Is it B.P. or B.S.

In my book, entitled "Don't Let Your Dream Business Turn Into a Nightmare", I describe in rather excruciating detail what I went through as an aspiring first-time small business owner with an idea for a dream business but no experience running a small business and no idea how to write a business plan.

At the time - the summer of 2004 - I actually believed that there were people out there who knew how to project the revenues for my "dream business" - which was a spa for men - even though the concept was virtually untried - only a small handful of spas for men existed in the world at the time that I was developing The Men's PowerSpa, and none of them was really very similar to my concept.

Nonetheless, I believed that the accountants, lawyers, business consultants and M.B.A.'s that I hired at various stages in the process could actually prepare an accurate set of pro formas.

And, as it turned out, I staked my business on it because the "financials" in the B.P. created expectations that the business had to live up to.

If you are an aspiring first-time small business owner and you intend to raise money from investors to get your small business off the ground, you will need a Business Plan, or a B.P. Study it very carefully - your business and your life may hinge on its accuracy. If it turns out to be more B.S. than B.P., you will have a nightmare on your hands.

Been there. Done that.