As mentioned in the previous chapter, one of the major things that a startup business plan is meant to do, is to guide a business safely on the way to success. As we also mentioned before, composing a solid business plan is no easy task. Which leads us to the next questions that we are here to answer for you
Q: What are the typical issues people face when they’re trying to build their own startup business plan? What is it that can go wrong or otherwise lead an entrepreneur to seek the services of a an expert?
A: There are five major obstacles that we have noticed since 2006 why people do not want to write their business plans themselves.
- Number one, it’s a time consuming process. So, often enough, when you find a location for opening your business, you have very little time to sign the lease, prepare the location, and get going. You want to start your operation as soon as possible. You really simply don’t have the time needed to put your business plan together by yourself.
- Number two is lack of interest. To put it simply, you want to focus on your job, you calling, and leave the paperwork to somebody else. For an instance, when want to open a Day Care (and we helped finance 11 of them so far), then what you want to be busy with, is the kids. If you open a restaurant, you want to do the cooking, not the accounting. And just as you will likely want a professional accountant to do the accounting for you, you’re probably not interested in putting business plans together by yourself, and you hire a consulting company. It allows you to focus on what you do best.
- Number 3, the need for research and specific knowledge. Just like accounting takes knowledge and skills, so does this. You need to know how to research the market, describe certain elements in business plan content and put the numbers together for the lender to see them and like it.
- Number 4, The need to be able to put a business forecast together. How do I build my business plan budget? How do I put the financial forecast together? How do I put all numbers together in order for them to make sense and present an appealing picture to the people that I want to get financing from?
- Numbers 5, stems from the previous two – lots of people are afraid of making a mistake. For an instance, if you are preparing a business plan to be reviewed by a bank, the last thing you want is to get a decline. If that happens, you cannot walk into the same institution to re-apply. They will have the decline in the system based on your previous application and will likely not consider your next one no matter how good it is. You want to get it right the first time.
These are the five major obstacles why people do not want and do not usually put their own business plans together. Read on to find out about the process of working with Business Plan Experts on your startup business plan. There is lots more ground to cover!