The Business Plan

It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.There are no rules about what your plan should cover or the level of detail.

It may initially seem like a lot of work; however a well prepared business plan can save you time and money in the long run.There are no rules about what your plan should cover or the level of detail.

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Instead, see your plan as a no-cost way to explore the viability of your potential business and avoid costly mistakes. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.

So think of it as a snapshot of your business plan.

It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.

Many people see writing a business plan as a "necessary evil" required to attract financing or investors.

Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.

So a solid business plan should be a blueprint for a successful business.

Entrepreneurs are by nature confident, positive, can-do people.

After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.

In general, plans need to include information regarding: Business planning is an ongoing activity.

Review plans regularly and update whenever your circumstances change.