The Bailey Business Plan

There have been many interesting approaches to business planning.  On one side there is the approach to seek funding fast with a well-written business and marketing plan.  This is an approach that is supported by Andréa Cockerton an expert in the field of business plans.

There is also a thought by featured author Chuck Blakemon who believes it is important to just start working the business instead of doing too much planning ahead of time.  Blakemon believes that no one can accurately tell what will happen in the future daily life of the business. 

These are two different and highly debatable ways of thinking.  The big question is “how to incorporate the best of the two?”  I feel that both approaches have merit.  It is very difficult to predict what is going to happen once the doors of your business opens for the first time.  It is not possible to plan for the unknown as Blakemon suggests.  Therefore it is important to play devils advocate to your business plan. Try your hardest to shoot holes in it.  It may not be completely perfect, but it will make the plan stronger.  I plan to use both schools of thought in my business plan.  This will make the plan stand up.  Of course Andrea’s frame of thought is perfect for  seeking funding. Investors want to know that you have thought the business through.  It is understood that even with all of the proper planning, the business could fail, but without proper planning the odds of failing are more in favor. 

I have made changes to the financial and organization sections based on the thoughts made by these two.  This is the most important sections.  It is important to understand the business before you start the business.  Having a strong grasp on the monthly financials and how the company will make money is very essential.