult the tools in the sidebar to properly guide you accurately through this step.

Financial Model, from Jian helps you plan your business finances.

13. Action: Plan to write your business plan.

Questions:

1. What are the best business plan formats for you to use?
2. How will you create the most accurate and empowering business plan?

Background:

Business plans can be daunting. That is only when you approach them unprepared. What you are planning to do on this page is get all of the information you need in advance. When you use the software for your small business business plan creation, you will have a strong idea of what to write. Then, the details demanded of you will excite you, because they will challenge you to make your idea even better.

You do not need to use software to write a business plan, if you prefer something else. There are books, form based business plan creators and more. The thing to demand is a plan creator that goes very much into detail and doesn't let you get away with equivocal answers. Use a tool that pushes you to higher achievement.

Click here to study free sample business plans from Palo Alto business software.

14. Action: Plan to incorporate feedback.

Questions:

1. How will you get useful feedback from the best sources?
2. How will you determine whether their advice should be followed?
3. How will you be flexible in revising your plan to move you forward with great energy and confidence?. .

Background:

Check the sidebar for the tools to help you do this. You've got a lot of great information now, it's time to plan how to use it. Remember, we are creating the steps that you will follow in crafting your business plan. Everything on this page is leading you to a clear, specific series of actions to make your business idea come to life.

Result: The numbers work out. You know how much you will need to invest for everything from infrastructure costs to marketing costs to running costs to legal and other costs. You know you will be able to have the money to establish and run the business long enough for it to begin to turn a profit. In other words,

You Have an Inspired Small-Business Business Plan

Now, it's time to focus on the knock-your-socks-off marketing idea for small business (or large) success.