CREATING YOUR PERSONAL BUSINESS PLAN
CRYSTAL WALLER
As business students, we have all
probably been required to write a business plan at some point. The purpose of a
business plan is to show what you plan to do and how you plan to do it. It is a
written description of your business’s future. You can do the same for your
life in general. Even if you write down something on the back of a piece of scrap
paper describing your strategy, you’ve written a plan.
Business plans are strategic. You begin with your starting point, where you are today, and where you would like to be, whether in the near or far future. In the beginning, you have certain resources and abilities and as time passes you should expect to gain new skills and resources, so be sure to include those. Creating a plan right now can be good for deciding on a path following graduation, planning a vacation for Christmas, getting an A in a class and anything else you want to use it for.
Before writing your plan, you need to determine your objectives. What are you looking to achieve? Determining this is the stepping stone for the rest of the plan. Once you have your objectives, you will be able to create a timeline of when you want to have your project completed. Is this a short-term plan or long-term? Be sure that your plan is achievable. Creating a backup plan is also a good idea as things do not always work out as planned. To map out your ideas, you can actually follow a business plan setup.
Executive Summary: In this section, rather than telling the reader what you want the company to achieve, like you would do in a business plan, you clearly state what you would like to achieve for yourself and address it as personal goals.
Business Description: Here, focus on the present outlook and future possibilities. Provide information on the resources that you already have and resources you may need to reach your goal. Then, decide how you can get these resources.
Competitive Analysis: Basically a SWOT analysis (strengths, weaknesses, opportunities, and threats). What are your strengths and what you need to work on? What opportunities are available for you and what things may derail you from the path? This will help you to stay organized.
The great thing about a business plan, or any plan in general, is that you can add things or take things off as necessary. If you feel that you want to take things in a different direction, you have the freedom to do so. Begin your plan today so that you can be a step closer to reaching your goals.
Business plans are strategic. You begin with your starting point, where you are today, and where you would like to be, whether in the near or far future. In the beginning, you have certain resources and abilities and as time passes you should expect to gain new skills and resources, so be sure to include those. Creating a plan right now can be good for deciding on a path following graduation, planning a vacation for Christmas, getting an A in a class and anything else you want to use it for.
Before writing your plan, you need to determine your objectives. What are you looking to achieve? Determining this is the stepping stone for the rest of the plan. Once you have your objectives, you will be able to create a timeline of when you want to have your project completed. Is this a short-term plan or long-term? Be sure that your plan is achievable. Creating a backup plan is also a good idea as things do not always work out as planned. To map out your ideas, you can actually follow a business plan setup.
Executive Summary: In this section, rather than telling the reader what you want the company to achieve, like you would do in a business plan, you clearly state what you would like to achieve for yourself and address it as personal goals.
Business Description: Here, focus on the present outlook and future possibilities. Provide information on the resources that you already have and resources you may need to reach your goal. Then, decide how you can get these resources.
Competitive Analysis: Basically a SWOT analysis (strengths, weaknesses, opportunities, and threats). What are your strengths and what you need to work on? What opportunities are available for you and what things may derail you from the path? This will help you to stay organized.
The great thing about a business plan, or any plan in general, is that you can add things or take things off as necessary. If you feel that you want to take things in a different direction, you have the freedom to do so. Begin your plan today so that you can be a step closer to reaching your goals.
