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Tips for Writing a Strong Business Plan When Starting Your Own Business

Posted on in Business Law

Long Island Sound business law attorney

The importance of a carefully constructed business plan can hardly be overstated. Your business plan is the primary way to organize your business’s goals and objectives and communicate these objectives to others. Starting a business without a strong business plan is like setting off on a road trip without a map. Consider the following tips when writing your business plan.

Identify the Purpose of Your Business Plan

Before you can build a robust business plan, you must first identify what you hope to achieve by writing the plan. Some budding entrepreneurs see a business plan as little more than a formality. In actuality, creating a business plan is often one of the most eye-opening and useful duties that a new business owner fulfills. Consider how you intend to use your business plan. Is your main goal to identify business goals and strategies? Do you want to find the weaknesses and assumptions of your current business model? Do you want to introduce the business to potential investors?  

Include the Essential Elements

The exact elements of your business plan will depend on your unique situation. However, most business plans should include the following elements at a minimum:

An executive summary including your mission statement and information about your business’s purpose

  • A description of your business’s products and services

  • An analysis of the target market and competitors in the area

  • Your business’s legal structure and key individuals involved in the business

  • Sales and marketing strategies

  • Financial projections including when you expect to become profitable

  • An outline of your business’s particular strengths

Take Your Time and Ensure Your Plan is Accurate

A quick internet search for “business plans” will yield hundreds of results for do-it-yourself or “quick” business plan templates. A business plan is not something to be rushed. Savvy investors know when a business plan is based mainly on assumptions or hastily-constructed ideas. More importantly, a business plan that is under-researched or overly optimistic will set you up for disappointments and unexpected problems in the future. About 6.5 million new businesses are launched each year. Sadly, approximately 90 percent of these businesses eventually fail. Making your business a success will take time, dedication, and thorough planning.  

Contact a Fairfield County Business Lawyer

The Stamford business law attorneys at The Law Offices of Peter V. Lathouris, LLC have decades of experience helping new business owners start on the right foot. Our team can provide trustworthy guidance regarding business entity formations, business contracts, commercial financing, and much more. Call 203-359-2047 for a free consultation.

Source:

https://www.inc.com/jeff-haden/how-to-write-perfect-business-plan-a-comprehensive-guide.html

 

https://www.investopedia.com/articles/personal-finance/040915/how-many-startups-fail-and-why.asp

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