Vision is the art of seeing things invisible... (Jonathan Swift)

The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. Since the My Own Business, Inc. course is broken down into sixteen of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. Included in this session, and in each of the following sessions, there is one-page business plan template, which you can fill in and print.

We suggest that you fill in each section of the business plan, found at the end of each session, as you proceed through the course.

Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. This step is too often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this course. Business plans can vary enormously. Libraries and bookstores have books devoted to business plan formats. This course is a starting point. You can then go on to design one that would be ideal for your particular enterprise. Be aware now that most start-up entrepreneurs are reluctant to write down their business plan. It is, therefore, strongly recommended that you complete each segment of the plan as you progress through this course.

The Business Plan format is a systematic assessment of all the factors critical to your business purpose and goals.

A Vision Statement: -This will be a concise outline of your business purpose and goals.

The People: -By far, the most important ingredient for your success will be yourself. Focus on how your prior experiences will be applicable to your new business. Prepare a résumé of yourself and one for each person who will be involved with you in starting the business. Be factual and avoid hype. This part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. Templates for preparing résumés are available in your library, Kinko's, bookstores and the Internet under "résumés."

Your Business Profile: -Define and describe your intended business and exactly how you plan to go about it. Try to stay focused on the specialized market you intend to serve.

Economic Assessment: -Provide a complete assessment of the economic environment in which your business will become a part.

Start-up entrepreneurs often have difficulty writing out business plans.here are six steps that will produce a worthwhile plan:

Write out your basic business concept.

Gather all the data you can on the feasibility and the specifics of your business concept.

Focus and refine your concept based on the data you have compiled.

Outline the specifics of your business. Using a "what, where, why, how" approach might be useful.

Put your plan into a compelling form so that it will not only give you insights and focus but, at the same time, will become a    valuable tool in dealing with business relationships that will be very important to you.

Review the sample plans we furnish and download the blank format to a MS Word document. Fill this in as you progress    though the course.

Plan Include the Following Necessary Factors:

Capable Management: - Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths.

A Consistent Business Focus: - As a rule, people who specialize in a product or service will do better than people who do not specialize. Focus your efforts on something that you can do so well that you will not be competing solely on the basis of price.

Include Plans for Conducting Business Online: - According to the January 2005 Trend/Forecasting Report of The Dilenschneider Group, in the U.S. alone, the 2004 holiday season online shopping jumped by more than 25% from 2003. (In 2005 it jumped another 25%!) Consumer and business-to-business online sales are set to expand exponentially in the coming decade, and small retailers can reach an ever-increasing pool of customers. Be sure to see the how-to details in the following Session 10, E-commerce.