What You Need In A Business Plan

What You Need In A Business Plan-3
Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and

Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.

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You may also think that as long as you’re not looking for a bank loan, line of credit or any type of outside financing, you don’t need a business plan.

It’s true that lenders and investors will want to see a business plan — and if you’re not looking for money from outside sources, you won’t to show a business plan to anyone.

Entrepreneurs should go out and talk to industry experts, potential customers in their target market and other entrepreneurs to determine their business' viability, said Kara Bubb, principal consultant at Kara Bubb Product Consulting. The forethought put into the plan identifies the milestones by which you can mark your progress.

"Talk to some real potential future clients [and experts], and ask for some honest feedback," Bubb told Business News Daily. Who, specifically, are you targeting with your business? Editor's note: If you're looking for information to help you with business plan services, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free.

Being prepared for those headaches – and trying to get ahead of them – can greatly decrease the impact they have on your business.

One important step in preparing for the challenges your startup may face is writing a solid business plan." "If you are unable to answer the question, you either have the wrong target market of the wrong offering," Leboff wrote in a blog post."In this case, more work will need to be done before you start targeting your potential customers." If what you offer isn't the most attractive to the type of client you want, you may need to change your offering or define your target market differently, Leboff added. " Simply writing a business plan will not make your organization successful, but it does give you a road map to get there.These days, most of us put some level of research into everything we do — from deciding where to go to dinner, to buying a new blender.Why should something as important as starting your own business deserve any less thought? Let’s face it: When you’re excited about your great new business idea and can’t wait to get going, the last thing you want to do a sit down and spend weeks or months crafting a business plan.As the world of business has gotten less formal and the pace at which startups come to market has sped up, many entrepreneurs have begun to question whether a business plan is necessary anymore or as outmoded as the typewriter.Having a plan to make a profit is important, but it's far from the only thing that matters when you start a business, experts say. encourage entrepreneurs to focus on what they are going to do," said Alan Williams, co-author of "The 31 Practices" (LID Publishing Inc., 2014)."This overlooks two more important questions: 'why' – why it exists and why employees would want to get out of bed in the morning, and 'how' – the values of the business, what it stands for, how people representing the business will behave." Williams noted that entrepreneurs should take time to identify and articulate their business's core values and purpose, which will serve as your organization's compass for decision making at all levels.The technicalities and standard information that go into a business plan are easy enough to figure out, but there are other, more abstract things to consider before you put pen to paper.Make sure you take the following five steps prior to drafting your business plan.

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