Create A Business Plan Step By Step

As you develop your Summary you will naturally focus on the issues that contribute most to potential success.

If your concept is too fuzzy, too broad, or too complicated, go back and start again.

Work hard to set the stage for the rest of the plan.

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.

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.

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