In a previous post, I provided a detailed description of Jim Morgan’s WoodProfits method for those interested in starting a woodworking business. In this post, I pass along Jim’s advice about the importance of crafting a quality business plan.
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If you’re interested in starting a woodworking business, I encourage you to check out Jim’s program. These are Jim’s claims, not mine, so I encourage you to consider his offer and decide for yourself whether it is right for you.
You Need a Business Plan
Before starting a long journey, it’s essential to have a roadmap that will see you safely to your destination. In the same vein, when you start a business, it’s important to have a business plan. A business plan can help you identify your goals and map out how you plan to achieve them.
Having a business plan is vital for a variety of reasons. For example, if you seek a bank loan, you’ll need a business plan. The lender will go through the plan to see if what you are planning to do is viable and if it is, if the returns worth the loan? With a good business plan, a lender will be more comfortable loaning you money.
On a more personal note, you need a plan that will help you know where you are and where you want to go. You should review your plan regularly so that you can continuously evaluate what you have achieved and where you are still lagging.
Some people review their plans quarterly, while others may do so annually. Make it a habit set aside time to evaluate the state of your business. If you have a defined strategy that you have been using, you need to review it so that you can tell if it is working or not. You can discard the strategies that are not working and embrace the ones that work.
It is the comparisons between the milestones achieved and those not achieved that will determine if your business is on the right path. Know that the business plan is your foundation in business, and thus you need to create a good one at the very beginning.
If you’re interested in starting a woodworking business, take a look at Jim’s program. Consider what it has to offer you and make up your own mind. If starting a woodworking business is a desire of yours, you should at least check it out.
You’ll be glad you did.