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Why You Need a Business Plan and How to Actually Get It Done

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Verified Blogger
Last Edited 02:17:28 PM by News Team

Why Do I Need a Business Plan?

True or false, if you’ve been successfully selling on eBay for ten years without a business plan, you probably don’t need one.

 

Well…that depends on how you define “successfully.” If you’re making ends meet and that’s your goal, the answer is “true.”

 

But, even if you’re happy with the status quo, what if we told you that you’re twice as likely to grow your business with a formal business plan in place?

 

Think about it. If you haven’t done the research on where you stand in the marketplace, crunched your numbers, and committed the ideas swirling around in your head to paper, you’re less equipped to set goals for growth. And, according to motivational speaker, Mark Victor Hansen, “you’ll fail at 100% of the goals you don’t set.”

 

It’s like this: Your business is akin to a ship at sea. You wouldn’t embark on a voyage without first charting a course, right?

 

Plus, when it comes to selling on eBay, your plan can affect every aspect of your business. Here are just a few examples:

 

  • Buying New Inventory: How do you know if it makes sense to carry a new item if you haven’t done a market analysis on your target audience?
     
  • Hiring Employees: How can you expect an employee to carry out your mission if you can’t succinctly convey it to them in the first place?
     
  • Expanding to a New Warehouse: How do you know if it’s financially feasible to upgrade your space if you haven’t fully baked your financials?

 

OK, enough about the “why.” Hopefully we had you at doubling the chance of growing your business. Let’s move on to the “how.”

 

How Do I Create a Business Plan?

There are numerous ways that you can approach creating a business plan. However, if you’re only selling on eBay, you can opt out of trying to impress banks and venture capitalists with detailed charts and whiz-bang graphics. You have license to keep it simple.

 

Here are a couple of options that guide you through the entire process:

 

Cautionary tip: Sometimes template services add unnecessary steps and result in a more complex and time-intensive plan than you want or need. So, if time is your major roadblock when it comes to completing a business plan, consider slicing your plan up into manageable chunks with the following:

 

Take the Seven-Week Business Plan Challenge

We recently asked our eBay for Business Facebook fans whether they had a business plan or were just “wingin’ it.” Unfortunately, most fell into the “wingin’” category. As a result, we put together a plan to help them (and you) get through it.

 

Here’s how it works:

  1. Email us at eBayforBusiness@eBay.com and declare “I accept the Seven-Week Business Plan Challenge!”
  2. Pick one day per week for the next seven weeks to work on each section. You’ll need one to two hours
  3. Mark you calendar as a reminder
  4. Bookmark and re-visit this blog every week for a link to each section of your plan, including detailed instructions provided by The SBA:

 

Make sense? You’ll also see a lot of talk about this on the eBay for Business Facebook and Twitter pages. We’re here to help you stay on track. Don’t worry if you start the challenge later than everyone else. Just make sure that you hold yourself accountable for completing the seven weeks.

 

This is going to change your business for good.

 

Good luck!

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