Business Plan Myths of Solo Entrepreneurs

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!

How To Home Business Success

All around the country, people who want more control over their lives are starting home businesses In New Orleans, Rick Hart's home based cajun Cargo ships seafood nation wide. In Palatine, Illinois, Stephaine Heavey works from home designing and selling original patterns for fabric dolls. And in Dallas, Lisa McElya published the Dallas Party & Event Planners Guidebook from the entire first floor of her two-story home. These three people are living the new American dream of owning a business, but avoiding the high overhead and start-up costs of a commercial location. If the idea of working from home is appealing, but you don't know where to begin, here is a step-by-step guide.

From the hype of the home business industry, to the life changing products. There is no more attention on this industry than ever before. This article will explore the many exciting aspects of the home business industry and how to have home business success in the year of 2008.

The Year 2008 will be the start of the massive build of home business success. The industry is about to make a huge turn. The turn will be for the good. Forbes magazine stated early this year that the home business industry is expected to have over 70 million independent representatives start new home businesses in the next five years. That's like an entire country in itself. There are many great products, companies, representatives, and hype to choose from. I recommend really taking your time. Don't listen to every word that everybody tells you about creating home business success. This industry does work and can set you and your family financially free.

Further more, The home business industry can be wild, so many people get cought up in the money game part of it. I feel a lot of companies are just that. Money games. Here is what I mean by that. If you do a search on google for home business, you will find a lot of websites that come up. The very first thing you see on the header of the site is MAKE $250,000 dollars this year.

I would say that more than half of the sites online have this in the headline . What this tells me is they are selling money. Let me tell you what happens when you sell money. When the new rep does not become successful in 90 days they quit. Not good this ruins our home home business industry.

On a good note the home business industry is the best industry to create true finally freedom. It's an industry where you can find great products to create natural cures too; many great companies.

In the year of 2008, make sure you take your time and find the right company that will serve you. With over 70 million people starting new home businesses in the next 5 years, I suggest you getting started now and start finding home business success..

Tips To Reduce Costs - Travel Expenses For Business

A smart phone with WiFI has many benefits- A smart phone is a business traveller's best friend. It is the must have gadget for all business travellers. There are so many things that you can do with a smart phone. Calls, text messages, email when you are in a WiFI area, VoIP (Skype) in a WiFI area, language apps, currency calculators and travel apps are all options worth considering.
Get a global SIM card to reduce your roaming charges- One of the biggest expenses international travellers face is the cost of using their phone whilst travelling. Using your home phone means you face exorbitant roaming charges. With your home mobile, you pay to receive calls in every country that you travel to, but with a global SIM card you will only pay to receive calls in a few countries and, even then, you will only spend a fraction of the cost that you would normally spend. If you buy a global SIM card you can save anywhere between 70-90% on the costs of using your mobile phone when compared with the costs of using your home mobile phone.

Sign up for hotel reward programs- Hotel programs are important too. for the same reasons that you can get benefits from airline frequent flyer programs.

Research travel options before you get there- I'm not talking about how you get there, I'm talking about what you do when you get there. Have a look at taxi and public transport options so you can work out which options are cheapest and most convenient for the way that you are going to travel.

Get a Kindle or Tablet device- Books and magazines are expensive. Reading eBooks and other digital products are not as expensive. (You'll also have to carry those books and magazines so add extra weight.) You can cut down on your travel expenses for business trips by following the tips I mention. Do yourself a favour and take them in account today.