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Rx
for Entrepreneurs
By Carolyn T. Bryson
(This article was published in the
Rochester Healthy Living, October 2005 issue)
Owning and managing your own business can be enormously stressful.
Facing a
typical routine of 16-hour workdays, sleepless nights,
and periods of anxiety and
apprehension can wreak havoc on your
personal health. The life of an entrepreneur
can also cause stress
on the relationships with those you love.
Whether you are starting a new business, purchasing a franchise,
or are a seasoned
entrepreneur, your first order of business is
your most important… a well thought out
business plan. Your
plan will guide the development and growth of your enterprise
and
minimize undesirable results and consequent stress. The process
of preparing your
business plan will also help you be better prepared,
enabling you to feel more confident
about pursuing your dream
of business ownership.
Preparing your business plan helps determine answers to questions
such as:
How much do you need to make
your business profitable?
What help and support will you require?
Who will your professional advisors be?
What will it take to be successful…and profitable?
Your business plan, the operating manual for your company, is
vital to your health and
the health of your business. Prepared
during the initial phase of developing your dream
company, the
business plan conveys:
the strategies you'll use to meet the
needs of your clients and distinguish your
services from your competition potential problems that may confront your business and ways to solve them the organizational structure of your business the amount of capital required to
finance your venture and keep it going until it breaks even.
A good business plan follows generally accepted guidelines for
both form and content. There are three primary
parts to a business plan:
1. The first is the business concept, where you discuss
the industry, your business structure, your particular product or service, and how you plan to make your business a success.
2. The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy, and so on. Here you also describe the
competition and how you’ll position yourself to beat it.
3. Finally, the financial section contains your income and
cash flow statement, balance sheet, and other financial ratios, such as break-even analyses. This part may require help from your accountant and a good spreadsheet software program.
Serving multiple purposes, your business plan is a written description
of your business's
future, a document that describes what you
plan to do and how you plan to do it. Your
plan can be used to:
Convey your vision to
potential investors or financing sources
Attract key employees,
business partners, or independent contractors
Understand how to manage your company more
effectively and profitably Make
decisions as unexpected opportunities present themselves
or problems begin to surface
In the same manner that road maps provide a sense of security
to travelers, a business
plan can greatly reduce stress for entrepreneurs.
Maintaining your good health will be
a paramount concern as you
move your business forward, especially if you are sole
proprietor.
Make sure your business plan is a “living document.” This will allow you to
meet changes in your life with greater
flexibility, another way to maintain a less stressed
existence.
The process of preparing your business plan can provide an opportunity
to
integrate healthy lifestyle habits into your planning for the
future, as well as helping you
to achieve a sense of confidence
and well-being about the health of your business venture.
ABOUT THE AUTHOR
Carolyn T. Bryson is a professional mediator and
owner of ACCORD Mediation Services. In addition, she is a business
coach and business plan writer as President of ADDENDA Solutions located at
1100 University Avenue in Rochester. www.addendasolutions.com
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