You've decided to write a business plan, and you're ready to get started. You've just greatly increased the chances that your business venture will succeed. But before you start drafting your plan, you need to--you guessed it--plan your draft. One of the most important reasons to plan your plan is that you may be held accountable for the projections and proposals it contains.
Your First Year in Business Is Mostly About Surviving
Few small businesses make much profit their first year - if they make any profit at all. Even with a low start-up cost business, you will eventually need to invest money into your business in order to grow it by expanding products, services, moving into new geographic territories, or hiring others to help you. The old, familiar saying is true: It takes money to make money. Rule of Thumb: Have one year of savings already in the bank to live off before you quit your day job. If you are not planning to personally fund your business, raise capital before you launch the business.
6 Business Milestones to Hit in Your First 5 Years
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. 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. Does a business plan make startup success inevitable?
Having a business plan is a must , whether your goal is to start a one-person freelancing business or a multi-million dollar enterprise. However, if you are looking to start a simple product or service business as a sole proprietor or one-person corporation you don't need a page business plan. A shorter plan will suffice.