A business plan is a document outlining the ‘Who’, ‘What’, ‘Where’, ‘When’ and ‘How’ of a small business operation. It is the action document used to lead the operation forward. Often used to obtain funding; it is better used as the life cycle tool. The plan outlines short term and long-term goals.
The Small Business Administration (SBA) is an agency of the federal government that provides loans, counseling and procurement opportunities with the federal government. Simply stated: “The SBA helps Americans start, build, and grow businesses”. No other resource exists that is as dynamic and beneficial to the small business owner as the SBA.
This entry is part of a series of entries exemplifying the steps an entrepreneur takes from starting a business to selling the operation. It is a step by step process addressing the multitude of business concepts every small business owner must face. This is a 6 year example from Day 1 to the day the owner receives a check for selling his business. Read this series as if it you were experiencing all of the trials, tribulations and joy of owning and operating a business.
So that’s it, I’m going to go into business for myself. I want to own and operate a business of some sort and make some extra money. Who knows, I could be the next Warren Buffett. At age 27, I’m still young enough to have the energy to do the physical part and mature enough now to know that I need the guidance of others to help me. But what do I do? I need an idea.
Timing is everything, you have heard this before. Well, it is applicable here. I once had a potential client come to me in the middle of June seeking my endorsement to his business plan. He needed to borrow money for his idea. He wanted to sell fireworks. July 4th was less three weeks away. I looked at him as if he were crazy.
Whenever someone wants to start a business, they ask their friends and professionals what they should do. The standard answer is always, ‘You need a business plan’. Really, do you? If I do, what is it and how do I proceed?
