I realize that it can become overwhelming and I would agree it takes a certain skill set for an “average person” to sit down and write an effective business plan.  None the less,  it is a must and they to do have some very inexpensive and interactive business planning software that helps you write a business like you a PRO!  It is not necessary that you have a full blown robust business plan mapping out the next 10 years but it is critical for a startup to have a basic plan for the following reasons.

1. It forces the entrepreneur to do the much needed research about their business, competition as well as develop a strategy.
2. It will help you focus on specific goals and create a foundation so you can develop and pursue 3-4 business strategies in the first couple years.   
3. It provides third parties such as banks and investors with your vision in a logical format.
4. Offers a benchmark so you can measure your actual performance so you can make changes.

Just like anything in your life, everything requires a strategy.  Whether it is marriage, parenting, buying a home, investing, traveling or even going to school, it all requires you to take the time to figure out what you want, how do you find it, how will you get there, who will be with you, and how long it will take.   

A business plan should be a realistic view of the expectations so you can determine your short term goals as well as your long-term objectives.  So many entrepreneurs make the mistake of having a vision and then becoming reactive.  Being an entrepreneur means you are wearing all the hats in the company so reacting to several issues at once can become paralyzing. 

The bottom line is you can’t do it all by yourself so by creating a road map you will know what you need help with and where to apply your strengths.  The focus and clarity of your “road map” on how you will operate will ultimately tell you whether you will succeed or fail. Identifying your strengths and weaknesses will sustain growth but the lack of a sound plan will, almost always, ensure failure.

Sandbox Gahanna, a coworking facility who offers small business owners and entrepreneurs a collective and affordable place to work, has recently partnered with the Economic and Community Development Institute (ECDI) to offer small businesses in our community access to funding through microloans.  ECDI is a non profit organization that is committed to provide community resources to Central Ohio entrepreneurs. 

In 1992, the microloan program developed by the Small Business Administration (SBA) and was primarily geared toward start-ups and newly established small businesses. The microlenders in the program were nonprofit community-based intermediaries funded by the SBA.  Loans were lent to business owners with spotty credit or limited experience, and also provided resources and business counseling as a condition of the loan. These loans can be less than $100 and can go up to a maximum of $35,000. The average loan size is $10,000 with the maximum loan term being five years.

Today’s environment is much different.  With the credit market frozen we are seeing established businesses with high credit scores also approaching microlenders.

Finally there is an easier solution for small businesses to obtain funding so they can pursue and achieve their dream.  Every small business owner needs the opportunity to grow and build their vision.  Sandbox Gahanna is dedicated to help you achieve that dream in our community.

For more information contact Becky (work@sandboxgahanna.com) at Sandbox Gahanna.

Working from home does have its advantages.  It certainly is cost effective as most have a limited budget and it’s great to have the freedom and flexibility you desire.  However, the disadvantage is you find that you work in isolation, you are unable to brainstorm or problem solve with other people and you can’t meet clients in a professional setting.  More importantly, you find that you actually never leave “your job” and home is no longer the place to unwind after a long day.

While small business growth is obviously the foundation of our country’s economic recovery plan, they desperately need the tools and resources to succeed and flourish in order to create new jobs.  Sandbox was created to do just that, a professional office setting with a home office budget. 

Coworking is an emerging trend for a new way of working. Small business owners, independent professionals and entrepreneurs no longer have to work at home in isolation or go to your noisy local coffee shop.