by Pam Lawhorne

Created on: October 31, 2007

Are You Prepared?

When most people set out to start up a business they forget about all of the details that go into play besides the financial aspect. The cost of starting a business is more than just dollars and cents. It also includes time, energy, stress, sleepless nights, strained personal relationships, etc, etc. The list goes on and on. While some of these things simply can not be avoided, a lot of them can with a detailed business plan and plan of action.

If you're read any of my other article or my book then you've heard me rant about how you need a plan of action and a business plan. While it's important that you have both, the two are totally different. With the new year approaching, so many people have set resolutions to start their own business but in the usual fashion, they have neither a business plan nor a plan of action. I will give you a piece of advice, if you plan to start a business; you need to have both - a business plan and a plan of action in order to become successful.

For those of you that have forgotten what the difference is, I will refresh your memory.
A Business Plan: This includes setting goals and how they will be achieved. Defining obstacles and outlining strategies to overcome them. Stating the legal and organizational structure of the business. Quantifying your financial needs and making some financial projections.

A Plan Of Action: This includes a marketing budget, source of consistent leads or clients, training and skill development. Defining a time frame in which you will dedicate time and energy to your business. Determining how you will meet the objectives that are on your business plan. Most importantly, making sure that your desire is in line with your dedication so that you can see the project through to the end.

To build a strong, lasting business, you must build it on a solid foundation. These are just a few of the tools that will help you to help you get things off the ground!

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