With less than a month before The Unsolicited Electronic Messages Act comes into force; are you ready for it?

The Unsolicited Electronic Messages Act 2007 comes into force on September 5 2007 and aims to prevent New Zealand becoming a haven for spammers by prohibiting unsolicited commercial electronic messages. 

The Act requires anyone who sends commercial electronic messages to include accurate sender information and a functional unsubscribe facility.  It applies to all emails, texts and instant messages that market or promotes goods, services, and other schemes of a commercial or dishonest nature.

The Act will initially pose challenges for many small businesses who have been accustomed to sending out SPAM via bulk emailing to solicit new business.  Businesses will have less than six months to get their house (particularly their electronic marketing lists) in order to comply with the Act.

2 practical steps you can take in the lead up to 5 September include the following:

• Ensure that your marketing database lists are “clean” and all recipients on it have provided their “consent” to receiving commercial electronic messages in terms of the Act;
•  Have a process for maintaining and updating electronic marketing lists to comply with the Act (including a process for keeping accurate records of all consents, as well as persons who have used the unsubscribe facility).

A positive consent (or an “opt-in”) to receive future emails is required. Including an unsubscribe message.  The consent requirement applies to anyone sending one-off emails as well as bulk mail-outs. 

Parts of this article have been taken from the Beehive government website.  More details on this subject can be found here:

This is a very topical, and long overdue Act, subject and I encourage you to share your comments as tough penalties will be imposed on future spammers.

Ever heard of the saying that “a sale is not a sale until the cash is in your bank account?” 

If we you were paid for your sales the moment that you made them, you would never have a cash flow problem. 

Unfortunately, that does not always happen in many businesses.  Credit is a privilege (not a right) and too many customers seek to abuse this trust and often never pay for the service or product you have supplied.  

However, you can still improve your cash flow by managing your receivables. The basic idea is to take on only those customers and clients who will pay you and then convert the time it takes to collect their cash.  

Follow these techniques to improve the look of your bank account! 

Develop good terms and conditions
Having good terms and conditions is not only good business practice for the big corporate companies.  It’s a very good practice for small business owners to ensure that their clients are aware of when (and how) you expect payment.  Make sure you include late payment and interest clauses in them and state that debt collection costs will be passed onto the client.  I have had many clients who think that they can pass on a debt collection agency’s fees only to find out that they have to absorb these costs themselves because they did not make their clients aware of this. 

Carry out credit checks on potential customers or non-cash paying customers
Many small businesses take whatever business they can acquire and carry out credit checks only after problems arise.  Often, it is too late to carry out a check after issues arise.  It’s probably better for your business in the long run to reject a customer immediately if they have poor credit history, are slow payers or are consistently delinquent.  Slow payers are frequently troublesome clients.  They tend to be ones that fall behind paying you, are typically impossible to please, and will find any reason or excuse to pick faults with your business, draining your resources as they do.

Educate your sales team
Do not allow your sales team to sell to businesses or people who persistently pay late. Calculate how much it costs you in interest; telephone calls; letters and accounts staff time when someone persistently pays you late.  If your sales people are good, instruct them to find customers who respect your business enough to pay you on time.  Poor cash flow management is one of the most common reasons why businesses fail (I discuss this in more detail in my eBook “7 common reasons for business failure…and what you can do to avoid it happening to your business”) and quite often it’s because of bad or slow paying customers. 

Invoice promptly
The sooner that you invoice your client, the sooner that the clock starts ticking for them to pay you.  Issue invoices promptly and follow up immediately if payments are slow in coming. Consider sending invoices daily if it warrants doing so.  Find a way to bill everything on the day it happens.  Many businesses take too long to invoice; how much does that cost you in interest costs and efficiency? 

Enforce your terms and conditions
Make sure your terms and conditions specify when (and how) you expect payment.  Consider a late payment clause and interest costs.  Unless you are a bank, why should you finance other people’s businesses?  

Offer incentives to customers who pay promptly
Consider offering your client’s incentives to pay you early.  Chances are that many of your customers will pay promptly if there is an incentive involved.  However, I’m not a big fan of this personally as it amounts to a discount, which many marketing authors discourage.

Track your receivables
I am constantly amazed at the number of my clients who fail to identify slow-paying customers.  Constantly manage your receivables list and ensure that you address slow payers immediately as the longer you allow a client to pay you, the more likelihood they will not pay you.  I’ve seen too many horror stories of where businesses go out of business because of insolvent or bankrupt debtors. 

Develop a workable debt management policy
Consider the strategies that you will use to collect your money.  This may often combine letters and telephone calls to slow payers as well as sending statements.  However, also consider sending invoices and statements electronically (by facsimile or email) as this should reduce the number of clients who tell you “I did not receive your invoice”.

Review your payment options
Do you only accept cheques?  Consider offering a variety of payment options to your clients and make it as easy as possible to pay you.  Put your banking details on your invoices and statements so they can pay you electronically.  Not only is this often quicker for them to pay you but you’ll have cleared funds quicker and will have less administration (and bank fees) to handle the cheque.

Consider the benefits of offering electronic debit/EFTPOS or credit card facilities, as quite often it is a very convenient and fast way for a client to pay you.  If you do receive cheques, consider how often you will go to the bank to pay them in.  Set a limit so staff will know that when a certain value is reached, they MUST go to the bank. 

The cost of employing full-time administration staff is costing you more than you think.  Added to their salaries, you will have to pay them holiday & sick pay; other government taxes; training costs and they will have regular “down-time”.  And don’t forget the overheads associated with it – a telephone; desk & chair; insurances; software; stationery and many more expenses.  

Consider the following example:  You employ Mary as an Office Administration clerk to prepare your invoices; answer the telephone; type; collect and sort mail and do your banking.  She works (or you pay her for) 37.5 hours per week.  Her salary is $40,000 per year and she is entitled to 20 days annual leave.  She also has 5 days off sick each year (she says she’s “entitled” to them and she’ll use them!) and needs 5 days training at an external training provider.  She’s also  entitled to 11 public holidays per year.  You know that for 25% of her time she is not busy.  On the face of it, you think you are paying her $20.51 per hour. 

However, when you account for her absences and non-productive time, you’re really paying her $32.47 per hour…almost 50% more…and this does not include the overhead costs I mentioned; which may add up to several hundred dollars per year.…

Contrast this to using a virtual assistant (VA).In a conventional office, they are often called “administrative assistants” but to the ‘on-line’ world, they are called “virtual assistants”. They are both the same type of people but with one significant difference: a VA works usually from their own office and uses their own equipment instead of being physically present in your office to carry out the work.  Alternatively, they can come to your office.  As a VA, they are not expensive employees but self-employed professionals.

Generally, a VA will be well educated; hard working; have a proven range of skills; and use a wide range of computer software. This helps them to provide their clients with a tailor made service leaving their clients to focus on other business needs.  Most VA’s will have previously worked as a secretary, personal assistant, clerk, etc and it is likely that they have worked at the highest level in their particular field of work.  They are well trained and keep their skills up to date at their own expense. 

When starting a new business, it is inevitable that small business owners tend to handle all aspects of their business.  At some stage, a business will reach a point where too much time is spent on administration; rather than generating income.  That’s a lot of valuable time spent on an area that may not be your expertise.  By engaging a VA, you free up that time to focus on what you do best!

VAs provide a professional presence in foreign countries for international companies.  If you use a VA abroad, you will have a mailing address and a phone number without the overheads involved in setting up an office.  If you are away (holiday, business trip, etc), it’s possible to have incoming mail forwarded to the VA’s address. 

The case then, is pretty straight forward for many small business owners. 

I outsource ALL of my administration work to Karen and her team at Office Elves (www.theofficeelves.com).  I do not have to employ administration staff; I know that my administration gets done professionally; within budget and on time.  I recommend you consider using a VA; it will save yourself some headaches.         

In my previous article, I discussed why it’s important to have a good team of professional advisors on hand to help your business.  This article follows on that discussion.

Marketing consultant

Many start-up businesses can’t afford the high fees that these consultants charge, but if you do have the cash, good marketing consultants are well worth it. At the very least, try to buy a few hours of a consultant’s time to discuss crucial sales and marketing questions, and develop a viable marketing strategy. You can gradually build up the relationship over time, as your resources grow.Internet and e-commerce experts can help you to market your company on the Internet, which will extend your reach enormously.

Management consultant or business advisor

These consultants can give you valuable advice on organisational structure, staffing, management styles, risk management, project management and business systems. The need for management consultants becomes greater as the company grows and proper structures are needed.

Information technology expert

A good IT professional can save you substantial amounts of time and money by helping you to set up IT environment appropriately and correctly, ensure that everything runs smoothly, and help you to upgrade and improve your IT infrastructure on an ongoing basis.

Selecting advisors

It’s important to find the right advisors, in terms of expertise, approach and personality. You need to be clear about what you need from an advisor, and feel comfortable with the person and his business philosophy.When it comes to the non-certified professionals, like marketing, management and IT consultants, you need to be cautious, because these groups encompass vast numbers of individuals with radically differing skills and competence levels.

They range from superb to downright dangerous or incompetent.For this type of advisor, word-of-mouth referrals are particularly valuable. You can also get names of advisors from professional and business organisations, and Internet listings.

Ensure, before you interview a prospective advisor that you have a list of questions and that your expectations are clear. When considering an advisor, ask for names of current or previous clients whose needs are similar to your own, and find out whether the advisor provided or exceeded the value they expected.

Professional fees

Ask about fees and fee structures in advance. Where appropriate, ask for formal quotes or contracts. Don’t be afraid to query fees that seem to be excessive or unwarranted.Don’t choose the cheapest advisor. Choose the one who will provide the greatest value to your company.

Mentors, coaches and advisory boards

Older or more experienced colleagues are often more than happy to give advice and guidance to small businesses. While friends can be helpful, strangers are more likely to tell you the things you don’t really want to hear.

It’s very useful to set up an informal board of directors to assist with strategy, planning and problem-solving. Don’t waste their time if you aren’t prepared to take their advice, though! Always ensure that the favour is returned in some way, either through friendship, appropriate tokens of appreciation, or simply by acknowledging their contribution and letting them know how it has helped your business.

Why do you need advisors? 

If you’re an entrepreneur, it’s likely that your training is in a specific specialty area. You’re brimming with ideas and very good at what you do.  Your major weaknesses are probably in sales, marketing, management, law, and accounting…in other words, those areas most critical to running a successful business.  The case for advisors is quite straightforward! 

What advisors do you need?

Accountant

Retaining an accountant is essential.  Accountants should do far more than help you keep books and submit tax returns. They can help you start and structure a business, write business plans, find investors, monitor and analyse finances, and more.

Find an accountant whose business and customer base are similar to your own. That person will understand your needs and challenges and will be willing to give you the time and attention you require. If you are in a financially specialised area, find a specialist accountant. Someone familiar with your industry will be able to assess your company’s performance better, and may have useful contacts too.Find an active, forward-thinking accountant and meet regularly. A good accountant will be able to analyse your finances and help you to review your strategies or structures when needed.

Lawyer

Lawyers’ fees can sometimes seem expensive but recovering from mistakes made by going it alone could be disastrous.  Like an accountant, a lawyer can give you some general business advice and will help you structure your business correctly at the outset. Find someone who has a specific interest in businesses like yours and, if necessary, specialist knowledge of your area.

Consult a lawyer when you set up the business, sign leases, draft terms and conditions, issue or receive contracts, enter into disputes, and for copyright or trademark protection.Always speak to your lawyer before you complete a legal transaction, not afterwards!

Insurance broker

Depending on your business, you may need to be insured for multiple items, such as vehicles, property, fixed assets, disability, liability…the list can go on.You’re unlikely to get a fantastic deal on insurance anywhere.  Find an insurance advisor who is trustworthy, competent, up-to-date and rigorous. That way you can rest easy, knowing that you can rely on your policies to pay out, should you ever need to claim?
 
Business Banker

You may be allocated a business banker when you open a business account but if you own a small business, don’t expect to be taken out to dinner, invited to golf days or even informed when your account is given to someone else.In today’s impersonal banking environment, the relationship with the bank manager isn’t what it used to be. Banks have rigorous rules and processes, and decisions tend to be out of your banker’s hands.

However, it’s still worth meeting infrequently to update your banker on your company, its progress and prospects. That way, when you need finance or other services, your banker might try just a little harder to get your application through or make an effort to give you personalised, rather than generic, advice.

In parts 1 and 2, I discussed the first 4 phases of a typical business lifecycle; from its very first days to reaching maturity.

In this article, the last of the series, I’ll discuss typical characteristics of a business that has developed to a stage where its owners are expanding.  I’ll also discuss how to identify a business that has reached its peak and is now declining and the merits of reviewing exit strategies for its owners.  

5. Expansion or transition phase

This life cycle is characterised by a new period of growth into new markets and distribution channels. This stage is often the choice of the small business owner to gain a larger market share to find new revenue and profit channels.  Moving into new markets requires the planning and research of an embryonic or start-up stage business. Focus should be on businesses that complement your existing experience and capabilities.

Moving into unrelated businesses can be disastrous.Add new products or services to existing markets or expand existing business into new markets and customer types.  Funding is likely to be sourced from joint ventures, banks, licensing, new investors and partners.

The business is built. You have watched it grow and mature, now a whole new set of possibilities awaits. Is it time to buy, sell or merge? Are there new growth opportunities? Have you thought about succession planning? What about estate and retirement planning or family wealth management?
 
6. Decline phase

Changes in the economy, society, or market conditions can decrease sales and profits.  This may quickly end many small companies.  Businesses in the decline stage of the life cycle will be challenged with dropping sales, profits, and negative cash flow.

The biggest issue is how long the business can support a negative cash flow. Ask is it time to move on to the final life cycle stage…exit.  You may need to search for new opportunities and business ventures. Cutting costs and finding ways to sustain cash flow are vital for the declining stage.  Funding is now likely to be restricted to your suppliers, customers and owners.

7. Exit phase

This is the big opportunity for your business to cash out on all the effort and years of hard work. Or it can mean shutting down the business.Selling a business requires your realistic valuation. It may have been years of hard work to build the company, but what is its real value in the current market place.

If you decide to close your business, the challenge is to deal with the financial and psychological aspects of a business loss.  Get a proper valuation on your company. Look at your business operations, management and competitive barriers to make the company worth more to the buyer. Set-up legal buy-sell agreements along with a business transition plan.
 
Find a business valuation partner. Consult with your accountant and financial advisors for the best tax strategy to sell or close down the business.

CONCLUSION

Each stage of the business life cycle may not occur in chronological order. Some businesses may quickly move through each life-cycle phase; some may skip some out all together.  Many business owners will choose to avoid expansion and stay in the mature life-cycle stage. 

Whether your business is a glowing success or a dismal failure depends on your ability to adapt to its changing life cycles. What you focus on and overcome today will change in the future. Understanding where your business fits on the life-cycle will help you foresee upcoming challenges and make the best business decisions.

If you are interested in understanding more about why businesses fail and what you can do to avoid it happening to your business, I’ve written a short eBook called “7 common reasons for business failure…and what you can do to avoid it happening to you”.  Further details can be found at:  www.7reasonsforbusinessfailure.com

My previous article looked at the traits of a business that has just begun, may be with just a thought, and how it moves into a start-up phase.  This article looks at the next 2 phases as the business begins to take shape and grow, then reaching maturity.

3. Growth phase

Your business has made it through its infancy and is now a child. Revenues and customers are increasing with many new opportunities and issues.  Profits are strong, but competition is emerging.  The biggest challenge growth companies face is dealing with the constant range of issues bidding for more time and money.

Effective management is required and a possible new business plan. Learn how to train and delegate to overcome this stage of development.  Growth life cycle businesses are focused on running the business in a more formal fashion to deal with increased sales and customers.

Better accounting and management systems will have to be set-up. New employees will have to be hired to deal with the influx of business.  Money may be sourced from banks, profits, partnerships, grants and leasing options.At the Growth phase, you’re making your climb to the top. The market is beginning to know your name and so are your competitors.

Demand for your products and services are increasing, maybe at a faster rate than you can deliver. It’s an exciting, fast-paced time. It’s often easier to focus on new customers and customers than on re-evaluating the systems and procedures you put in place months or years ago. 

Are they still adequate for your current needs and future projections? Do you have the financing in place to match your growth? Has your strategic planning process kept pace? Are your benefits plans designed to attract, motivate and keep good talent? What are your next steps?

4.  Maturity phase

Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable. Business life has become more routine.  It is far too easy to rest on your laurels during this life stage.

You have worked hard and have earned a rest but the marketplace is relentless and competitive.Stay focused on the bigger picture. Issues like the economy, competitors or changing customer tastes can quickly end all you have work for.  A mature cycle company will be focused on improvement and productivity.

To compete in an established market, you will require better business practices along with automation and outsourcing to improve productivity.  Funding is likely to come from profits, banks, investors and government.You’ve made it to the top! Your financial position is strong, your team is experienced and your operations are stable. But staying on top creates a whole new set of challenges.
 
At this point in your business life cycle you may want to investigate mergers and acquisitions, look at more sophisticated financial and compensation planning, minimise risk and liability, or conduct trend analysis to discover new ways to expand and grow your business.
 
This is a time for major decisions.  The decisions you make now will produce the results you need to prepare you for the next leg of your journey expansion and transition.
 
Each stage of the business life cycle may not occur in chronological order. Some businesses may quickly move through each life-cycle phase; some may skip some out all together.  Many business owners will choose to avoid expansion and stay in the mature life-cycle stage. 

Whether your business is a glowing success or a dismal failure depends on your ability to adapt to its changing life cycles. What you focus on and overcome today will change in the future. Understanding where your business fits on the life-cycle will help you foresee upcoming challenges and make the best business decisions.

Introduction

Businesses form, develop, mature, reinvent or die. Different stages of the business life cycle are associated with different risks and expectations and they may need different management styles and strategies to meet the needs of their customers.

Many businesses, that live long enough, typically start with an entrepreneurial seat-of-the-pants management style, and then move onto a stable administrative infrastructure and well-planned and managed development.Do you know where your business is in the business cycle?  Are there indicators that your business is moving from one phase to another; and, if so, what are these indicators? How are you adjusting to the business cycle in terms of your vision, activities, locations and resources?

Over the years, I have observed that there are typically 7 stages in the business life-cycle and I will share these with you over 3 articles.   In the first one, I’ll discuss the embryonic and start-up phases; followed by the growth and maturity stages in the 2^nd article.  In the final one, we’ll look at expansion at exit phases.  I hope that you’ll join me for all 3.  

Think about the life-cycle of your business as a long journey.  Your business’ needs will change significantly at each new stage as it continually experiences and undergoes change. Over time, it will go through various stages of the business life-cycle. 

Learn what upcoming focuses, challenges and financing sources you will need to succeed.A business goes through stages of development similar to the cycle of life for the human race. Parenting strategies that work for your toddler cannot be applied to your teenager. The same goes for your small business. It will be faced with a different cycle throughout its life.

What you focus on today will change and require different approaches to be successful.While most of your basic needs – accounting, assurance, recordkeeping, tax consulting and compliance – will be consistent throughout the life of your business, the requirements and level of sophistication for them will change as your business changes.  Other types of needs:  Recruiting staff, arranging finance and capital, upgrading internet and network technologies and retirement planning – will emerge.
 
I invite you to review each of the business life-cycle phases to learn how you (and when you) need to adapt to meet your needs as your business evolves.

1.  Embryonic phase

The embryonic stage of your business life cycle is when your business is just a thought or an idea. This is the very conception or birth of a new business.  Most businesses at this stage will need to overcome the challenge of market acceptance and probably pursue niche opportunities.  Do not spread money and time resources too thin.
 
At this stage, focus is on matching a business opportunity with your skills, experience and passions. Other focal points include deciding on business ownership structure, finding professional advisors, and business planning.
 
Early in the business life cycle with no proven market or customers, the business may rely on cash from owners, friends and family to fund it. Other potential sources may include suppliers, customers and government grants.

2. Start-up phase

Your business is born and now exists legally.  Products or services are in production and you have your first customers.  If your business is in the start-up life cycle stage, it is likely you have over-estimated money needs and the time to market.The main challenge is not to burn through what little cash you have.

You need to learn what profitable needs your clients have and do a reality check to see if your business is on the right track.  Start-ups require establishing a customer base and market presence along with tracking and conserving cash flow. 

Funding is often sourced from the owner, friends, family, suppliers, customers, or grants.When embarking on a new business or venture, the journey ahead is filled with opportunities and obstacles. The choices you make in the start-up phase of your business can dramatically affect its future. Choosing the right business entity, accounting methods, filing business registrations, acquiring capital, complying with tax regulations and selecting the most appropriate information technology systems are all critical.

My next article in this series will look at the characteristics of businesses that have entered the growth phase, moving into maturity.  Join me in a couple of days.

A sound, well thought through, business plan is the cornerstone of any business…whether is it a start-up, growth or established business…as well as being a significant tool for monitoring the progress and growth of your company.

Most people would not embark on a long journey to somewhere they have never been without finding out how to get there first.  A business plan is effectively this road-map for your business. 

This article outlines 5 key reasons why you should have a business plan.

1.  To establish if your business idea(s) will work

Writing a business plan is a good way to test whether or not your ideas are feasible, and is, in a sense, your safety net.  Writing a business plan can save you a great deal of time and money, if working through it reveals that your business idea is unsustainable or commercially unviable.

Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.

A thorough review of opportunities and threats that may affect the business (competition, the economy, technology, etc) and also its internal strengths and weaknesses (skills, experience, goodwill, etc) will identify the direction and choices that should be taken or avoided.

2.  To give your business the best possible chance of success

Writing a business plan should ensure that you pay attention to both the broad operational and financial objectives of your business and the details, such as budgeting and market planning. Taking time to work through the process of writing a business plan will facilitate a smoother start-up period and fewer unforeseen problems as your business moves through its lifecycle.  A plan will provide an overview of all aspects of the business and you will be able to detail the who, what, where, when, and why of your day-to-day business operations, costs, and projected profitability.

By forecasting where your business will be in six months, one year, or five years, you are not only letting potential investors know your plans, but also setting up realistic milestones for yourself and your employees.

3.  To secure funding/ attract investors

The process of writing a business plan will force you to analyse your business’ financial needs.  You may require both operating and start-up capital to start a new business venture or to finance your growth.  You will significantly reduce the chance of an established financial institution lending you money without a well developed business plan, as it is generally a minimum requirement. 

Established businesses often need money, too, to do things such as buy new equipment or property, or because of market downturns.  Whether you want to approach a bank for a loan or attract financial investors, having a business plan gives you a much better chance of getting the money you need.  An enthusiastic and motivated “sales-pitch” may stimulate some interest, but they’ll need a well-written document they can take away and study before they’ll be prepared to make any financial commitment. 

Be prepared for your business plan to be scrutinised by potential investors – they may want to undertake extensive background checks and competitive analysis to be certain that what’s written in your business plan is indeed the case.

Before investors can decide whether or not to back your business financially, they will need to know as much as possible about how the business will operate and how their investment will be spent.  Your business plan can demonstrate that you have met goals and illustrate the business’ growth and need for additional funding.

4.  To provide a tool to help you manage and monitor your business

A business plan is essential for start-up businesses…but it’s also an important tool for established businesses. Viable businesses are dynamic; they change and grow. The company’s original business plan needs to be revised as new goals are set. Reviewing the business plan can also help you see what goals have been accomplished, what changes need to be made, or what new directions your company’s growth should take.  A business plan should serve as an ongoing business tool that you can use to monitor your progress.

5.  To develop contingency and risk management plans

No matter what business you are in, there will always be exposure to some sort of business risk.  A thorough analysis of the business, via the planning process, may identify areas that should be managed pro-actively rather than waiting for the event to happen.  Examples may include: being over-reliant on one customer, losing key data because your IT systems are not protected properly, etc. 

Knowing that these risks exist will provide an opportunity to address them before it’s too late…prevention is likely to be cheaper than the remedy.

Conclusion
 
Writing a business plan needn’t be a daunting task.  Taking time to prepare your business plan will significantly enhance it.  Before you leap into developing one, ask yourself why are you preparing it: is it to raise finance or to help you manage and guide your business?  The answer will help you focus your attention and clearly define your audience’s needs.

List your goals and compile a list or library of research materials you will use.  Poor out of date and inaccurate research will not win too many favours with your readers.

Start compiling all of your key financial documents (financial statements, budgets, etc).  Make sure that they are realistic as investors or financial institutions will expect you to support your projections with assumptions.

Consider starting with a contents list…this will enable you to divide activities into smaller, more manageable tasks.  When you’re ready, start your business plan, expecting it to change as you become more confident and you better understand your business.  It should be a work in progress document and may take several drafts before you are happy. 

There is many business planning software available on the internet.  One that I have used in the past can be found here

Finally, good luck, and I am sure that you will find that your investment of your time and effort will be well rewarded.