Develop a Business Plan
The first step any person should make prior to starting a business is putting a solid business plan down on paper.
Why You Should Do It
The initial reaction when told to write a business plan is often dismissive. However, there are several important reasons to write the formal document. For one, writing the plan will force you to think through every aspect of your business. Second, if you are seeking financing or require any type of outside capital, a written business plan is going to be one of the first things a potential investor or lender will want to see. Third, the plan will serve as a guide for later evaluation of the business. As time passes, you will be able to better monitor the progression of your business, as the plan will enable you to ensure that things are progressing as you initially intended; missteps will be easier to pinpoint and correct.
What to Include in the Plan: An Outline
The following page is simply a guide of items one might want to consider when writing a business plan. By no means are the items listed completely requisite or satisfactory. What follows should merely serve as a guide to help get writers started. There are many easily accessible resources available that address business planning in extensive detail. The
Small Business Administration, for one, offers a number of sample business plans.