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 for ADDENDASolutions located at 1100 University Avenue in Rochester. www.addendasolutions.com