Thursday, December 27, 2007

Writing Your Business Plan

Writing a business plan can be quite a difficult task for individuals new to the world of entrepreneurship. However taxing this task may prove, it is essential for the development and success of the business. When beginning your foray into developing your own company, be sure to put great thought and effort of the planning and writing of this groundbreaking document. This plan will remain with your company throughout its life as a reminder of the company's goals and aspirations.

If you find writing a difficult task, seek the help of a professional. If you know a professional writer, ask him or her to aid you in the development of this text. If your budget permits, you may want to invest in the services of a respected business writer in your neighborhood to develop the document that serves as the cornerstone of your business. Be sure to use a proper tone and formal language when developing this text. Furthermore, carefully edit and proofread the text for any spelling or grammatical mistakes that may occur. Since this plan will represent your business as a whole, it is imperative the plan is flawless.

There are several items necessary for inclusion in your business plan. These topics range from the reason for forming the business to an explanation of the goods or services offered to the method of financing the entire endeavor. Usually, a business plan follows a general series of themes or topics. Each topic addresses one part of the business from goals to advertising plans. Be sure to completely fulfill each theme or topic to best prepare your business.

If you are unaware of the purpose of a business plan or wondering the different topics usually covered in the document, turn to a variety of sources for answers. The World Wide Web boasts a host of options, ranging from private websites offering much needed assistance to the government's Small Business Association. Furthermore, turn to your local library or bookstore for fantastic information on the correct way to tackle writing an effective business plan.
Tip! A Business Plan will help you get funding. One of the main reasons Banks turn down requests for loans is a lack of information to assist in making an informed decision.

Before you ever put pen to paper, first clearly provide the questions to all answers posed by the plan. You will need to know specifics regarding a variety of issues relating to businesses and their running. By knowing the answers to these inquiries before you begin the writing process, you will be confident you have put the utmost time and thought into the details of your entrepreneurship. Allowing yourself to think through any problems and complete any necessary research will ensure your plan works best for your business.

When it comes to writing your business plan, do not be intimidated! Seek professional assistance to ensure your plan best represents the goals and nature of your business. Completely address any questions or issues that may arise in the establishment or development of your business. Clearly lay out any goals your business wishes to accomplish and provide a reasonable timeline. A successful business is one that possesses a well-written business plan.

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A Simple Plan for Starting a Business of Real Estate Investing

Starting a business of real estate investing - whether you work out of an office or a 'home based business' you run out of a corner of your bedroom, you can drastically change your life, and your income in as little as 10 hours per week - all through a very simple plan of real estate investing.

It is possible to become successful in real estate investing in a short time and, even when starting a business of real estate investing, you can find the time without crimping your current lifestyle!

Starting a business of real estate investing with a simple plan.

1. Groundwork of your simple plan is crucial when starting a business of real estate investing.

I know, it is easy to say - and the truth is, it is easy to do! Most people get stopped when starting a business of real estate investing because they simply FAIL to plan. That's right, it isn't because their plan didn't work, it was because they did not implement even a very simple plan!

To be successful in real estate investing, first find someone else that is successful in real estate investing, watch them, interview them, find out everything you can about what they did when starting a business - and write up a simple plan of what they have done to be successful in their real estate investing - something that you can follow each day.

In order to have what they have, you need to do what they do, so find out what percentage of their day is spent on the telephone, for instance.

Find out how much of that time is spent on making calls, receiving calls and the type of calls they are (Customer Service, making deals, etc.)

That gives you a good idea of what your total time should look like, when you are starting a business of real estate investing of your own.

2. The next step in developing your simple plan as you are starting a business of real estate investing is to divide your total time (10 hours per week is a great start) just like your successful mentor does.

Even if they put in a hundred hours per week, they still divide their time, just like you will, once you begin working your simple plan.

The 'secret to success' isn't in the hours - it is how you spend them!

Follow the simple plan outlined here to make the most of your hours and get the most out of everything as you are starting a business of real estate investing with a plan of success.

If your mentor spends 1/10th of their time making outgoing phone calls to find new business, then you need to spend 1/10th of the time you dedicate to your real estate investing business doing the same thing, a pretty simple plan, huh?

3. Set your Goals.

A clear destination is something you always do when starting out on vacation, isn't it?

Then have the same thing in mind when you are starting a business of real estate investing.

Every successful person says to have a goal in mind so you know where you are going, and our simple plan gives you the steps to get there!
Tip! A business plan might not be as good an instrument to convince your potential investors(banks, venture capitalists etc), as the personal conviction, enthusiasm, charisma and passion you demonstrate for what you want to do! For instance, the “experts” among them, who the rest might look up to for assessment of the viability of your proposed venture, may not reckon with your idea if it is new or unusual.

A goal is crucial in anything, and certainly when starting a business of real estate investing.

Without a destination (a specific income amount, a personal item like a car or boat, or simply an amount set aside in savings), how will you know if you ever arrived?

4. Track your progress.

You have your goal in mind, and a simple plan to begin. It is time to get into your 10 hours per week program and 'backtrack' to create a clear and simple plan to follow.
Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide.

Take your goal (a clear date of completion and 'destination'), divide it out and chart the required progress each day, week, month and/or year to quickly know what is required to reach your destination.

Follow your progress each day to know quickly if you are sticking to your original goal destination, or if you are ahead or behind schedule.
Tip! Myth: My business plan needs to be perfect before I can start my business.

As you are starting a business of real estate investing, you will likely come across some detours, that's OK (and where many people get lost... Do not!)

When driving, if you find a road that is blocked or a path that seems impassible, you simply find another way around, right?

The same is true when starting a business of real estate investing, just find another way.

Include in your simple plan a few hours here/there just for such 'emergencies'.
Tip! The Plan - Outlines or templates for creating a business plan are availble free online. Get one.

If you have no emergencies, do something else that will get you closer to your destination, or just relax and enjoy where you are.

5. Spend time ON your business, not only IN your business.

In your simple plan for starting a business of real estate investing, you must set aside part of your working time to plan, set goals, promote and advertise your business, not simply work along in your business, doing the things you do.

In today's world, when starting a business of real estate investing, you will most likely have a website. You need to spend a certain portion of your time (even 10 hours per week total) on getting more visitors to that website. The more people that see what you have to offer, the quicker your business will grow.
Tip! To obtain funding. If you are planning on getting any sort of loan, you will definitely need a business plan in order for a bank to consider you.

You could spend time driving from house to house, telling everyone about your website (not a very simple plan for your time!), or you can maximize your time by writing articles about your business and post them online where many people will see them (many online services promote articles).
Tip! 'Only qualified investors see your business plan.' Yeah, sure.

This is often overlooked by people as they are starting a business of real estate investing, and one of the reasons they fail to make their simple plan.

As your business grows over time, you will do less of this (but never stop!) and begin to work your simple plan toward the 'IN your business' phase.

6. Give excellent Customer Service.

It never pays to make your customers angry. An upset customer will kill more business than you can imagine. Find a way to work with them, or simply give them their money back.
Tip! Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within.

Losing customers is something you cannot afford when you are starting a business of real estate investing!

Many people simply don't make the time to provide quality service to their customers. Do not let that happen to you!

A little up front planning and goal setting, then follow-through each week, then simply repeat the process.

You will change your business from flat to cash in a short amount of time!

Follow the steps above and it can be done in as much or as little time as you have.

When starting a business of real estate investing, if you follow the simple plan I have outlined here, you are already a success!

Steve Majors - The Lazy Investor Profit from Real Estate Investment articles, real estate investing information and news from one of the most creative investors on the planet ~FREE MEMBERSHIP & real estate training course~