Top 10 Business Plan Myths of Solo Entrepreneurs

Don't let these stop you from having a business plan for success!

A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?

Here's the top 10 myths Solo Entrepreneurs often have about business plans-usually, the reasons why they don't have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun--and can jumpstart your success!

1. Myth: I don't need a business plan--it's just me!

Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for-and you might have to phone home for funds for your return ticket.

Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.

2. Myth: I have to buy business plan software before I can start.

Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.

Solo Entrepreneur Reality: Business plan software can be helpful-but it's not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.

3. Myth: I need to hire a consultant to write my business plan.

Consultants are an expensive way to have your business plan written.

Solo Entrepreneur Reality: Your business IS you-and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor-someone who can guide you in what you need to do, not do it for you.

4. Myth: The business plan templates I've seen have all these complex-sounding sections to them-I guess I need all those?

The only time you need to follow a specific outline is if you are looking for funding.

Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions-that's it! Don't make things more complicated than necessary.

5. Myth: My business plan needs to be perfect before I can start my business.

If you wait for everything to be perfectly detailed, you may never start.

Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.

6. Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.

Many Solo Entrepreneurs never start because of this myth-which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!

Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don't be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!

7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced...

Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.

Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on stickie notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and and it is easily accessible to you when you have doubts, that's all that is necessary.

8. Myth: I don't need a loan-so I don't need a business plan.

YOU are the investor in your business-and would you invest in the stock of some company without seeing a prospectus?

Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If "doing the numbers" seems overwhelming, remember you don't need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.

9. Myth: My business plan is in my head-that's good enough.

I don't know about you, but I sometimes can't remember what I planned yesterday to do tomorrow, if I don't write it down!

Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it's a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.

10. Myth: Friends and family are the best sources of feedback and advice on my business plan.

If your brother is an accountant and your best friend is a market research expert, then this might be true.

Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren't the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!

Copyright 2004, Terri Zwierzynski - Accel Innovation, Inc.

Terri Zwierzynski is a self-employed business strategist and marketing consultant to solo entrepreneurs, and a grassroots promoter of the solo entrepreneur lifestyle. She runs Solo-E.com, the resource website for the self-employed which attracts thousands of solo home business owners monthly from over 100 countries on six continents (and was recently named a finalist for "Website of the Year" in the 4th Annual Stevie® Awards for Women in Business). Terri is also the co-author of 136 Ways To Market Your Small or Solo Business.

Find more articles about Business Planning at Solo-E.com, plus get a copy of our new ebook, "25 Surefire Ways to Capture More Clients, Get More Done in Less Time, and Make More Money -- in 90 Days or Less."

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Overcoming Facebook Marketing Myths

Many people try to avoid using Facebook to market their business. They don't really know enough about Facebook and how effective it can be for marketing purposes. Some of the more popular myths will be dispelled here.

If you are looking for a great way to really increase your visibility and reputation online, Facebook is an excellent way to do it. It has a phenomenal number of users and they are growing in number all of the time. When you think about that in terms of growing your business, it makes no sense whatsoever for you not to get involved (as a business person) with Facebook.

The following are some of the myths that people have bought into about Facebook.

Only kids use Facebook: Many people believe that Facebook has no benefits for business because the largest part of its demographic is young. That has actually started to change. The older demographic (35 ) of Facebook has grown dramatically and is still increasing to this day.
You are too old for Facebook: At the other end of the spectrum from the myth above, in addition to the demographic now being older, age has very little to do with your successful use of Facebook. All that really matters is that you have something to say that is valuable and interesting to other people with whom you connect online. If anything, older age can be an advantage because with age comes wisdom and insight.
Using Facebook is too time-consuming: Regarding the amount of time that is necessary to make Facebook work for your business, it all depends on how you manage your time.

If you put yourself on a structured schedule and you really are committed to sticking to that schedule, the amount of time that you devote to Facebook does not have to be overwhelming and all consuming. The benefits that you will receive from spending the time and effort far outweigh any disadvantages that you can think of.

In order to get the most out of your Facebook time, it is best to have a strategy in mind before you even start. Ask yourself what your strategy is and which goals you hope to achieve by interacting with people on Facebook. It is very important to have a clear understanding of why you are actually using Facebook to interact.
All you need is Facebook to get clients: We all wish that this were true. However, it usually takes more effort than that to build up your business and acquire new clients. Unfortunately, many people believe this myth and are so disappointed when it doesn't happen that way that they totally give up on Facebook after that. Facebook should be a part of your overall marketing strategy. It cannot be the entire strategy. Facebook is a great way to demonstrate your credibility and expertise. As you start to build relationships through Facebook, people will come to trust you and to turn to you for answers to their questions and solutions to their problems because they will consider you to be the expert.
If you have a personal profile on Facebook, you don't need anything else: This is a myth that many people accept as the truth. You should have a personal Facebook page that includes friends and family and a Facebook Fan Page that you use solely for business purposes. It is very important to separate the two. You certainly don't want your business associates to know about the details of your life that is personal in nature.

Facebook fan pages are public whereas Facebook pages are private. Because fan pages are public, the search engines can detect them and can rank them accordingly. You can also use your fan page to spread the word (virally) about your business offerings and your brand.Tips to help you to get a lot out of Facebook without putting a lot into it

Turn off most of your alerts: Based on your schedule, your goal is to spend a specific (and relatively short) amount of time on Facebook. If you leave all of your alerts on and you receive frequent notifications that tell you when someone has reached out to you, you will become very distracted and you will end up spending more time on Facebook (most likely for non-business purposes) than you should or than you intended.
Ignore meaningless applications: Facebook has a great deal of applications that are fun but that serve no purpose for you when it comes to business. It is different if you want to get involved with them in your "play" time.
Update your status on a regular basis: You should choose regular intervals to update your status and if something significant changes in your status in between those intervals, you should update it as it happens also.
Peruse your newsfeeds: You should pay regular attention to your news feeds, which consist of the status updates of your Facebook connections, and if something is of interest to you, either share it with others or make a comment on it.
Respond quickly: If someone has placed a comment on your wall, respond in kind with a comment of your own. You should respond as quickly as you can.
Announce your events: If you are involved with an event, share the information with other people. You should try to get as many people as possible involved.
Share your blog: Use the NetworkedBlogs or Notes application to import your blog postings, which will subsequently in your Facebook fans news feeds.What do you do next?

Continually update your page with fresh content: An effective way to accomplish this is by posting blog articles on a very regular basis.
Pose questions that require answers from other people: It is very important to engage your readers as much as possible. The more engaged you make them; the more discussions will be generated.
Be good to your fans: Allow your fans to take advantage of your business offerings, including special promotions, events and free giveaways.
Communicate: Let your fans know what you are up to in your business and allow them to interact with you regularly.Conclusion

After reading this article, you have hopefully been convinced that what you might have been feeling and what you believed about Facebook for business are not true. You can use Facebook for your business and all that it has to offer. So, jump right in and start connecting.

We are pleased to provide you with the insightful comments contained herein. Please contact us at CompuKol Communications for further discussion on how we might be able to assist you and your team.

Michael Cohn is the founder and Chief Technology Officer (CTO) of CompuKol Communications. He has over 25 years of experience in IT and web technologies. Mr. Cohn spent a significant amount of time at a major telecommunications company, where his main focus was on initiating and leading synergy efforts across all business units by dramatically improving efficiency, online collaboration, and the company's Intranet capabilities, which accelerated gains in business productivity. He also reduced company travel and travel costs by introducing and implementing various collaboration technologies.

His expertise includes business analysis; project management; management of global cross-matrix teams; systems engineering and analysis, architecture, prototyping and integration; technology evaluation and assessment; systems development; performance evaluation; and management of off-shore development.

Mr. Cohn earned a Master's degree in project management from George Washington University in Washington, DC; and a Master's degree in computer science and a Bachelor of Science degree in electrical engineering from Fairleigh Dickinson University in Teaneck, NJ.

Mr. Cohn is a member of the Institute of Electrical and Electronics Engineers (IEEE).

This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.