| People who are thinking of starting a business should | | | | 5. A business plan does not need to be lengthy in |
| also think about developing a business plan. It is like a | | | | order to have depth, although it has to discuss what |
| mental exercise but one which is based in reality. It can | | | | the business is about and how it will make money. |
| help in make it clear to you if the business you are | | | | When writing down a plan for business, first look for |
| planning would be successful or not, or if the product | | | | an outline or template which allows you to make a plan |
| or service you are thinking of offering would have high | | | | in the format preferred by many investors. Writing a |
| demand in the market. | | | | plan is not an intuitive task so an outline or a template |
| A business plan basically should include two main | | | | is a nice place to get started. Many beginning business |
| points: | | | | people use specialized business plan software which |
| A brief introduction of yourself (including your | | | | has sample business plans in various industries. Some |
| personal and professional background) and your idea | | | | of which may be similar to your proposed business. |
| (including its origins or how it came about); and | | | | Other entrepreneurs even hire people to write |
| An overview describing the proposed business | | | | business plans for them. |
| including the location and the costs that would be | | | | This is understandable because business plans are |
| involved in the setup. | | | | difficult to write down and most potential lenders want |
| Think about these when developing a plan for bus: | | | | a particular structure for such documents. However, |
| 1. Write down your proposal, what you want to do, and | | | | hiring other people to write a business plan ignores the |
| the reasons behind it. This would help in clarifying your | | | | fact that your business idea is different from the |
| ideas and in outlining the rest of the plan. | | | | others, and you would have a different company |
| 2. Write down your plans for the proposed business | | | | description, products, strategy, and or even financial |
| and what new idea you can offer to people. These | | | | information. |
| can form as the basis for your business main | | | | If you are really planning to start a business, get advice |
| structure. | | | | from organizations meant to assist entrepreneur, such |
| 3. Do some basic market research (in real settings and | | | | as a local Small Business Development Center |
| on the Internet) and use the information you gathered | | | | (SBDC). |
| in your plan. Even for beginning business owners who | | | | Beginning business owners should keep in mind that |
| are not looking for additional funding, market research | | | | their business plan can be altered if necessary. This |
| can help in knowing what to sell and at what prices to | | | | document should reflect developments in a business, |
| offer them. | | | | and with a business that is just starting, a business plan |
| 4. Even if you are not seeking additional financing, | | | | should not be seen as something set in stone. When |
| include your financial information like profit and loss | | | | developing a business plan, the document should be |
| forecasts, financial forecasts, or cash flow projections, | | | | seen more as a guide than a set rule. |
| in the business. | | | | |