How To Make A Great Business Plan

How To Make A Great Business Plan-81
Many people see writing a business plan as a "necessary evil" required to attract financing or investors.

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.to show prospective employees since you're still in the startup phase.

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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.

Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.

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

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.Then work to accomplish your secondary objective by focusing on your readers.Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.Some entrepreneurs succeed without a business plan.With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without ever creating even an informal business plan. 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.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.Does a business plan make startup success inevitable? But great planning often means the difference between success and failure.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.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.

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