Mon, November 18, 2019

What is a Business Plan

It is essential to have a business plan. So, I am going to help you  make one.

First, you will want to know that it is not as easy as it sounds; it takes a bit of work; however, it is worth it. The primary problem people run into while starting a business is that they rush into it and don’t have enough money and ultimately have no idea on what they are doing. Having no plan of action  is why so many business fail within the first year of their existence and most fail in the first five years.  I don’t want that to happen to you and I want to prepare you for the future that lies ahead.

 Basically, business plans are written outlines of your business.  It covers economic viability (ability to grow in the given economy) and its prospectus (how you are going to run it)  and description (what you do and how you do it).  Business plans can be long but every entrepreneur should have a business plan no matter how small or big their business is.

I know what you are probably thinking at this point, why would I need a written business plan?

Well there are a number of reasons why and I will list a few of them for you:

  • To show you are serious.
  • To keep track of your goals and objectives.
  • To see mistakes before they happen so you can correct mistakes in your everyday plans.
  • To have the same point of reference for everyone in your company.
  • As a selling tool for dealing with important relationships, like money, partners and equipment.
  • As a visual tool for gaining advice on your business from expert.

Now that you know what it has, maybe I should point our what kind of things to avoid while writing your business plan:

  • Avoid using extravagant words, just keep it simple.
  • Avoid unreasonable optimism (don’t think that your business is fool-proof or perfect).
  • Avoid too much long-term planning and focus more on the short-term (remember you are just starting a business so stick to the basic needs of a business–you will be able to make adjustments after you get the ball rolling). Try a one year and maybe a five year goal.

Since you’re a teen however,it is hard to gain money from a company (in your name) because you can not sign legal documents.  At least until you are a legal adult at 18. So you may have to get the money from your parents or another adult partner.

It is extremely intelligent to start a business while you are in your teen years to help pay off your college funds (Your parents would be happy about that). The teen years are is the prime time of people’s lives here in America simply because you have no expenses you have to pay. Your parents do that for you (so be thankful for what God blesses you with).

The good thing is that you don’t necessarily have to have as much money as people say to start a business (a few bucks a month for web-hosting).  It’s possible  that your parents will even pay that for you, so don’t forget to thank them. Your teen years hold endless possibilities so use them to your advantage.

(article by Naticus)

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2 Comments to “What is a Business Plan”

  1. J-Rod says:

    Good stuff. Definitely a must for any fledging business.

  2. TBC says:

    Some people say you don’t need a business plan and the key is action. I agree, but action without a plan makes for a lot of wasted time and success. So, take action and get a plan as quick as possible.


  1. Teen Business Central » Blog Archive » Basic Business Terms for Teens

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