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A business plan is actually just the formalization of a lot of healthy thinking about your business ideas before you start sinking a lot of time and energy (and potentially money) into it.Remember, with a business plan for a side business, your focus is primarily on turning spare time and energy into money.
The more people you get taking action on the right objectives, the faster you achieve your goals.
You can use our The business tools we received from DE Inc. Concise, informative, and comprehensive, the planning templates were exactly what we needed to get our thoughts down on paper and establish a concrete direction for our organization.
A couple of readers even sent in business plans for their side gig for me to look at. I wrote a few personal responses, but then I quickly realized that it made more sense to put together all of the information in one single article to share with everyone.
The clear consensus among these readers is that they saw the value of the idea of a business plan for their side gig, but that they wanted more guidance. What follows is a guide to assembling a business plan for a small side business.
The reason for making a plan for this is to eliminate potential roadblocks up front and thus increase the chances that this microbusiness will grow to a point where you should start considering a full business structure, outside investment, loans, and so forth. It looks at potential obstacles in your path and helps you think through solutions to overcome them now so that you’re prepared for them when they arrive. What it does instead is increases the chances for success to occur.
You have a greater likelihood of having a hit on your hands if you created a business plan up front. Take each of those three ideas and flesh them out into a business plan.This seems like a painful formal process to many, but there’s a very good reason for making a business plan: it helps you see the potential problems in your idea before you start running with it, which means you can think of ways to get around those problems so that you’re more likely to have success right off the bat.I would wholeheartedly recommend these planning tools to any company that is in need of a strategic business planning process that will deliver results. The fastest way to get started providing high impact to your business planning is to order our DIY Self-Study Program.Just click the button below to order your copy and put yourself on the road to accelerated growth and business self-sustainability. Send each one to a few people and get their feedback.Send them to people you trust and whose advice you trust and take their comments seriously.Often, this can turn into a feedback cycle, where people give you comments, you improve the business plan, and then you send it to people for a second reading or to new people for a fresh reading.The goal is to develop a plan as well as you can so that you have a strong plan going forward when you start.” This section seems to have touched on the imagination of quite a few readers, several of whom sent in feedback wanting to know more about writing a plan for a small side gig.[…]I did this with The Simple Dollar (back then, I used a business plan book from the library rather than [the] great SBA resources that exist today) and with many other small businesses I’ve dabbled in.The process of writing such a plan has almost always helped me see obstacles and helped me figure out how to deal with them before they become disasters that I’ve invested many hours in.