Top 10 Business Plan Myths of Solo Entrepreneurs - Don't let these stop you from having a business plan for success!

By Terri Zwierzynski

A recent study of 29,000 business startups noted that 26,000 of them failed. Of those failures, 67% had no written business plan. Think that's a coincidence?

Here's the top 10 myths Solo Entrepreneurs often have about business plans—usually, the reasons why they don't have one. De-bunk the myths, and see how having a business plan for your solo business, can actually be easy and fun--and can jumpstart your success!


1. Myth: I don't need a business plan--it's just me!

Starting a business without a plan is like taking a trip in a foreign country without a map. You might have a lot of fun along the way, and meet a lot of friends, but you are likely to end up at a very different place than you originally set out for—and you might have to phone home for funds for your return ticket.

Solo Entrepreneur Reality: Successful Solo Entrepreneurs know that the exercise of creating a business plan, really helps them think through all the critical aspects of running a business, make better business decisions, and get to profitability sooner.


2. Myth: I have to buy business plan software before I can start.

Business plan software comes in many shapes and sizes, and prices. Many are more geared at small and growing businesses with employees.

Solo Entrepreneur Reality: Business plan software can be helpful—but it’s not required. Software is more likely to help if you have a more traditional type business, like a restaurant or a typical consulting business.


3. Myth: I need to hire a consultant to write my business plan.

Consultants are an expensive way to have your business plan written.

Solo Entrepreneur Reality: Your business IS you—and you need to be intimately involved with the creation of your business plan. A better strategy, if you think you need professional help, is to hire a coach or mentor—someone who can guide you in what you need to do, not do it for you.


4. Myth: The business plan templates I’ve seen have all these complex-sounding sections to them—I guess I need all those?

The only time you need to follow a specific outline is if you are looking for funding.

Solo Entrepreneur Reality: Your business plan needs to answer ten basic questions—that’s it! Don’t make things more complicated than necessary.


5. Myth: My business plan needs to be perfect before I can start my business.

If you wait for everything to be perfectly detailed, you may never start.

Solo Entrepreneur Reality: If you have at least a first draft that answers those ten basic questions, you are ready to launch your business! Make your business plan a living, evolving document. In the startup stages, review and update your plan every 2-3 months. As you grow and stabilize, you can slow down the review cycle to every 6-12 months. All business plans should be reviewed and updated at least once a year.


6. Myth: I have to do everything I say I’m going to do in my business plan, or I’m a failure.

Many Solo Entrepreneurs never start because of this myth—which leaves them feeling that the success of their future business suddenly rides on each stroke of the pen or click of the keyboard!

Solo Entrepreneur Reality: Think of your business plan as a roadmap for a trip. Expect to take some detours for road construction. Be flexible enough to take some exciting, unplanned side trips. And don’t be surprised if instead of visiting Mount Rushmore, you decide to go to Yellowstone, if that turns out to meet your vacation goals better!


7. Myth: A good business plan has a nice cover, is at least 40 pages long, must be typed and double-spaced…

Business plans intended for investors, such as a bank or venture capitalist, must meet certain requirements that such investors expect.

Solo Entrepreneur Reality: As a Solo Entrepreneur, your business plan need only satisfy YOU. It might be scribbled on a napkin, on sticky notes on your wall, or consist of a collage of pictures and captions. It might be all in one document or scattered among several mediums. As long as you know it in your head and heart without having to look at it, and it is easily accessible to you when you have doubts, that’s all that is necessary.


8. Myth: I don’t need a loan—so I don’t need a business plan.

YOU are the investor in your business—and would you invest in the stock of some company without seeing a prospectus?

Solo Entrepreneur Reality: Seeing your plan in black and white (or color, if you prefer!), can give a whole new view on the financial viability of your business. If “doing the numbers” seems overwhelming, remember you don’t need fancy spreadsheets. Just lay out a budget that shows where all the money is coming from (and going), and have an accountant review it for additional perspective.


9. Myth: My business plan is in my head—that’s good enough.

I don’t know about you, but I sometimes can’t remember what I planned yesterday to do tomorrow, if I don’t write it down!

Solo Entrepreneur Reality: There is a real power in writing down your plans. Some schools of thought advocate that the act of writing a plan down triggers our subconscious to start working on how to manifest that plan. And, of course, it’s a lot easier to remember when you have it in front of you. And a lot easier to share and get feedback from your non-mind reading supporters.


10. Myth: Friends and family are the best sources of feedback and advice on my business plan.

If your brother is an accountant and your best friend is a market research expert, then this might be true.

Solo Entrepreneur Reality: As well meaning as our friends and family can often be, they just aren’t the best way to get honest, objective guidance. Instead, seek out folks that have specific knowledge that will help you, are willing to be candid with you, and that have a genuine interest in helping you succeed. A business coach is one resource to consider!


Copyright 2004, Accel Innovation, Inc.



***********Find more articles like this at www.Solo-E.com – Keeping Solo Entrepreneurs Juiced in Business and in Life. Our team of Solo Entrepreneurs are comprised of small business experts who support others in finding business success with the flexibility and freedom to have a life, too. Network with other freelancers, self-employed and Solo Entrepreneurs in our forums, enjoy our articles and newsletter, and find other online training opportunities.***********

Get That Fab Job on a Cruise Ship!

by Julie E. Botteri

Getting a job on a cruise ship is based on a simple equation:

Ships + Passengers = Crew Members

And, with more “homeports” now for cruise ships in America and Canada, there are increasing demands on the cruise lines to select staff from North America. What does this mean for you? Jobs are always available.

As long as the cruise lines are in business, they need staff and crew to serve and entertain the passengers. They need you!

Some simple preparation can help launch your career, so here are 10 steps to breaking into this fab job based on the FabJob Guide To Getting A Job On A Cruise Ship:


1. Learn about cruising.

You aren’t required to know everything about cruising. However, employers are impressed by applicants who go the extra mile to show they have a sincere interest in the cruise industry. Do you know the difference between Port and Starboard? Aft and Forward? What are Tenders? These are everyday terms you will need to become familiar with. Reading travel magazines and books and watching the Travel Channel on television is a great start too.

2. Get your passport.

If you already have it, make sure it is valid for at least the next two years. Cruise lines want you to have a current passport beyond the extent of your first contract. If you don’t have one, now is the time to apply! Passports are a 10-year travel investment (5 years for Canadians), and there is no good reason today not to have one. They are your ticket to the world around you.

3. Take stock of your work experience.

Maybe your background includes jobs or internships in parks and recreation, restaurants, theme parks, attractions, tour guiding, television or radio. Are you good with children? Great with a camera? Even more savvy on a computer? Quality people with experience in practical, hands-on, hospitality, technological, customer-related and people-oriented fields are what cruise lines search for.

4. Bone up on your language skills.

It is to your benefit to speak more than one language, and three or four are even better. A multi-lingual applicant will be in a better position to get work on cruise ships than one who speaks no foreign languages. A good place to start is Spanish, French, Italian, German, or even Portuguese. However, even if you speak only English, there are still many opportunities available.

5. Get that resume together!

Your resume is a direct reflection of who you are and what type of person your training has created, and demonstrates what drives you to succeed and try new things. Moreover, applying for “any available position” means you are not serious, nor will you be taken seriously. There are LOTS of exciting, specific job positions on cruise ships. You can have one!

6. Make a demo tape.

If your goal is to be seen and heard, a piece of paper cannot do that. Entertainers, dancers, public speakers, lecturers, variety acts, or folks that specialize in audio/visuals, I am talking to YOU! A well-polished, professionally produced 15-minute videotape of your live-action skills is suggested, as well as one that includes audience reaction with laughter and applause.

7. Try it! You might just like it.

Everyone that has worked on cruise ships will tell you, it’s not just a job, it’s a lifestyle. Personality attributes, practical experiences, people skills and a willingness to learn all contribute to success. For nearly all cruise ship jobs, no prior cruise ship experience is necessary! You simply need to have a thirst for adventure, self-motivation and enthusiasm.

8. Be flexible!

You should be willing to travel for at least 6 months or more at a time. Can you believe that? Travel for half a year or more! Although most cruise ship employees are single and young without many attachments, there are also husband and wife teams that work onboard (dance instructors, social hosts and hostesses, etc.).

Flexibility onboard is imperative to your success, too. Onboard and external training programs are offered to further educate you in your position. You can improve your productivity, or make sure your sales skills are cutting edge. The end result means getting promoted or getting a new contract!

9. Be willing to SAVE lots of money!
by Julie E. Botteri

Travel arrangements to the ship are paid for. Accommodations are provided for you. You are fed three times a day or more. There are no expenses. Medical insurance is paid for. You make a monthly salary, up to over $2,000 USD. Can you handle it? How can you NOT save money?

10. Be ready to go tomorrow.

Jobs can pop up at any time. Cruise lines and employment agencies want people that are assertive and available. If your paperwork is in order and you’re open for interviews, your number can be called!

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Julie E. Botteri is a Master Cruise Counselor. Her cruise experience includes managing the water sports and scuba programs for cruise lines including Renaissance Cruises luxury yachts and Princess Cruises. She is author of the FabJob Guide to Getting a Job on a Cruise Ship.


This article is based on the FabJob Guide to Getting a Job on a Cruise Ship. The complete guide gives detailed advice on how you can get hired for a fun and exciting job traveling to exotic destinations such as the Caribbean, Hawaii, Alaska, Mexico, the Bahamas, Europe, the Mediterranean, or Tahiti. Visit www.FabJob.com/cruiseship.asp for information.

FabJob.com publishes books, e-books, and CD-ROMs that can help you break into a "fab" job. Visit www.FabJob.com for information.

AN OPEN LETTER ON AN EXTRAORDINARY JOB - By Ed Teja

It’s a new year, and I’m sitting in my recliner on a private island in The Bahamas writing this letter. It’s a small island, called Lee Stocking, and it is where I live and work. Today there are seven people on the island, but shortly there will be 50.

The Bahamas calls itself: “Not an island nation, but a nation of islands.” There are over 700 islands and ours is six miles from Great Exuma, which is part of a group called of The Family islands. The primary economic engine here is tourism, but I have nothing to do with that.

Lee Stocking Island (LSI) is leased to a non-profit organization—the Perry Institute for Marine Science, based in Jupiter, Florida, which employs me. LSI is home to a major marine research facility, and top marine scientists from around the world come here to do research on fish, lobster, conch, coral, and the marine environment. Ongoing research efforts with NOAA monitor the nature of wind and wave in the region. We offer living (dormitory style) accommodations and kitchen and dining facilities for about 40 people, as well as laboratories, and dive operations. We have housing for on-island staff members, who, often aided by volunteer interns, provide research support, dive support, administration and the other services needed to let the researchers focus on their work.

My job is title facilities technician. I keep the infrastructure functioning so that people can live and work here. Along with a small staff of Bahamian workers who come to the island four days a week, the job is to maintain generators and electrical grid, operate the watermaker, and take care of the myriad chores that fall into the realms of janitorial, landscaping, refrigeration and air conditioning maintenance and repair, and even sanitation. Then there are the boats, the docks, the buildings, the road, the airstrip, and the vehicles.

Think of this job as a super handyman job, where resources are often limited, at least in the short run, but problems are always urgent. For instance, a salt-water circulation system feeds salt water to tanks, ponds and labs around the island. If the system goes down for any length of time, years of experimentation can be lost. If the watermaker or generator fails, then there is no way to live on the island. So it is a given that most of our systems are more than important—they are critical.

The nine years that my wife and I spent living on a powerboat in Grenada, Carriacou, and Venezuela turns out to be quite useful here, for a small island is not unlike a boat. It is a constant effort to stay on top of things--ensuring the utilities always work and still find the time to keep up on the painting as well. Paint is not just cosmetic in the tropics—it is essential to keeping things functional. Grease and oil are other vital substances. There is a West Indian saying that goes: “Grease and oil or ‘ting will spoil,” and it is just as true here as further south. The pace of deterioration of nearly everything is amazing. So an important part of my job is to see that things get greased liberally.

Because of our location, weather and mission, some aspects of the job are more challenging than simple maintenance. In fact, during the last hurricane season we had moments when we wondered if the research center would still be standing. These factors add difficulty as well as interest to the job. They make it an extraordinary job.

To give you some insight into the nature of a job like this, Kim has asked me write this letter on a regular basis. In addition to a variety of jobs in the US, I’ve lived and worked in Hong Kong, Venezuela, and St. Martin, and I can tell you that some things about this place, this job, are quite different. For some reasons that I’ll be getting into later, this is actually a rather ideal job for a writer, and in the year I’ve been here I’ve managed to do several rewrites of a Venezuelan adventure novel (at my agent’s request) and get well into the writing of my next book as well.

In future letters I’ll talk a bit about the rationale for working for someone else when going expat—as opposed to going it alone. I’ve done both now and while there is no perfect solution, you should understand some of the benefits and gotchas of both approaches, especially in an increasingly protective global economic environment.

If you have questions about this job, or the Perry Institute for Marine Science, or ideas for issues that you’d like to see addressed in this letter, send me an email at eteja@PerryInstitute.org.

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Ed Teja is a writer, musician and sailor who has kindly agreed to periodically send us an "open letter" about some aspect of his or someone else's "extraordinary job".  You may also like The Rum Shop, a short story of Ed's, and you can find his novel, The Legend of Ron Añejo, on amazon.com.  We'll keep you posted on the availability of his upcoming, Under Low Skies. Ed also writes a monthly column for the Caribbean Compass.