It is the dream of every entrepreneur or business conscious person to launch a business, grow the business, or on the other hand start a nonprofit organization.
The question is which type do you have in mind or where your team can function very well. You may have all working well for you as a mid-level employee of an establishment, but you want to be your own boss, you are tired of being boss around by another person. You want to be the CEO, Chairman of an establishment. Hence, you have concluded and the kind of business that pop-up in your mind is to open a bed and breakfast that catered to company off-site community several hours away from the main site gate. As such, you have done your feasibility study, major research on your goals with respect to your earning. You have already made estimation, perhaps, your schedule, all planned out. But, wait a minute, do you have a business plan for all these articulated strategies? Yes, I know that if you can write a quality business plan that will convince a bank, or an angel investor to lend you money, in the long-run, you’ll realize that as a founder and CEO, you are going to work for, and be subject to the demands and schedules of your customers, employees, vendors, and the weather, (if you don’t establish in business friendly environment) as well. You need high passion and persistence to a successful proprietor along with a product/services that can differentiate you from competitors out there. This is where a well packaged, point by point and successful business plan will come to fix.
Are you already a founder of, for instance, a marketing company, and is going, but due to difficult terrain and conditions, that resulted in cash flow shortfalls, where the traditional clients are now spending less, as they have found alternative for their services, particularly online and offshore marketing platforms. Now, you want or need a strategic push, but you don’t know how and where to start from. You are in the right place. May be what you simply need is a budget and vision/goal to help re-position the business, coupled with a good grasp on your current situation and a feel for the future, then become more comfortable with financial tools, and learn, more about the current marketing trends, with a robust business plan process where you are sure to lead and involve your key staff- that might do some magic through the provision of a firm bridge from today of your marketing outfit to the dream of tomorrow business.
May be here you all are as three people with passion to sing through collaboration on a song to reach out to people, and get paid for your talents. The three or more of you intend to go on every weekend night talent hunt in a night club. Which ever way all of you want to look at it, it is simply a nonprofit, where all of you will receive salaries and benefits, then build equity, which will be funded through grants and donations respectively. There is no doubt about your enormous experience about the types of music that are of interest to those that will engage you all. Now, I ask again, how do you all intend to structure your operation? If you all have already shared positions, and how decisions will be made across the board, or may I say that you don’t have your board of directors, and if not, why not. You may not be aware that you all need a board of directors, and this is why. If you understand the intricacies and legalities of forming and operating a nonprofit, the knowledge of nonprofit’s assets/equity, and that the assets/equity does not belong to the founders, because it is not the only organizational design for entrepreneurs who want to contribute to their communities, as a result of the two branches of customers, one, the people being served and the people providing the funding. After your feasibility study, you have a business plan to accomplish that feat.