Entrepreneur

 

How To Get Rich

Starting a Sole Proprietorship Business

5 Planning Steps

 

Vitaly Geyman

Author of the book Wealth Secrets Of The Ancients and an internationally published fine art photographer

Goodwill Ambassador of  the Innompic Web Games

 

The first stage of starting a proprietorship business involves planning. Planning allows you to stay focused on your vision and prevents you from becoming distracted by activities that do not serve you. Such a vision is like a compass that guides you to your destination.

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Starting a business is like a journey, and like any journey at some stage or another you will experience difficulties and may temporarily lose faith. Having a written plan with a clear vision will remind you where you are going. The vision will lift your spirit and set you back on course. Your wealth plan is a living document, which means that you need to review and update regularly, every time your situation changes.

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Having a plan helps you to communicate where you going to all the people you come in contact with when starting a business. These people may be your financiers, clients, business partners or anyone else who is helping you create wealth. Clear communication will keep your partners inspired and enrolled in helping all of you achieve results.

 

Step 1. Create a Business Plan

If you donít have a business plan right now, then here is an opportunity to put one together. First, develop a clear vision of what becoming a successful entrepreneur looks like to you. If you have a significant other, make sure you include him or her in this process. It must be a joint vision right from the start or else you will each be working towards a different outcome.

When developing such a vision, specify as much detail as possible. What kind of products would you like to be known for, how much income would you like to earn, how will you feel when you get there, and so on? Cut out inspiring pictures from magazines to create a visual representation, a picture plan of your business.

Break up your vision into a series of milestones and assign time-frames and dates by when you would like to achieve them. Place these dates underneath each picture to remind you of your time-frames. Above all, make your planning experience fun and enjoyable; it will lift your spirits.

Step 2. Document your ideas and strategies

As much as possible, you must document all your ideas and strategies. Putting them on paper will allow you to clarify your thoughts. It will also allow other people to provide input regarding your vision. Another advantage of having your strategies documented is that you will be able to remember and alter them as your circumstances change.

Summarize the essence of your plan in two or three pages and place them in the most visible location of your work area. Your wealth plan then becomes a living document, which you use daily to remind yourself where you are heading. You will also need such a document to present to banks, business partners and other parties that can help you in your business.

Step 3. Review your plan regularly

Review your plan regularly, making sure it is up to date. Many people go through the planning exercise and then put the document out of sight. You need to be reviewing your wealth plan monthly, if not weekly. It does not have to be a complicated process. It may be as simple as updating a few tables, dates and action points.

 

Step 4. Develop a back-up, contingency plan

You may have a plan of how you are going to start your business but what if it does not go the way you expected? What will be your back-up or contingency plan? For example, what if it takes much longer to earn income from the business then expected, what will you do then?

Your back-up plan must address what happens if your projections are not met. Such planning allows you to think ahead and be prepared to respond with alternative solutions. You can not plan for everything that can go wrong, but the more you can think through all the possible scenarios, the more chance you will not be caught off guard when things donít go the way you expected.

Step 5. Continuously improve your plan

Business requires a continuous improvement, you must be continually thinking of new ways to improve on what you are doing. How can you make what you are doing more efficient and more productive?

Continuous Improvement Mindset

People who have achieved great success in starting a business  are known for their ability to continually make improvements. This does not always come naturally, as most of us have a lazy streak. As the saying goes, ďIf itís not broke, why fix it?Ē We need to discipline ourselves to sit down every day and do nothing else but think of how we can improve on what we are doing. Then, we must implement the improvements immediately. Making such small, incremental improvements, with time will earn you great success in your pursuit of starting a business.

 

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