You’ll get to it later, you have a lot on your plate, not enough hours in a day to write up a business plan; Expert Tamara Monosoff has six more commonly used excuses and a key step to finally draft up your business plan…

Over the years, I’ve met hundreds of people in business – or about to launch businesses – and I’ve been privy to countless excuses and reasons why they’ve opted out of creating a business plan. Rarely, if ever, are their reasons sound. In fact, even some business people I’ve encountered who’ve become very successful in the long term have expressed regret, wishing they had developed a solid business plan from the start. They say that a business plan would have helped them avoid costly mistakes, hiccups, and delays in the growth of their businesses.

Here are some of the more common excuses I’ve heard:

EXCUSE 1: “I DON’T NEED A PLAN”

Whenever a person says this to me, it makes me think of being invited to go on a cruise ship and then, just after boarding, hearing the captain greet the passengers by announcing, “Welcome aboard! I’ve decided that we don’t need to follow a map this time. I thought we could see where the currents take us. Sound good?” My reaction would be, “Get me off this ship!” Others will react in a similar manner as you begin seeking their support for your business without being able to show them a clear plan.

Business cannot be created in a void. You need other people. Friends, family, colleagues, and prospective investors are more likely to support you if your goals are clear and you can explain in simple, structured and straightforward terms the direction in which you plan to take your business.

Related: Entrepreneur John Paul DeJoria’s Secret to Success

__________

EXCUSE 2:  “I KNOW WHAT I’M DOING”

This can be one of the most difficult and dangerous mindsets to overcome, because it leaves little room for creativity. In fact, it feels like the unspoken end of that sentence is, “…so don’t get in my way.” On one hand, it’s good to feel confident. However, if you already “know” everything, then many opportunities will be lost. It’s impossible to know everything you need to know. Also, when you come from a place of inquiry and are open to different ideas and ways of doing things, doors open in unexpected and surprising ways.

WATCH: How to Unlock Your Creativity

__________

EXCUSE 3: “I DON’T KNOW WHAT I’M DOING”

Most people have never written a business plan, so you are not alone. This was my main excuse when I started out 10 years ago with MomInvented.com. I had no idea how to write a business plan and it made me uncomfortable even thinking about it.

Even if you’ve worked in the business world for years, it’s likely you were never asked to write such a document. It’s always challenging to do something you’ve never done before, and it can feel overwhelming and uncomfortable. It’s common to want to spend time, instead, on the things you excel at and avoid the things that make you feel uneasy. But once you get into the process – especially the fill-in-the-blank format of the One Page Business Plan – you’ll be surprised at how quickly you’ll get it and how helpful the results will be.

Related: 10 Tips for Starting a Product Business

__________

EXCUSE 4: “IT’S TOO INTIMIDATING, I CAN DO WITHOUT”

Feeling fear about creating a business plan for the first time is to be expected, especially if you have preconceived notions about what the experience will be like (although these usually end up being inaccurate). The reality is that most things rarely, if ever, materialize exactly how we imagine them. The anticipation stories we create in advance about how things will turn out are often completely different from the actual experiences. Without our realizing it, these stories can create self-constructed roadblocks before we know it.

Related: Why You Should Quit Your Startup

__________

EXCUSE 5: “I’VE HAD A BAD EXPERIENCE WITH BUSINESS PLANS IN THE PAST”

Perhaps you have tried to write business plans in the past without success. Many of us learn early on to give up when things aren’t working or say negative things about ourselves like, “I can’t do this; I don’t have any business experience; I’m not good at figuring things out.” We say, “I want to write a business plan but I don’t know how to start” or “I want to write a business plan but I’ve failed in the past.” Disconnect these two ideas. They are only connected because you choose to connect them! It’s only fiction that you’ve accepted about yourself. Unlink them and say, “I choose to write a business plan because I choose to write a business plan.” There it is. Once you’ve made this statement, you’ve created a new truth for yourself.

Related: Turn Your Idea Into a Business in 5 Steps

__________

EXCUSE 6: “I’M TOO BUSY TO PLAN”

I have used this excuse myself too. I’d say, “How can I plan? I’m too busy running my business and taking care of my family.” But these feelings often have more to do with the fear of not knowing how to start. What I have learned from the 10 years of running my business is that time and money are wasted by not planning. Free time doesn’t exist, and it does not ever volunteer itself. It must be created by setting priorities.

Planning needs to be scheduled into your routine just like any other essential task. And planning time needs to be considered sacred and nonnegotiable. It needs to be a choice, a declaration: “I am taking this time to work on my plan.” I have seen that when people overcome their fear and put a stake in the ground and embrace the planning process they come out energized, grounded and confident.

WATCH: How Facebook Helps Small Businesses

If you’ve been procrastinating in developing your own business plan, I hope confronting some of these common excuses has helped to dispel some of your reasons “why not.”

__________

Tanara Monosoff

THE BUSINESS PLAN DEFINED

Many people think of a business plan as a tool they need to pitch to an investor or banker, so they disregard it in the early stages as something they don’t need. The idea of writing a business plan might conjure up images of a financial spreadsheet that includes numbers, forecasting, elaborate and specific projections, and other often mind-numbing and difficult to digest details – something separate from the nuts and bolts and actual day-to-day business activities. This type of plan is actually something you may develop later.

But for now, your business plan should be written as strictly operational—to give you focus and clarity on your own Vision (what are you building?), Mission (who are you in service of?), your Objectives (what can you measure over time?), Strategies (how are you going to build your business? What are the stepping stones to get there?) and Action Plans (what are the specific tasks to be done?)

NOW is the time to take a stand for yourself and dive into the process – no excuses!

_______________________________________________________________

The text in this blog is from an excerpt from Monosoff’s book, Your Million Dollar Dream: Regain Control & Be Your Own Boss.

For further guidance, pick up a copy of the One Page Business Plan for Women in Business that Monosoff co-authored with Jim Horan, President of the One Page Business Plan Company. They’ve created a fill-in-the-blank workbook for you to help minimize the fear of looking at a blank page and to help you get started.

• For more daily expert updates, follow genConnect on Twitter and Facebook
• To stay on top of the latest contributions from experts: Sign Up for genConnect.

You’ll get to it later, you have a lot on your plate, not enough hours in a day to write up a business plan; Expert Tamara Monosoff has six more commonly used excuses and a key step to finally draft up your business plan…

Over the years, I’ve met hundreds of people in business – or about to launch businesses – and I’ve been privy to countless excuses and reasons why they’ve opted out of creating a business plan. Rarely, if ever, are their reasons sound. In fact, even some business people I’ve encountered who’ve become very successful in the long term have expressed regret, wishing they had developed a solid business plan from the start. They say that a business plan would have helped them avoid costly mistakes, hiccups, and delays in the growth of their businesses.

Here are some of the more common excuses I’ve heard.

EXCUSE 1: “I DON’T NEED A PLAN”

Whenever a person says this to me, it makes me think of being invited to go on a cruise ship and then, just after boarding, hearing the captain greet the passengers by announcing, “Welcome aboard! I’ve decided that we don’t need to follow a map this time. I thought we could see where the currents take us. Sound good?” My reaction would be, “Get me off this ship!” Others will react in a similar manner as you begin seeking their support for your business without being able to show them a clear plan.

Business cannot be created in a void. You need other people. Friends, family, colleagues, and prospective investors are more likely to support you if your goals are clear and you can explain in simple, structured and straightforward terms the direction in which you plan to take your business.

EXCUSE 2:  “I KNOW WHAT I’M DOING”

This can be one of the most difficult and dangerous mindsets to overcome, because it leaves little room for creativity. In fact, it feels like the unspoken end of that sentence is, “…so don’t get in my way.” On one hand, it’s good to feel confident. However, if you already “know” everything, then many opportunities will be lost. It’s impossible to know everything you need to know. Also, when you come from a place of inquiry and are open to different ideas and ways of doing things, doors open in unexpected and surprising ways.

Watch: Entrepreneur John Paul DeJoria’s Secret to Success

EXCUSE 3: “I DON’T KNOW WHAT I’M DOING”

Most people have never written a business plan, so you are not alone. This was my main excuse when I started out 10 years ago with MomInvented.com. I had no idea how to write a business plan and it made me uncomfortable even thinking about it. Even if you’ve worked in the business world for years, it’s likely you were never asked to write such a document. It’s always challenging to do something you’ve never done before, and it can feel overwhelming and uncomfortable. It’s common to want to spend time, instead, on the things you excel at and avoid the things that make you feel uneasy. But once you get into the process – especially the fill-in-the-blank format of the One Page Business Plan – you’ll be surprised at how quickly you’ll get it and how helpful the results will be.

EXCUSE 4: “IT’S TOO INTIMIDATING, I CAN DO WITHOUT”

Feeling fear about creating a business plan for the first time is to be expected, especially if you have preconceived notions about what the experience will be like (although these usually end up being inaccurate). The reality is that most things rarely, if ever, materialize exactly how we imagine them. The anticipation stories we create in advance about how things will turn out are often completely different from the actual experiences. Without our realizing it, these stories can create self-constructed roadblocks before we know it.

Related: 10 Tips for Starting a Product Business

EXCUSE 5: “I’VE HAD A BAD EXPERIENCE WITH BUSINESS PLANS IN THE PAST”

Perhaps you have tried to write business plans in the past without success. Many of us learn early on to give up when things aren’t working or say negative things about ourselves like, “I can’t do this; I don’t have any business experience; I’m not good at figuring things out.” We say, “I want to write a business plan but I don’t know how to start” or “I want to write a business plan but I’ve failed in the past.” Disconnect these two ideas. They are only connected because you choose to connect them! It’s only fiction that you’ve accepted about yourself. Unlink them and say, “I choose to write a business plan because I choose to write a business plan.” There it is. Once you’ve made this statement, you’ve created a new truth for yourself.

EXCUSE 6: “I’M TOO BUSY TO PLAN”

I have used this excuse myself too. I’d say, “How can I plan? I’m too busy running my business and taking care of my family.” But these feelings often have more to do with the fear of not knowing how to start. What I have learned from the 10 years of running my business is that time and money are wasted by not planning. Free time doesn’t exist, and it does not ever volunteer itself. It must be created by setting priorities. Planning needs to be scheduled into your routine just like any other essential task. And planning time needs to be considered sacred and nonnegotiable. It needs to be a choice, a declaration: “I am taking this time to work on my plan.” I have seen that when people overcome their fear and put a stake in the ground and embrace the planning process they come out energized, grounded and confident.

Watch: How Facebook Helps Small Businesses

If you’ve been procrastinating in developing your own business plan, I hope confronting some of these common excuses has helped to dispel some of your reasons “why not.”

Tanara Monosoff

THE BUSINESS PLAN DEFINED

Many people think of a business plan as a tool they need to pitch to an investor or banker, so they disregard it in the early stages as something they don’t need. The idea of writing a business plan might conjure up images of a financial spreadsheet that includes numbers, forecasting, elaborate and specific projections, and other often mind-numbing and difficult to digest details – something separate from the nuts and bolts and actual day-to-day business activities. This type of plan is actually something you may develop later.

But for now, your business plan should be written as strictly operational—to give you focus and clarity on your own Vision (what are you building?), Mission (who are you in service of?), your Objectives (what can you measure over time?), Strategies (how are you going to build your business? What are the stepping stones to get there?) and Action Plans (what are the specific tasks to be done?)

NOW is the time to take a stand for yourself and dive into the process – no excuses!

Watch: Gary Shapiro: Stop ‘Hurting Innovation,’ Start Strategizing

_______________________________________________________________

If you need guidance, you may want to pick up a copy of the The One Page Business Plan for Women in Business that Monosoff co-authored with Jim Horan, President of the One Page Business Plan Company. They’ve created a fill-in-the-blank workbook for you to help minimize the fear of looking at a blank page and to help you get started. And, it comes with a BONUS CD Tool Kit that includes: One Page Business Plan Templates, Simple Sales Calculators, Budget Worksheets…).

Once you get started, Megan Poore would love to hear how your planning is going and what becomes clear for you. It’s usually something different than what you expect.

The text in this blog is from an excerpt from Tamara’s book, Your Million Dollar Dream: Regain Control and Be Your Own Boss. Create a Winning Business Plan. Turn Your Passion into Profit..

• For more daily expert updates, follow genConnect on Twitter and Facebook
• To stay on top of the latest contributions from experts: Sign Up for genConnect.

Think you’ve got a great idea for a product?

Here are 10 tips for starting a product business, from Dr. Tamara Monosoff, founder & CEO of Mom Invented & Mom Invented Approved Brand of Products, and author of four business books, including The Mom Inventors Handbook: How to Turn Your Great Idea into the Next Big Thing.

1. Take a stand for yourself

If you are dissatisfied with your current circumstances, no one will fix them – except for you. It doesn’t do any good to blame the economy, your boss, spouse or family. Change can only occur when you make a conscious decision to make it happen.

2. Hold onto your money and gain knowledge FIRST!

Save countless hours and money by investing in yourself. Learn about the inventing process first before you spend a penny.

3. Set realistic expectations

Successful inventing is about developing a product and taking it to market. View your product as a business from the very beginning. It can, and should be profitable and gratifying. However, it is not an easy, get-rich-quick scheme.

Related: Supermodel Tyra Banks on How to Achieve Your Career Dreams

4. Search everywhere to see if your product already exists

Make sure that you look extensively in the marketplace before you spend money developing your product (Internet, small, mid-size & big-box stores). Tip: use a thesaurus to find other words to describe your product. This will help expand and deepen your search.

5. Know who will buy your product or service before you spend money

a. Before you spend money, find out if people will actually buy your products or services first. This may be the most important thing you do! You can do this by validating your market. In other words, who EXACTLY will buy your products or services other than your family or friends? (And don’t say… “Everyone in America will want my product.” Trust me. They won’t). What is the size of your target market? Who are your customers? Is your product or service relevant to their everyday life? Why do they need it?

b. There is industry research that you can uncover for free. Read industry articles with data (Google the relevant industry associations) and read Census data to learn more. However, the most important way to get this information is to ask your target market directly and then LISTEN.

6. Don’t wait for a patent (getting a patent is not a requirement!)

A patent can be a useful tool but it is not required. Even if you choose to file a patent, there are many steps to be taken first. The absence of a patent should NOT be a hindrance from making progress. Just make sure that you are not infringing on someone else’s patent. Visit the US Patent and Trademark Office Web site to find out more about the patent process.

7. Make a prototype

Creating a prototype is a fun and creative process. The purpose of a prototype is to test the functionality of the product. Start out by using household items. If your product is complex, hire a handyman, a student studying Industrial Design, or a machinist. If you need an engineer, be prepared with sketches and a rudimentary prototype in hand so that you can communicate effectively to save time and money. Then find a great manufacturing partner that you can trust.

Related: How to Unlock Your Creativity (VIDEO)

8. All money is not equal

Understand your personal finances and then choose the “right” kind of money you need for your business.

a. As an entrepreneur, your personal life and business life are interconnected. You are likely to be your first, and possibly, only investor. Therefore, having a detailed understanding, and ability to track your personal finances, is an essential first step before seeking outside funding for your business. This is why I recommend setting up your personal accounts on Mint.com to simplify this process.

b. As you are creating your business plan you will need to consider what type of business you are building – a lifestyle business (smaller amount of startup funds), a franchise (moderate investment depending on the franchise), or a high-tech business (will require significant capital investment). Depending on where you fall on the continuum, you will need a different amount of money to launch and grow your business and it does matter what kind of money you accept. (Resources mentioned in detail in Chapter 4 of Your Million Dollar Dream: Take Control & Be Your Own Boss are: peer-to-peer lending, grants, angel groups, bank loans, and information about venture capital groups.)

Related: Entrepreneurs — Quit Your Startup

Tamara Monosoff

9. Create your plan!

Most people don’t plan BUT it will help you get to market faster. A business plan will help you gain clarity, focus, and confidence. A plan does not need to be more than one page; and, as you write down your goals, strategies and action steps – your business becomes REAL.

Ask yourself the following questions:
a. What am I building?
b. Who am I in service of?
c. What is the promise I am making to my customers/clients and to myself?
d. What are my objectives, strategies and action plans (steps) to achieve my goals?

10. Get the word out!

Embrace and use the most effective online tools (Twitter, Facebook, YouTube and LinkedIn) available to broadcast your news. You must use them but don’t underestimate the power of other methods to get the word out: word-of-mouth marketing, website and Internet marketing tools, public relations, blog posts, columns and articles, speeches, email, newsletters, and the old-fashioned, but still essential … telephone!

Join the www.mominvented.com community of support. They offer a free newsletter packed with inspiring and useful information to get started. This is also how we announce our new Product Searches.

• For more daily expert updates, follow genConnect on Twitter and Facebook.
• To stay on top of Tamara Monosoff’s latest posts, as well as the contributions from other experts on the site: Sign Up for genConnect.