This is an excellent point. Most experts actually recommend reviewing it once every quarter, and revising it if necessary. A business plan is never set in stone; it should be constantly morphing to your business needs and goals. Reading through articles in Inc magazine, its amazing how many CEO’s, CFO’s, etc rely on the business plan, and how they are constantly rewriting them for future growth.
I’m assuming that you’re in KC. I too enjoy the local Boulevard brew. While I’m not extrememly local, (Topeka) I thought your article was great.
I’m 23, and I was seriously thinking about starting my own business here in town. I’ve been working at the local University for a little over one year, and am trying to finish up a degree online. The job I currently hold has given me invaluable experience as far as dealing with people. Being so young and instructing faculty is difficult sometimes. I can’t say enough about that part of the article.
I’m glad I read this, because I would have been foolish to dream up starting a business right now. At least I’ll have a guide when I’m ready to continue…
Copy & paste the code below to embed this comment.
Rick Bush
In many places you can do business under your own name without having to register the name. You may still need a business license, but you might be able to start out as John Doe, consultant and work that way.
Another thought on partnerships is to form a partner network. You as a great graphic artist can work with a freelance web designer, a network specialist, etc. You hire them to work for you on a work for hire basis and charge the final work through to the client, perhaps with a little markup. That way you can pull in talent for bigger projects and still stay small.
Your article has what [in my opnioin] are valid points. I’m learning firsthand the rationale behind the need for a business plan and how a business partner can provide a good balance. I also know the value of experience, my own and others’, in collaboration with new ideas.
I strongly advise you to schedule regular, say every 6 months or less, revisits to your business plan. Ideally, do this with someone else who will ask you hard questions.
One of the lessons* I carried away with me from running my own one-woman business was that I should have revisited my plan regularly and, when I mentally reworked my strategic direction, I should also have considered what needed to be reworked in my plan. In my case, I changed my product line enough that I really should have repeated some of the initial work I did planning & promoting before first opening the business. Talking over my numbers with someone else would probably have helped identify (and call me on) where I wasn’t walking the walk I’d talked up.
*(along with “don’t plan to pay yourself for over a year” and “consider what to do if what you think won’t happen, happens e.g. separating from the person providing most of your personal financial support)
Copy & paste the code below to embed this comment.
Robret
Awesome article! Right from the trenches! However, on searching for those generic forms and contracts on creativepro.com you spoke about, I couldn’t find anything. I wonder if you could find it in your heart and busy day to send me a direct link to these resources? It’d be very much appreciated. Thanks!
The merit of this article is that it summarizes in a quick read most of what you really need to know about starting a business. Even though the business reality and legal procedures here in Costa Rica are drastically different from those of the U.S., I benefited a lot of reading a book called “The Business Side of Creativity” by Cameron Foote, that delves more in depth into all of these true-to-God issues.
I would just add two pointers here for those of you jumping into your own: 1) Make sure you have enough savings to cover at least 6 months’ worth of expenses, both yours and your business’s (you’ll need them – guaranteed), and 2) that networking beats skills every time when it comes to clinch a deal. Or as they say, it is not WHAT you know, but WHO you know, that will get you the big business. You may cry foul, but that’s the way it is…
Copy & paste the code below to embed this comment.
Surinder
This was just the information that i was looking for, with this plan set out i hoping in the future of starting my own bussiness although iam still at school is do beleve that you can start at a young age with part time experenice avaiable when your at school.
i would really like to say thanks for writing this article.
Good article, I’d agree with almost all of it except the part about a partner.
If there’s one thing I’ve learned from my business experience – not web related by the way – it’s NEVER, EVER, EVER, UNDERANYCIRCUMSTANCESWHATSOEVER, EVER go into business with a partner. NEVER.
If you feel you need a partner you’re either not ready to go into business or you should think of another of doing it.
Copy & paste the code below to embed this comment.
carole
Husband and I are starting up our own one man/one woman computer business. U hit it on the head when u said to get real life expereince before starting a business. When i was 20 i started a business and I was DEFINATELY dumb! It went under and i was left with oweing thousands. So THIS time…26 yrs later..we want to do it RIGHT and will resist the temptation of rushing in and starting. Business plan here we come……..
40 Reader Comments
Back to the ArticleKevin
This is an excellent point. Most experts actually recommend reviewing it once every quarter, and revising it if necessary. A business plan is never set in stone; it should be constantly morphing to your business needs and goals. Reading through articles in Inc magazine, its amazing how many CEO’s, CFO’s, etc rely on the business plan, and how they are constantly rewriting them for future growth.
Dustin Fluke
I’m assuming that you’re in KC. I too enjoy the local Boulevard brew. While I’m not extrememly local, (Topeka) I thought your article was great.
I’m 23, and I was seriously thinking about starting my own business here in town. I’ve been working at the local University for a little over one year, and am trying to finish up a degree online. The job I currently hold has given me invaluable experience as far as dealing with people. Being so young and instructing faculty is difficult sometimes. I can’t say enough about that part of the article.
I’m glad I read this, because I would have been foolish to dream up starting a business right now. At least I’ll have a guide when I’m ready to continue…
Thanks again.
Dustin
Rick Bush
In many places you can do business under your own name without having to register the name. You may still need a business license, but you might be able to start out as John Doe, consultant and work that way.
Another thought on partnerships is to form a partner network. You as a great graphic artist can work with a freelance web designer, a network specialist, etc. You hire them to work for you on a work for hire basis and charge the final work through to the client, perhaps with a little markup. That way you can pull in talent for bigger projects and still stay small.
Terry
Your article has what [in my opnioin] are valid points. I’m learning firsthand the rationale behind the need for a business plan and how a business partner can provide a good balance. I also know the value of experience, my own and others’, in collaboration with new ideas.
Dinah
I strongly advise you to schedule regular, say every 6 months or less, revisits to your business plan. Ideally, do this with someone else who will ask you hard questions.
One of the lessons* I carried away with me from running my own one-woman business was that I should have revisited my plan regularly and, when I mentally reworked my strategic direction, I should also have considered what needed to be reworked in my plan. In my case, I changed my product line enough that I really should have repeated some of the initial work I did planning & promoting before first opening the business. Talking over my numbers with someone else would probably have helped identify (and call me on) where I wasn’t walking the walk I’d talked up.
*(along with “don’t plan to pay yourself for over a year” and “consider what to do if what you think won’t happen, happens e.g. separating from the person providing most of your personal financial support)
Robret
Awesome article! Right from the trenches! However, on searching for those generic forms and contracts on creativepro.com you spoke about, I couldn’t find anything. I wonder if you could find it in your heart and busy day to send me a direct link to these resources? It’d be very much appreciated. Thanks!
Beto
The merit of this article is that it summarizes in a quick read most of what you really need to know about starting a business. Even though the business reality and legal procedures here in Costa Rica are drastically different from those of the U.S., I benefited a lot of reading a book called “The Business Side of Creativity” by Cameron Foote, that delves more in depth into all of these true-to-God issues.
I would just add two pointers here for those of you jumping into your own: 1) Make sure you have enough savings to cover at least 6 months’ worth of expenses, both yours and your business’s (you’ll need them – guaranteed), and 2) that networking beats skills every time when it comes to clinch a deal. Or as they say, it is not WHAT you know, but WHO you know, that will get you the big business. You may cry foul, but that’s the way it is…
Surinder
This was just the information that i was looking for, with this plan set out i hoping in the future of starting my own bussiness although iam still at school is do beleve that you can start at a young age with part time experenice avaiable when your at school.
i would really like to say thanks for writing this article.
Mark
Good article, I’d agree with almost all of it except the part about a partner.
If there’s one thing I’ve learned from my business experience – not web related by the way – it’s NEVER, EVER, EVER, UNDER ANY CIRCUMSTANCES WHATSOEVER, EVER go into business with a partner. NEVER.
If you feel you need a partner you’re either not ready to go into business or you should think of another of doing it.
carole
Husband and I are starting up our own one man/one woman computer business. U hit it on the head when u said to get real life expereince before starting a business. When i was 20 i started a business and I was DEFINATELY dumb! It went under and i was left with oweing thousands. So THIS time…26 yrs later..we want to do it RIGHT and will resist the temptation of rushing in and starting. Business plan here we come……..