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Kids' Kreative Korner
CUSTOMIZE YOUR BUSINESS PLAN Make Sure Your Plan Reflects Your Specific Business Idea
By Bonnie Drew
Part Two
A business plan that is strictly for personal use can be short and informal. However, a business plan written to request a loan needs to be very detailed. Consider what a banker or investor needs to know about your business. Then present evidence that your plans will succeed.
No one knows all the answers when they first sit down to write a business plan. A good business plan usually requires some research. You may need to make some phone calls, go to the library, get some advice from other business people, or talk with your parents.
After you spend a lot of time writing your business plan, you won't want to shove it in a drawer somewhere and let it gather dust. You can keep it in a portable expanding file and as the business grows and changes, you can add new information to the appropriate file sections of the plan.
Many young entrepreneurs like to keep their business plan on their computer, so it can be updated frequently. Whatever method you choose, remember that business planning never stops. Your business plan should be a living, breathing document that grows and changes to meet the needs of your enterprise.
NEXT ISSUE: What to Include in Your Business Plan
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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