Question to the business owners.

[bobzzz]

Who made a business plan before starting up, did some market research and followed the plan?

I am just really curious about this.

 

[MDJ]

you need a business plan before a bank will allow you to open an account with an overdraft so you can start trading, unless your loaded of course and don't need an overdraft facillity, but with business and cash flow when you first start out an overdraft is really a sensible decision IMO.

 

[goals]

I did but it was needed to go through the New enterprise allowance scheme and i have not looked at it since, i think that if i stuck to that i would be bankrupt before i even get going......

 

[Octopus]

Yup. I did a business plan, I had a very good idea of my fixed costs, and set budgets for all the variable overheads.

The aim was to make enough profit to cover my costs for year 1 + provide me with beer money.

 

[plugsandsparks]

Not me, kept being told by bank it was a good idea, it really depends what you mean by a business plan. I knocked up several scenarios trying to figure out the optimum size of the business, I had a target income in mind and as many costs as i could dream up.
Its easy now as i just track my hours on a daily basis and i know whether i am on track for the year.
Never borrowed money and have only one other shareholder Mrs P&S whose contribution to the plan was "Good Luck"

 

[RyanCheetham]

I had to do one with the princes trust, i found it really helpful with understanding my cashflow

 

[bobzzz]

I think most people only do business plan as a means to get start up money or to get an overdraft. I also think that a business plan is not something set in stone and that it should change according to the needs of the business, and not every thing always goes according to plan.

I am starting to work on my business plan, but because im going into enter a foreign market and targeting a certain niche I feel like I need to plan it out and do some proper market research.

That being said most of my family members have had their own businesses and never did any market research let alone a business plan and seemed to make a success of it.

 

[GMES]

I didn't do a plan nor have i got an overdraft and no i am not loaded.
I left a secure job after 11 years with company vehicle etc,
I left on a friday , started trading on the monday and picked up my 1st job the day after, it was the best thing i have ever done.
If you have got the confidence and determination and self belief, then anything is possible.