As business people who dream of owning and operating a personal business, it is essential for us to create a written plan of action. Having a management action plan gives a road-map to the desired success ahead. Setting short and long term goals are a good way to help you stay focused when the path of entrepreneurship becomes overwhelming. Some other things to consider when creating a plan of action include location, target market, a competitive market analysis, vision and goals, mission statement, start-up and operating costs; profit and loss cost analysis, insurance and business license fees, advertising allocation, as well as any additional help will be needed, by way of employees or outside marketing consulting. All of these areas of consideration are only some of the components that go into creating any good business plan. Putting your business ideas in writing, along with specific facts and figures can take some time and effort and compiling components of a solid business plan is an often arduous process. Some business owners make the mistake of rushing into business dealings without putting anything in writing and avoid developing a clear and conscientious plan however; a prudent business person will make the investment to do so. Most entrepreneurs find that their businesses plans provide an invaluable tool for doing business and lend a greater sense of clarity as to what can be anticipated on the road that lies ahead. While you may want to seek advice during the often laborious process of compiling your business plan, it is not a good idea to have someone else write it for you. Since your business plan will be a reflection of your goals, aspirations and dreams for the future, it is something very personal. Most business owners have found that their Mission Statement is the most valuable component to their business plan. It establishes a clear picture of your intention and can later provide you with a great tool for training employees so they are able to see the bigger picture. A good mission statement can also be modified and used in much of your advertising and business dealings in the future. Further, written documentation that illustrates your intention of proposed business may also be useful if you intend to seek additional start-up capital from a financial institution.

If you are not sure how to obtain information needed to create other portions of your business plan, say a good competitive market analysis for example, your local Chamber of Commerce (COC) is a good place to start. The COC is an organization that helps local business owners by providing them with a wide array of information pertaining to the business dealings within their community and can offer you with some valuable information useful for you when writing your business plan. However; while the public information provided by the COC may help you with gathering general information you will need to for your competitive analysis, information may be limited and will require creativity in putting it all together. Further, if you need help with writing your business plan, as most everyone does, you will likely spend a lot of time on the Internet searching for examples of existing plans or even paying for services to companies who assert great success with ‘helping people just like you.’ While some great information and services may be found over the Internet, questions and concerns may not be answered completely as you attempt to tailor your plan to be a true reflection of your company. One of the most valuable ways many people have found in creating a business plan is to take a college course. If higher education is not within your means, consider a community college, which is much more affordable.

Once you complete your business plan, it will likely be something you will be proud of for years to come. Remember to continue to set short and long term goals once you are in business to help you work your plan and achieve success.

Reference: Marketing > Marketing Local Services: Tips and Special Considerations