Tips for Writing a Business Plan
Unless you know where you’re going, any road will get you there. One of the most important functions of an entrepreneur is to plan.
Every business begins with an idea; a product to be sold or a service to be performed. Whatever the business, the prospective owner needs a comprehensive plan in order to transform a vision into a workable operation. This plan for the business provides a tool for the entrepreneur to develop an idea or concept. This plan, the business plan, describes the overall operation of the business. It includes, in writing, a description of the business. The business plan includes sections describing the company’s products, services, personnel, competition, location, financial projections and more. A business owner with a well thought out and realistic plan has the best chance for success.
- Keep your plan short and concise.
- Use a market driven approach.
- Exploit your company's uniqueness.
- Emphasize management’s strength.
- Present accurate projections.
- Weave the theme “you will be repaid” into the entire plan.
- Do your homework.