Maybe you think you don't need a step by step guide to writing a great business plan.Maybe you think you don't need a template for writing a business plan.
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.
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.
Let your excitement for your idea and your business shine through.
Blue Mountain Cycle Rentals will offer road and mountain bike rentals in a strategic location directly adjacent to an entrance to the George Washington National Forest.
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.
Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.
Creating a business plan lets you spot opportunities and challenges without risk.