A new chapter...

[Aileen L.]

Hello friends,

I've stumbled across this forum and am filled with high hopes and excitement about meeting a new circle of friends who I can engage in discussions with and bounce ideas off.

I am based in Melbourne, Victoria, Australia and am in the concept stages of developing my own juice beverage starting out from my own kitchen. I'm about 90% happy with the the product, and have fumbled my way through a draft business plan, dawdling most times not knowing what to do or where to go from here. On the basis of not knowing anything, I've decided to find someone who does, and have made enquiries with business advisors/consultants. I have yet to secure anyone yet, and am still on the hunt for someone who can give me some guidance and direction on the overall business/planning process.

I look forward to navigating my way around the website for more information and reading about what other people are up to and their experiences.

Cheers all.

[vangogh]

Welcome to the forum Aileen. We're glad you found us and are happy to meet you as well. Feel free to ask us any questions you have. There's a lot of new information you have to digest when getting started and I know from experience it can feel a bit overwhelming at times. We've been where you are and are happy to share our experiences to help with yours.

I look forward to getting to know you and thanks for joining the community.

[Business Attorney]

Aileen, your project sounds interesting. Getting outside help is one thing that many startups are reluctant to do. I have seen many reasons:

1. They are afraid that someone will steal their idea. In most cases, the ideas are not that novel. The key is the ability to implement the idea.
2. They believe that their situation and the problems they face are so unique that they have no choice but to learn as they go. In truth, many other businesses face issues that can be applied to the person's own business, but they often focus on the differences and not the similarities.
3. They are reluctant to ask for help. Perhaps they think it shows weakness. They just need to overcome that reluctance and do it.
4. They don't know where to ask for help. Here my advice is ask everyone! Finding the right person may be difficult, like looking for a needle in a haystack, but the more people you ask, the more likely someone is to put you in touch with the right person. That is simple Networking 101.

Good luck. I look forward to watching your progress.

[cbscreative]

Welcome aboard. You even get to enjoy summer right now as our shortest day of the year coming up is your longest. Being in Michigan (Grand Rapids), I'm pretty much exactly as far north of the Equator as you are south. Congrats on starting a business and finding this place as well. I'm sure you'll find this a valuable resource.

[Aileen L.]

Aileen, your project sounds interesting. Getting outside help is one thing that many startups are reluctant to do. I have seen many reasons:

1. They are afraid that someone will steal their idea. In most cases, the ideas are not that novel. The key is the ability to implement the idea.
2. They believe that their situation and the problems they face are so unique that they have no choice but to learn as they go. In truth, many other businesses face issues that can be applied to the person's own business, but they often focus on the differences and not the similarities.
3. They are reluctant to ask for help. Perhaps they think it shows weakness. They just need to overcome that reluctance and do it.
4. They don't know where to ask for help. Here my advice is ask everyone! Finding the right person may be difficult, like looking for a needle in a haystack, but the more people you ask, the more likely someone is to put you in touch with the right person. That is simple Networking 101.

Good luck. I look forward to watching your progress.

Thanks for your reply! Given my lack of knowledge and direction right now, I'm more than happy to spend the money up front on the right consultant to get the right advice from the outset and get my bearings right, because essentially, time is money right? I don't want to look back and think I actually did have a great idea, but I rushed into things only to fail at the execution. I'm a sponge that will absorb everything!!

[Aileen L.]

Cheers for the reply! It's going to be a scorcher tomorrow and next week hitting 37 degrees celsius. Going to have to hide away at the cinemas or something. Thanks for the warm welcome.

[Paul]

What is your biggest obstacle with a business plan. Most important question is what or who is the plan for. Is a plan designed to raise investment money or a plan for yourself to follow?

If it is for yourself DO NOT become paralyzed by a "plan". Just write down a basic map of things you need to do. I assume you have already determined that it is a viable business opportunity so you don't need demographics and market studies and all of that. I assume you have an idea of start up costs, product costs, margins etc. and an idea where you will be selling. Overall plans are important BUT for home based businesses startups they are overdone.

Many businesses launch without a written plan. As the business develops then a plan can take shape. In your case the plan is relatively straightforward; make juice, sell juice. Your plan can be very informal. Write down all potential customers, suppliers, equipment needed, storage needed, distribution ideas; self delivery, contracted delivery or customer pick up? Think of all the tings you will actually have to do. Don't worry about following a business plan template and definitely don't waste money on someone to write a plan. The money is better spent starting to implement.

HOWEVER!!!! If the plan is for investors that's a totally different situation. BUt even so a plan does not have to be overwhelming. If that's the case we can probably give a few tips to help.

[Aileen L.]

What is your biggest obstacle with a business plan. Most important question is what or who is the plan for. Is a plan designed to raise investment money or a plan for yourself to follow?

If it is for yourself DO NOT become paralyzed by a "plan". Just write down a basic map of things you need to do. I assume you have already determined that it is a viable business opportunity so you don't need demographics and market studies and all of that. I assume you have an idea of start up costs, product costs, margins etc. and an idea where you will be selling. Overall plans are important BUT for home based businesses startups they are overdone.

Many businesses launch without a written plan. As the business develops then a plan can take shape. In your case the plan is relatively straightforward; make juice, sell juice. Your plan can be very informal. Write down all potential customers, suppliers, equipment needed, storage needed, distribution ideas; self delivery, contracted delivery or customer pick up? Think of all the tings you will actually have to do. Don't worry about following a business plan template and definitely don't waste money on someone to write a plan. The money is better spent starting to implement.

HOWEVER!!!! If the plan is for investors that's a totally different situation. BUt even so a plan does not have to be overwhelming. If that's the case we can probably give a few tips to help.

Thanks for messaging Paul. To be honest, I started the business plan because I didn’t know what to do or where to turn, and I found that it really helped me nut out and delve into what I wanted the business to be about and realize its identity. The template I used helped me question the different aspects of the business that never occurred to me to consider before, and it just gave me a general, broad overview of the areas involved with starting/running a business e.g. considering risk management, legal considerations, operations, the market, the vision, the finances etc.

I’m still working through the business plan, and am nowhere near progressing to a demographic/market study as you mentioned in your message. Same goes with working out the startup costs and finances, but the business plan has helped me understand the things to consider, such as profit/loss forecasting, expected cash flow, break even analysis etc. It goes without saying that I will drill down deeper in time as my understanding progresses to define the financial objectives and management goals.

I found the business plan also really help me think about the logistical side of things, such as the aspects you mentioned: target market, suppliers, distribution etc, and I’ve managed to put together some specifics about my vision in those areas. I feel like working through the business plan has helped provide some guidance and general direction in my very early concept stage of my business idea. By no means will I be using the business plan for investment pitches or anything like that, although I may need to present it to the bank for a business loan if I find I need to go down that path at a later stage.

Many thanks for your comments and advice Paul. Much appreciated.

[Business Attorney]

Thanks for messaging Paul. To be honest, I started the business plan because I didn’t know what to do or where to turn, and I found that it really helped me nut out and delve into what I wanted the business to be about and realize its identity. The template I used helped me question the different aspects of the business that never occurred to me to consider before, and it just gave me a general, broad overview of the areas involved with starting/running a business e.g. considering risk management, legal considerations, operations, the market, the vision, the finances etc.

I’m still working through the business plan, and am nowhere near progressing to a demographic/market study as you mentioned in your message. Same goes with working out the startup costs and finances, but the business plan has helped me understand the things to consider, such as profit/loss forecasting, expected cash flow, break even analysis etc. It goes without saying that I will drill down deeper in time as my understanding progresses to define the financial objectives and management goals.

I found the business plan also really help me think about the logistical side of things, such as the aspects you mentioned: target market, suppliers, distribution etc, and I’ve managed to put together some specifics about my vision in those areas. I feel like working through the business plan has helped provide some guidance and general direction in my very early concept stage of my business idea. By no means will I be using the business plan for investment pitches or anything like that, although I may need to present it to the bank for a business loan if I find I need to go down that path at a later stage.

Many thanks for your comments and advice Paul. Much appreciated.

It sounds like your use of the business planning process comes pretty close to the ideal. It should be something that helps you create a roadmap to business success. You should be the intended principal beneficiary of that roadmap, not a banker or a potential investor. I can't tell you how many people view it as putting down their already established ideas about the various covered topics rather than using the process to learn and challenge their existing ideas.