Monday, May 21st, 2007...11:27 pm
The Four Week Business Plan
I just started teaching a business plan workshop as part of the Eastern Idaho Entrepreneurial Center, & here’s the skinny:
Business plans are tricky. It takes a long time to assemble the info, define the strategies, write the info, edit the plan, yada yada. Usually, entrepreneurs don’t have that amount of time– or any amount of time!– to get it together.
And when they put off writing a business plan for whatever reasons, it takes even longer.
This workshop is an experiment in best practices to simplify the process of business plans to the bare bones– what is the absolutely minimum info required to understand and write a basic plan, now.
It’s Not The Plan, It’s The Planning
I want to make writing a plan accessible to anyone. Really, it’s not the plan that’s important, per se, it’s that you are:
- pre-planning your business strategies
- basing your business on solid business principles
- articulating your ideas clearly (verbal & written)
- presenting the business in a non-red-flag kind of way
- backing up your ideas & assumptions with raw, accurate market data
- looking at business in a realistic & savvy way
- and finally, making the plan do what it needs to: get funding, loans, or operate your business effectively
You could scribble twenty-five words with sidewalk chalk on a blackboard outside your porch, and if it had the necessary elements to propel you into entrepreneurial superstardom, it would qualify as an outstanding business plan.
Conversely, you can prepare a beautiful, index-tabbed, leather-bound Encyclopedia Brittanica of a business plan, and if your concept isn’t something that consumers actually want to buy, nice try, but it’s time to start over.
So anyway, yeah–check out the four week business plan workshop. I’ve set up its own little blog (of course!), which contains the worksheets, random info, links to articles about business plans, and sample sections I’m developing. Enjoy!
The Sum-Up
So, I’ve been using The Entrepreneur Story project as my example, as I’m writing a business plan along with the class.
What I’m learning from this experience is that having a business plan prior to running full-steam ahead could have really helped the project to run more smoothly.
Because the plan forces me to think through the specifics of product, sales, and finance strategies, I can see more clearly where my planning and execution deficiences existed, and make new plans to correct the lacking areas.
The “business plan” will be a huge asset to finishing up that project. Maybe writing a business plan, even a four week business plan, can also help you in whatever entrepreneurial project you are tackling. 
** By the way, this info was cross-posted from The Carolynn Blog.
4 Comments
May 22nd, 2007 at 5:56 am
Very good Idea !
Business planning is always the best way to start your business. But it’s just a way, it means not that your business after the planning is ready to go.
From my experience my plan was to start business at the middle of March but it took two more months.
If you depend from other people, then probably you will not meet the deadlines, unless you pay very well or live in the ideal country.
In another comment you asked me what kind of business did I start.
Well I started with a friend, and for now we have two divisions. Bill’s division has to do with posters. Yes he sells (not prints yet) posters. Although the site is in greek you will understand it the url is www.posterland.gr
My division has to do with computers. To be more accurate with computer accessories, like case fans, noise reduction etc. my site is www.cool-clean-quiet.com Is in greek too but you’ll also understand a lot.
The risk we both took was and still is great. Bill and I bought about 1000 euros (about $1.200) of stock each, which means a lot of risk.
We also had to rent an office to be legal. We have all the legal papers and taxID needed.
Our way to success is very difficult but I believe we will make it.
I want to thank you for your support, only with your good advices and Ideas you help us very much.
May 22nd, 2007 at 2:57 pm
Hi Carolynn,
Remind me how I can get a copy of your book THE ENTREPRENEUR STORY.
Thanks! And congrats on the workshop! That’s awesome!
May 31st, 2007 at 7:26 am
Great article Carolyn. I remember writing my business plan. It was a very enlightening experience. I thought I really knew what I wanted out of my business, but writing a business plan opened my eyes to how much I hadn’t considered yet.
May 31st, 2007 at 9:30 pm
@ Nikos Thanks for sharing your story & tips! It is true– you can do all the planning in the world, but then wind up with some pretty crazy delays & random turn of events.
@Danielle Thanks, I will. It’s still in sabbatical mode, but I’m looking forward to finishing & putting out there. By the way, your promo letter for your own book was awesome! I’m definitely going to use your good ideas as a template– imitation is the sincerest form of flattery!
@Ryan Thanks for your comment– even as I’m teaching the workshop, I realize that I’m no less vulnerable to those “entrepreneurial planning oversights” we experience… when I am so “in love” with my own ideas, that I neglect critical planning & data collection!
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