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Small Business Startup Costs and Business Plans - Study Released

Discussion in 'General Business' started by jhmattern, Aug 20, 2006.

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How important are business plans?

  1. They're vital for any business that wants to be successful!

    0 vote(s)
    0.0%

  2. They're a strong determining factor in the success of any small business.

    4 vote(s)
    66.7%

  3. It's a toss-up with or without one.

    2 vote(s)
    33.3%

  4. They don't matter.

    0 vote(s)
    0.0%

  5. Eh... What's a business plan?

    0 vote(s)
    0.0%
0
  1. #1
    I was just reading, and blogged about, the new study released by Wells Fargo / Gallup dealing with small business financing and planning.

    The two most notable things (imo) are:

    1. The average cost of a new business venture is $10,000 for small business owners.

    and
    2. Less than a THIRD of the surveyed entrepreneurs said they actually used a business plan during their startup (kind of lifts the mystery on why such a large percentage of businesses fail in the first year, now doesn't it?).

    So, I'm curious.... I hear people talking about the issues of business and marketing plans pretty regularly (both here and elsewhere), and there seems to be this frame of mind that they're somehow not "necessary." And I could go on about their importance until I'm blue in the face, but I'd rather see some numbers. How important do you think a solid business plan is?

    Jenn
     
    jhmattern, Aug 20, 2006 IP
  2. picouli

    picouli Peon

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    picouli, Aug 21, 2006 IP
  3. Mike S.

    Mike S. Well-Known Member

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    #3
    When I am older, I am considering to create my own small business, but I am trying to work out some of the details now, and even though I don't have the knowledge on the duties, there is plenty of time to learn. I think venturing into the printing business would be pretty cool to do. I think if I began to work a career path in that occupation, maybe beginning at a site like Kinko's, I would gain the basic knowledge, and work my way through it all. Honestly, nobody knows everything detail about business, and no matter how much you plan, something can always pop up, and inflict your business manners in anyway, but the more prepared you are, the better.
     
    Mike S., Aug 21, 2006 IP