As I have learned over the past month, a business plan is a necessity to have if you are going to pioneer your own business. If I didn’t know better, I would be inclined to develop my consulting practice without a business plan. However, I have quickly learned that my business would soon fail if not much organization or strategic examination was considered. I had no idea how much information, predictions, or analysis went into developing a business and business plan. Though there are overarching headings and topics, there are tons of minute details and information that go into the subheadings of each section.
Writing a business plan can be very exciting, yet, I have learned that it can be very overwhelming as well. As I continue to work on my first business plan, I have had to force myself to stay narrowly focused and not allowing my mind to get too broad and out of control. Though it is great to be a visionary, I need to stay focused on what I can realistically manage at this time and place of my life. I have found it enjoyable and quite interesting to research the industry, target market, and competition to see how I can develop and insert my ‘niche.’ I have had the pleasure of playing with and teasing myself with the financials. Hopefully one day some of my predictions will follow through.
Though the business plan can be an intimidating ‘project’ to take on, I believe it is necessary if you want to start a business. I will admit that it has been a lot of work, research, and creativity; however, I know is totally worth all the hard work in the end. I am fully aware that it will change and adjust over time, but I have a solid framework to start. I will be thankful that I took the time to develop this business plan and it will hopefully get put to use in the future.