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Why You Need a Personal Business Plan When You Start a Business

Rosemary Hossenlopp

May 28, 2007

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Are you business owners tired of racing from one action item to another? Are you running to get a business license at city hall, and then rushing to create a new checking account and then calling potential clients on your cell phone while driving in crazy rush hour traffic?

Stop if you do not have a personal business plan. A personal business plan clarifies what you want the future to be and how you are going to get there.

This advice might feel overwhelming and just another item on your already full to-do list. A personal business plan creates a view of the future. It provides focus on critical activities needed for success. You can not start a business without a written picture of what success might look. When you launch a business you need to know your destination.

You might think that you don’t need money from bank or from a venture capital group so you don’t need a business plan. A personal business plan does not create a document that impresses the financial community and is never used again. A personal business plan is your vision of the future and a specific roadmap for how you want to step into your future. You use it to plan your day.

Spending time writing down your business dream on paper will make it “pop” for you as you recognize “Yes—that is what I want to do with my life.” Your pulse will quicken as you recognize the impact you can make. When you have a clear vision of the end results of your business, you’ll be inspired to press through to the finish line. When you’re at a family picnic, you’ll share in a way that relatives “get” what you’re doing vs. just act politely to another eccentric family member. When you’re falling asleep at night, you’ll notice that the panic in your thoughts won’t be there because you understand what you can do and can not do at this time.

Critical Elements of a Personal Business Plan.

Your will create your business vision. This is your desired future. You can create a business vision by writing down what you want the business to be. The vision must identify the customer, the geographic scope and your product or service.

You will clarify your business mission. This is the vision of the business that you share in your business communication on your website, and in your sales and marketing literature.

You will construct critical success factors. These are your business priorities that you need to focus on to create a powerful brand that customers love.

You will compose business results needed for profitability. These are your measurable outcomes. Business results are your goals and objectives.

You will complete project plans for critical activities. These are your plans to get the results you want.

Create a personal business plan to clarify for you and your customers what you want the future to be and how you are going to get there.

Rosemary Hossenlopp © 2007 All Rights Reserved

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