Your business might be surviving, even profitable, but if you want to be around in the long haul, you will need to plan things out. After all,

To be successful over the long haul, every one-person business needs to do some planning. The more organized the planning – the better the choices you will make. It is not necessary for you to have a full-blown business plan, like the ones used to raise hundreds of thousands of dollars for the start-up and growth of businesses with a lot of employees. For the one-person business a simple business plan will suffice.

1. Do You Really Need A Business Plan?

Some businesses will, admittingly, fare just fine without a business plan. The importance of doing a business plan is the process in and of itself. It’s not because experts say you have to do it or a bank says you have to do it, though that may be one way to use it. The reason to do a business plan is that the very process of going through a series of questions about your business will force you to audit the current situation and think about the future – to think strategically.

2. Calculate Your Net Worth

One of the most powerful steps you can take to understand your financial condition is to calculate your net worth. If our economic life is about the accumulation of wealth (as economists say it is), then to understand our economic life we need to understand our wealth – where it comes from, what forms it takes, and how much of it is available for us to use in starting and running a one-person business. A healthy net worth is one where your incoming funds exceed your debts owed.

3. Keep Accurate Records

One of the most important things you can do as a business owner is keep accurate records of your costs and expenses, as well as what revenues you bring in. In the event of a dispute over what expenses you were able to write off, for example, you would be able to back that up instantly with receipts and records.

It’s another season for shopping and buying and wouldn’t you know, cell phone companies from both the US and Canada are starting to roll out some new deals. This article will look at the pros and things to watch out for when it comes to signing up for family plans. It would take into consideration things like network coverage or cell phone selection between carriers, but it will give you an idea of the money you will or won’t save.

You have the special someone, the kids, your significant other? Without a family plan all calls between each other usually count against your total minutes use. That means no free calling between the most popular numbers in your phone. This can change, however, with new family plans. What we see clear across the board (especially in Canada) are the carriers willingness to offer cell phone plans to families. You’ll get unlimited calling between people on your plan, sometimes up to 4 different phones. Sounds great doesn’t it? No more phone bills that cost crazy amounts, you can save your money!

Essentially the idea is perfect, one bill, no fees, no more lost minutes. Basically the ads are true, you are getting unlimited phone calls between the family plan members, however, beware of some of the fine print.

For example, remember, you’ll be sharing all additional minutes between all of you. Got a talkative kid? You may wind up with no minutes for yourself since everyone shares the anytime minutes. By the way, all you’re saving really is the minutes you wasted between each other. You don’t save anywhere else on the bill. Each phone is still charged individually: activation fees, system fees, 911 fees, etc etc etc.

You should be aware of the different charges for different services when you’re moving one person from one carrier to another. Some carriers don’t charge for basic voicemail (Telus) but others charge you money (Rogers bucks basic voicemail.) That’s an additional 60 bucks a year. Do you want to pay that money that you would not have before? Basically you have to decide whether is worthy cost for money talk time.

So how should you make a choice? Really, it’s a matter between who will offer the most anytime minutes. Whoever can provide you with the best deal for minutes aside from your family/couple members would be the way to go. Some offer free first incoming minute on all calls. Some exceed others in anytime minutes, some will give you deals on new phones, more minutes, additional features, etc. Be on the prowl and don’t jump at the first opportunity. Compare costs and you’ll save some additional cash.

Most of us know what a business plan is. We know that it includes product information, marketing strategies, financing, facilities and a customer profile. Yet how many of us know that the comprehensive report is just a piece of paper without the commitment of the owner? That’s right it is “garbage” without strong psychological traits that help to adhere to the plan. A business plan changes depending on the personality strengths of the owner.

Within the business plan it is beneficial to map out the financial budget for a certain length of time. In most businesses this plan includes all major expenses for the year. Adhering to a year plan may be difficult because they are not able to do that in their personal lives. For example, if one has a hard time saving 10% of their income how are they going to adhere to a budget that requires them to put money away for future development in their small business. The plan may include a year improvement plan but should be broken down into monthly or weekly goals so that the owner can follow it closely. Let’s say an owner wants to build additional fresh fruit space and it is going to cost him/her about 8,000 dollars. The owner hasn’t been able to put this money away for the past couple of years due to inability to stay committed. Then have them take 0 out of their earnings each week by writing a check and placing it in a box. At the end of the year they can count up the checks, rip them up and write one big one for their expansion project.

The same applies to marketing. If an owner wants to market to everyone in his neighborhood who has children it doesn’t make sense to just state this fact and then not break it down into steps. For a small owner it may appear as though the task is too big him/her to handle. Break it down so that this month they will purchase the demographics list of homeowners with children, then the next week develop the sales letter, the third week turn it into the printer, so on and so forth.

By breaking down larger business plans into small steps small managers are more able to keep focus on building and developing their long-term goals. Both the yearly and the monthly/weekly goals complement each other. The overall business plan acts as the ultimate improvement while the monthly/weekly goals acts like the road map. It is important to remember that the ultimate achievement of goals depends on the actually personality and traits of the owner. Writing out strategies that don’t follow the normal way they work and look at life is likely to be unfulfilled.

Any individual thinking of starting his or her own business is going to need the funds to get off the ground. Procuring funds can be difficult, as financial institutions and investors want to know where there money is going to be put to use and whether the business they invest in has potential. Obtaining loans and funding isn’t guaranteed, but having a business plan to show potential investors is a good way to increase the chances.

The business plan serves a few basic purposes. It serves as an internal document for your company, helping you to maintain your focus and work toward your goals. It also serves as an introduction to your company. The most important function of the business plan, for those just starting out, is that of a marketing tool. The business plan can convince investors that your company is a worthwhile investment.

The specifics of your business plan will vary according to your industry and your personal style. However, there are certain key elements that should be included in every plan. The most important elements are, perhaps, the “Four P’s”: Product – What you are planning to sell; Price – How much you will sell it for; Place – Where you will sell it; and Promotion – How you are going to market it. It is also crucial that your business have written vision and mission statements. The difference between the two is subtle but important. A vision statement can be seen as an overall goal towards which the company will strive, and often begins with the words “To Be.” The mission statement can be seen as the practical means of achieving the vision.

It is extremely important that your business plan include a financial section. Utilizing available software options, it is possible for a new business owner with no background in finance to write this section himself. However, for right-brained people, it can be the most difficult section. It is always a good idea to have this section reviewed by an accountant. In this section, you will utilize a variety of tables to show the expected profits and losses of the business over time. Be sure to take into account seasonal fluctuations, such as the increase in retail sales during the Christmas shopping season.

There is a wealth of information available on the internet to help you write your business plan step by step. It is important to remember the purpose of a business plan, which in this case is to help you obtain funding. In a sense, you must justify the existence of your company in its business plan. Investors want to know whether they can expect a return on their investment, and they will look to your business plan to find that out.

It should go without saying that you should never attempt to pad the numbers in your business plan. Savvy investors will see through the charade, and you will not only fail to receive money from them, but you could find yourself blacklisted, unable to secure funding from any source. At the same time, investors recognize that your projections are merely an educated guess, so if you are careful to be as accurate as possible, there is no need to worry.

While funding is never guaranteed, a solid, well-crafted business plan will go a long way toward convincing investors that your business idea is sound. Reasonable estimates of your current and future financial picture, coupled with a fine-tuned vision, should eventually lead you to the capital that you require.

For potential small business owners hoping to start one business in their lifetime, there isn't a need to become a business plan writing expert. Even serial entrepreneurs who form business after business will often make use of business plan consultants to speed the process of creating a business plan and make the results more professional. Small businesses should seek the help of a business plan consultant as well, or, at the very least, use a business plan template to make the business plan development process simpler and faster.

What is a Business Plan Template?

A business plan template is an outline of a business plan, sometimes with a fully written sample, which uses the format and structure that is recommended by its creators for funders to see. Some basic templates are provided for free, but the most useful templates, including sample text, directions, and a customizable Excel financial model and pro forma financial statements, are sold online for a fee.

Start With Your Sector

If you are starting one of the top 50 or so types of small businesses, why use a generic business plan template when you can find one already customized for your business sector (such as a retail store, restaurant, salon, insurance brokerage, non profit, or financial planning business, to name some of the most popular)? By using a template customized to your sector, a lot of the legwork of making the plan more specific will be prepared for you. For example, a great deal of time savings will be from using a financial model more closely aligned with the nature of the costs and revenue drivers for your company.

How to Choose

Business plan companies and organizations supporting specific sectors are good sources for sector-specific business plan templates. Evaluate whether to purchase a template by looking at the track record of success of its creator, the type of support offered to customers, and guarantees. Don't waste your time on purchasing multiple templates if they don't rate well in these three categories.