Why Prepare A Business Plan

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So think of it as a snapshot of your 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.

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.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.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.Work hard to set the stage for the rest of the plan.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.Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.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.

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