Starting a Small Business or Small Business Plan is like opening up the doors for your dreams. Generally it involves lot of planning and hard work even before you actually turn the knob. It is a feeling of lifetime to work on something which is your own. It can demand a lot of hard work but the real satisfaction comes from the feeling that you are doing something for yourself. Some people have great support system to help them sail through the initial tough times while there are those who are completely on their own. But if you are committed than there is nothing that can stop you. Small Business or your Small Business Plan can be anything from opening up your own manufacturing facility to even working on home based business.

People do fail and I have always believed that it is the idea which fails and not people. The loss of time, money, and moral is hard to be compensated and is something which takes the charm out of the dream. The better prepared we are for the worst makes us embrace success with open arms. But to be prepared for worst all you need is a fool proof plan. The plan should be solid enough to negate any failure which might come on its way. No matter what is your area, all that matters is whether all risks have been considered or not.

There are two basic questions which any Business Plan should answer. It should not be different for your small business too.

1)      Market Opportunity – Many People are so much obsessed with their idea that they forget to answer this basic question. How big is the market opportunity, do you have competition, how much is the money flow, who are major players etc. This question is important because it is the lifeline of your small business. It is a big mistake to start something and then pray for things to happen. This is the basic and most essential question because your survival rests on it. You miss to answer this and there is a high probability that your idea might face the hard time.

2)      Scalability- The next important question is, Is your Idea scalable. What it means essentially is that how easy it would be for you to support your growth when your business grows. When you chalk out on the growth path would the incremental cost would come down or it would continue to grow. Would your business become self sufficient and would remove redundancies or it would be dependent upon factors which is not under your control. Would it be able to run and flourish with little effort or you need to throw the best things to make it happen. Scalability is an important question because only scalable business can command higher growth which is must to achieve extraordinary profits. Once you are on a scalable growth trajectory than their is no looking back.

You business plan can have many more questions like when, where, how in what manner etc but market opportunity and scalability is like blood and heart of your business. You can enter the best of market but scalability can make your idea redundant or vice-versa. It is important not to get driven by emotions but by hard core facts.

Answer the above two and most of the answers to your questions related to Small Business Plan would fall in line.

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                                                                Photo Credit- Dolphinsdock’s

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