How Do I Do A Business Plan

How Do I Do A Business Plan-32
As you develop your Summary you will naturally focus on the issues that contribute most to potential success.

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

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.

Think of it as a written elevator pitch (with more detail, of course).

Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.

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.

If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.that your idea for a business is not just a dream but can be a viable reality.Entrepreneurs are by nature confident, positive, can-do people.After all, some entrepreneurs succeed without writing a business plan.With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.Use your plan to dip your toe in the business water.It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.to show prospective employees since you're still in the startup phase.Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.A joint venture is a formal agreement to share the work--and share the revenue and profit.As a new company, you will likely be an unknown quantity in your market.

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