FAQ’s for Step 2: Prepare to Embark
Q: What is the difference between a mission and vision statement?
Q: How long will it take to plan my business?
Q: How Many RoadMap steps should I be completing a day?
Q: I’m scared! The thought of owning my own business excites but terrifies me!
Q: How and what goals should I be setting?
Q: What is the difference between a mission and vision statement?
The mission statement clarifies what you sell, who you sell it to, and your competitive advantage.
Example: “Provides practical business planning solutions for people with extraordinary business ideas.”
The vision statement describes what your business aspires to be.
Example: “The resource of choice for entrepreneurs, ensuring satisfaction every time.”
Q: How long will it take to plan my business?
The answer to this question will be different for each person. If you come to the business planning experience with knowledge about the business you’re starting, great computer and keyboarding skills, writing skills, knowledge of forecasting, and a window of time to do the work – your business plan will take between 50 and 100 hours. This, providing your personal life, your health, and your energy level must be of a state that they allow room for the business planning project. For any of the conditions that are missing or complicated, add more time. As a couple of glaringly different examples… the quickest business plan I’ve seen took a weekend to pull together (2 people working on it, and not including previous research done by both), and the longest took 2 years (after health issues, a brutal divorce battle and a few other issues along the way).
Q: How many RoadMap steps should I be completing a day?
In the Business Plan BootCamp, we typically lead the groups through the first 10 steps in about 1 to 1 ½ hours. It takes an additional 15 minutes to eliminate approximately half of the Appendices Steps (66 to 89). After that, all bets are off as to the amount of time needed. While it’s almost impossible to nail down firm timelines, here are few things we’ve noticed when working with our clients.
Experienced writers tend to move more quickly through the narrative Steps (Steps 31 to 53)
Those with research skills wade through the market research steps fasters (Steps 11 to 30)
Anybody with bookkeeping or accounting background, or experience at working with spreadsheets – tend to get through financial forecasting faster (Steps 54 to 65).
Internet and surfing skills make things go more quickly.
Those with little or no computer skills will always take much longer.
Q: I’m scared! The thought of owning my own business excites but terrifies me!
I understand. Most intelligent people will be scared even though getting into business is exciting. If you aren’t at least a little scared, you’re probably not paying enough attention. Not only was I scared when first getting into business, but once in, there have been many fearful times along the way. I think most business owners experience fear and deal with it in their own way. With a few years business experience under my belt and a better understanding of myself, I’ve come to realize the any fear I encounter is directly proportional to my energy level. For example, I am most likely to indulge in fear when I’m tired or my energy dips. When my energy is up I am invincible! The best advice I can offer is to look after yourself well, be healthy and do things to maintain your energy at the highest level. High energy tends to reduce fears to a manageable size.
Q: How and what goals should I be setting?
For any small or micro-business the real power and drive will come from you, the owner of the business. The goals we speak of in this step are the personal goals, the real reasons behind starting a business.
Areas to consider setting personal goals include: Physical, Family, Financial, Social, Spiritual, Mental and Business/Career. For more information, we encourage you to check out the following powerful worksheets (these and others can be found at http://www.riskbuster.com/business-plan-resources/worksheets/ )
*Click the worksheet name to download a copy of the worksheet as an editable word document to your computer
04. Personal Financial Management Strategy
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