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1.) EDITORIAL
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A "Warm" Welcome to All our New Subscribers.

I hope you all had a great weekend.  In reviewing 
our scheduling for the month of March, I noticed that 
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You can visit our website to view our packages, and if
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Debbie Solomon
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2.) HEADLINE ARTICLE
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Top 10 Business Plan Myths of Solo Entrepreneurs - Don't let these stop you from having a business plan for success!
By Terri Zwierzynski

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A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?

Here's the top 10 myths Solo Entrepreneurs often have about business plans—usually, the reasons why they don't have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun--and can jumpstart your success!


1. Myth: I don't need a business plan--it's just me!

Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for—and you might have to phone home for funds for your return ticket.

Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.


2. Myth: I have to buy business plan software before I can start.

Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.

Solo Entrepreneur Reality: Business plan software can be helpful—but it’s not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.


3. Myth: I need to hire a consultant to write my business plan.

Consultants are an expensive way to have your business plan written.

Solo Entrepreneur Reality: Your business IS you—and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor—someone who can guide you in what you need to do, not do it for you.


4. Myth: The business plan templates I’ve seen have all these complex-sounding sections to them—I guess I need all those?

The only time you need to follow a specific outline is if you are looking for funding.

Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions—that’s it! Don’t make things more complicated than necessary.


5. Myth: My business plan needs to be perfect before I can start my business.

If you wait for everything to be perfectly detailed, you may never start.

Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.


6. Myth: I have to do everything I say I’m going to do in my business plan, or I’m a failure.

Many Solo Entrepreneurs never start because of this myth—which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!

Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don’t be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!


7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced…

Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.

Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on sticky notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and it is easily accessible to you when you have doubts, that’s all that is necessary.


8. Myth: I don’t need a loan—so I don’t need a business plan.

YOU are the investor in your business—and would you invest in the stock of some company without seeing a prospectus?

Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If “doing the numbers” seems overwhelming, remember you don’t need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.


9. Myth: My business plan is in my head—that’s good enough.

I don’t know about you, but I sometimes can’t remember what I planned yesterday to do tomorrow, if I don’t write it down!

Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it’s a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.


10. Myth: Friends and family are the best sources of feedback and advice on my business plan.
If your brother is an accountant and your best friend is a market research expert, then this might be true.

Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren’t the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!


Copyright 2004, Accel Innovation, Inc.



***********Find more articles like this at www.Solo-E.com – Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter, and find other online training opportunities.***********


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Terri Zwierzynski is a coach to small business owners and Solo Entrepreneurs. She is also the CEI (Conductor of Extraordinary Ideas) at Solo-E.com and the author of 136 Ways To Market Your Small Business. Terri is an MBA honors graduate from UNC-Chapel Hill. Terri has been coaching for over 10 years in a variety of settings, including 6 years as a senior-level coach and consultant for a Fortune 500 company. She opened her private coaching practice in 2001. You can reach Terri at www.FastLaneDreams.com .

 

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4.) BIZ*TECH SAVVY SOLUTIONS
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Save a Tree

How do you know when the document you're working on is ready for
printing? Do you print a document over and over, making small
adjustments each time

If you are you looking for a simpler, more efficient way to see
if the document is ready for printing, there is a handy little
trick called Print Preview. It's available in most Microsoft
programs and Internet Explorer.

You can access the Print Preview a couple of different ways.

The first is through the File menu, Print Preview choice.

The second method is through the Print Preview button located in
the standard toolbar of Microsoft programs.

Either way, you instantly find yourself in another window where
you can see the entire document, as it will be printed.

To take a closer look, simply click on the document in the area
you would like to inspect and click again to zoom back out.

Many other options exist in this window and are waiting to be
explored. When you decide you're done, you can choose the Close
button at the top and be taken right back to where you came from
in the original document.

Save a tree, preview before you print.



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5.) EZINE A*D*VERTISING DETAILS
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EZINE BUSINESS DIRECTORY
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The OnLine Exchange is brought to you by MarketingTrendz.  Please visit our directory of resources for helpful information for your online business.  

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CONTACT INFORMATION-

Editor: Debbie Solomon
Publisher: Sara Hardy
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support@marketingtrendz.com

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DISCLAIMER-

THIS DOCUMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY.
The information contained in this document represents the current view of MarketingTrendz on the issues discussed as of the date of publication. Because MarketingTrendz must respond to change in market conditions, it should not be interpreted to be a commitment on the part of MarketingTrendz and MarketingTrendz cannot guarantee the accuracy of any information presented after the date of publication. Information provided in this document is provided "AS IS" without warranty of any kind, either express or implied, including but not limited to the implied warranties of merchantability, fitness for a particular purpose and freedom from infringement. The user assumes the entire risk as to the accuracy and the use of this document.

All opinions and viewpoints in each editorial of The OnLine Exchange Ezine is expressed solely by the editor and writer, Debbie Solomon. The opinions set forth by the editor is not necessarily an interpretation of viewpoints made by the company.

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