When creating a Business Plan

By | Jun 3, 2008

6 Things to Consider when developing a Business Plan:

1) One is needed. A plan will lead you to think through all aspects of the business and keep you focus on a clear path

2) Use a coach. You don’t need to hire a consultant to help you develop a plan; many retired business owners are available to mentor you.

3) Business Plans are never perfect. It is simply a framework for your business. Changes will naturally occur and those will be needed to be incorporated into the plan.

4) Put it on paper. It doesn’t need to be a 50 page typed formatted document. If it’s in your memory, parts may be forgotten so put it on paper. No one can give you advice by reading your thoughts, but they can by reading a business plan.

5) Use professionals to assist. Unless your friends and family are accountants, lawyers or business managers, it’s best to get professional advice from the professionals. But don’t leave friends and family out. They can be a good avenue to put you on the right path.

6) Create a budget. Part of the business plan must include your budget, with a clear understanding expenditures and income. It will also help if you need to take it to a bank to get a business loan.


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