You've got 1001 questions about pricing, about whether your software is good enough, about whether or not you can work at home with small children or get started part-time. Perhaps you're changing careers or you've just completed a DTP course at the local community college and you're eager to put your creative skills to work.
No matter what questions you have or how ready you think you are, start with a plan.
- "Every business starts with an idea. No matter what that idea is, a well thought out business plan is what helps turn that idea into a reality." — The Big Idea
Why Even the Smallest Business Needs a Plan
Perhaps you're starting your business part-time from the kitchen table. Maybe you aren't planning on borrowing money to get started. Can you skip putting together a business plan? No. Business plans aren't just for big companies or for showing to investors. You may be the only person to ever see your business plan. It may be handwritten in a spiral notebook. That's OK.
A business plan provides structure and discipline. It helps you focus on what's important. It can help you determine when (or if) you'll actually be able to make a living doing desktop publishing. It can help you find answers to all those questions flying through your head (and help you remember what questions you need to ask).
Two Essentials of a Business Plan
You may have read a few articles about business plans that made your mind numb. Or perhaps you've seen long lists with items such as Description of Business, Marketing, Competition, Operating Procedures, Personnel, Capital Equipment, Balance Sheet, Breakeven Analysis, Income Projection that seemed much too complicated for your simple little startup. The thing to remember is that most of the information in a business plan is optional. It doesn't apply to everyone or it doesn't require as much detail in every case. Your business is unique. Your business plan will be unique.
The essential information you need is a description of your business (what kind of business is it, what will you be doing, who is your target market and your competition) and a financial projection (what expenses will you have, how much do you need to make and how much can you make). If you keep those items in mind and start with a business plan that incorporates that basic information you'll find the process of writing (and expanding) your plan much easier.
Your Assignment
Get piece of paper and a pen or open up your favorite word processing program and write "Business Plan" at the top. Then write a subheading that says "Description" and another entitled "Financial Projection." Write out a two to three sentence description of your business. It doesn't have to be fancy. You may (and probably will) change it later. Even if you only have a vague idea right now, right it down.
Unless you've already done a lot of research you probably can't come up with very detailed financial information immediately. That's OK. For now, just use a ballpark figure and your best guess. Do you need a full-time income or is a part-time income sufficient for you? How much income do you need this business to provide? If you have some savings earmarked to spend, write down how much. If you know you need new equipment to get started, write down an estimated price.
The purpose of this first assignment is to simply get something written down to provide you with a starting point. In part 2 we'll add more details and more real-world figures.
Next page > Expand your plan
Freelance Design > Start a Business > Business Plan Basics
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