What have i been up to lately?

Well i have been busy researching and writting my business plan, a task that never seems to end as the more i research the more i find out how much more i need to know. This is good though as by the time i'm finished i always have a very clear idea of what i'm after and how to get it along with any areas i need help in.

I'm a long way off nailing down my target market as i'm struggling to get a handle on this. I have a broad overview and a few segments but being precise is so important and here i lack experience.

The financials are always my biggest problem and therefore i will be getting help with these at a later date.

Thinking big enough is always a challenge also as we all tend to plan for what we think we can achieve not what we want to achieve so i am stretching myself in this department all the time.

I find looking at my competitors an interesting if not frightening experience as they are already doing what i propse to do only usually with a large amount of resources behind them. I believe this competitor analysis is important though and once disheartened continue on and you shall see the cracks. I look for the competitors weakneses as these shall be my strengths. Being large isn't always a good thing as they can lose touch with their customers and therefore not be servicing their needs properly.
If you find they are great at what they do there must be an area they are slightly weaker in this may be your niche.

Being a visual person i tend to spend far too long on the image, culture and feel of the business rather than the nuts and bolts, if your the same make an effort to get the help you need early on as it really helps your ideas evolve. You are better able to write the mission statement and image/personality of the business as you know where it's headed and who it is.

Finally don't be scared of writting a business plan. It really is the most important thing in starting and running a business as it not only helps you gain a better understanding of the business and where it's headed but it keeps you on track to reach your business and personal goals.