Much of the writing about setting up a business is based on the idea that it is a progessive and predictable process. There are specific stages that you go through, and you can create strategies and plans to eliminate any future uncertainty or change.
In reality, starting a business is not a linear process. Change is sudden and unpredictable. Plans need constant revision and a different mindset is required. In this world:
Success cannot be guaranteed, but this could allow you to maintain the energy and resources to adapt quickly to changing circumstances
A new way to raise funds using your existing networks to leverage the crowd. There is generally a limited time frame, and a minimum amount to be specified.
A business plan can help you clarify your ideas as well as set your goals and objectives for the business. It may also be important for securing funding. Your plan should call on the market research you have undertaken and create a coherent sense of direction. At the same time, it needs to be flexible so that it can grow and develop with your business.
The biggest mistake people make when writing a business plan is to make it too long. According to the Entrepreneur's Book of Checklists, good business plans are:
You don't have to be rich to start your own business. It would certainly help, but people do start businesses with little or no money of their own. However, it is important to know exactly what your financial position is. Look at your monthly budget and assess your personal assets. Start keeping records of everything. Think about applying for your credit report. Now you need to get your head around the key financial tasks involved in setting up a business:
The Startup Donut has some great resources for Financing a Business
A new way to fund your business which allows you to borrow from individuals rather than the bank. Lending rates might be lower, too, as services allow individuals to bid on your loan. You will need a good credit rating to get a decent loan, and this will be checked as part of your application.