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Running & Starting a Business: Having a Business Plan

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Starting a business is a HUGE responsibility one enters into.  It’s like being pregnant, and having a baby.

Once your “baby” is born, there’s often a long way to go in nurturing and maturing your baby towards being a successful adult.  And bumps and bruises, joys and pains are often the norm.

If you are a new parent (business owner) a lot of mistakes are bound to happen along the way…

And no matter how hard it gets, most of us wouldn’t give up on our children and in fact, it would often be considered a social disgrace to do so.

When you start a business, you are often tied to that business forever.  Having said that, others have decided to just give it all up: Dead-beat Dad’s (i.e. closing down the shop) and Mom’s who give their children up for adoption (i.e. selling your business) for examples.  And sometimes, some people have babies and they know they won’t be keeping them such as the case of being a surrogate mother.

Whether you choose to start a business to sell it down the road or keep it and pass it on to your living relatives when the time comes, having a business plan is essential in keeping your eye on the prize and being focused – emotionally, physically, spiritually, and financially.

Having a “business plan” is important and suggests a seriousness in “thinking through” who your obstetrician will be, delivery, hospital considerations, and the first five years of your babies life when few others will be able to care for him / her.  A business plan helps you figure out how much money you will need to raise your new born, what you need to buy along the way, and your “plans” for upbringing, etc..

I could continue on with this “business like a baby” analogy; however, I’m sure the point has been received. :D

When considering starting a business, consider the investment and sacrifices you’ll be making because they are HUGE; however, the rewards are just as big and sometimes even BIGGER.

The other thing is that once your business reaches about 5 years old a new plan will often need to be made. Every five years 16 Psyche Returns and this 5 year cycle indicates weakness, debilitation, and is in detriment.  Your business needs to re-connect to its next upcoming phase and get its strength back.  Design a new plan based on lessons learned, new hopes, and a new understanding on what your business wants to do.

So if you have been running a business for at least five years, it’s time to get cracking on a new plan!!  I know I will be…

so… Lets go…

(originally published Wednesday, April 13, 2011)

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