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Business Plan- Kind of Assistance

June 12, 2005

Q- Do I need to write a business plan before I open a business?

It would be very preferable for you to write a business plan before you start your business. A business plan is the result of thinking through all of the systems and details you will need to run your business. Important things like how much money you need to start the business, how to market your business, and the critical employees you need are all ascertained by going through the process of developing a business plan. A business plan, while painful to write, is a very significant part of planning for the creation and management of your business.

There are many books available to help you through the process, including the one I have written. You can clearly pay for someone to write your business plan, but you would be missing out on the process of really visualizing what you want your company to be and planning for your business to meet your vision and expectations. It is very important to go through this process because it demands that you think through critical elements that increase the probability of success for your business.

Q- What type of advice is the best to get to help me in starting a business?

Avoid the advice of your family and friends. In their efforts to be supportive, they will frequently give you the advice they think you want to hear, rather than the advice you need. What you need is honest, frank opinions from people who are knowledgeable about your type of business. There are many people in our community who are more than happy to be mentor or coach to you All you have to do is ask.

Empirically, we know that mentoring is one of the biggest success factors in business. A mentor will help you avoid mistakes, which are especially costly to a new business. Mentors expect no pay, so it only costs you the tab for lunch or dinner -- a time during which you can get to know one another and ask questions. Most entrepreneurs have been through the same process you are going through in starting your business. They will give you advice that is very beneficial and so economical. The only thing I have noticed that holds back entrepreneurs from asking for help is the courage to ask.

Finally, the Small Business Development Centers offer assistance to startup businesses. The SBDC in our area is sponsored by FAMU and the phone number is 850-599-3407.

Bottom line is that you definitely need assistance. In fact, the more help you get, the better.