I've been in this business a long time and never cease to be amazed by the creativity and ideas of women seeking to go into business for themselves. What I am often amazed by is the total disregard for preparation, especially when it comes to needing capital.

Point in case. Recently we took a survey to gauge the needs of women in business. The goal was to accurately assess needs and to work with those serious about gaining funding for their businesses. One of the women contacted me directly. All was going well until I asked the dreaded question 'Do you have a business plan?'. Her response, “Look – I don’t have a business plan, I just want you to help me get money for my business!”. Her defensiveness implied she had obviously been asked that question before. And for some reason, still felt no need to do something about it and as a result, still had no plan. She may not have realized it, but in essence was saying ‘I don’t have anything to show you about why I need your money. I just want it so give it to me!’

Public Service Announcement

If you are serious about going into business for yourself, do yourself a favor. Take the time to develop your business plan or plan to fail.

Your business plan is like collateral. It is an absolute necessity for lenders, investors, as well as for any partners you may wish to bring on board. It is fine to have the plan in your head, but it needs to be on paper if anything is to come of it. If you think you know your business well now, you will definitely know it well after your plan is completed. It will challenge you to delve deeper into the operations of your business, give a new perspective of what your needs truly are, and prepare you to answer the frequently asked question of what sets you apart from anyone else. Always know it is their money you are asking for and you had better have a darn good reason for wanting them to give it to you.

The earlier response also reminds me of an episode of the inventor reality show last year. One of the competitors was a woman selling Chrismas globes and other ornaments. During the first round, the judges loved what they saw and invited her to remain in the competition. Of course she was quite excited. In the next episode, she bragged about how much the judges liked her idea and felt she was a shoo-in so she dressed up a bit more than usual. When she went before the judges a second time, they asked questions about market strategy and why she thought she should win the competition. Her responses – everyone loves Christmas therefore everyone were her customers, and no response to why she should win other than ‘Well you said you liked them‘. Needless to say, the competition for her ended there.

I do not want this to happen to you so please take this seriously. Do not be surprised that you are unprepared. Do something about it. You know your business better than anyone and deserve to decrease the chance of your efforts being hindered. Once all your thoughts are on paper, some sense of order should emerge and hopefully make it easier to determine what fits and what doesn’t.

Good luck and please don’t hesitate to contact us if we can be of help. The fact that you have even thought about going into business for yourself is an indication that you are one step closer to creating the life you want to live. Do not stop before giving yourself a chance to start – and a good one at that.