Creating a Business Plan

Essay by paperheartfairytaleCollege, UndergraduateA+, January 2008

download word file, 6 pages 5.0 1 reviews

Downloaded 95 times

Business Plan A business plan is the most important start in starting a business, and continues to be the most important part of the business when it is utilized and updated. Just as you would not begin a road trip without a map, or a sense of direction, you would also not start a business without a business plan.

Basically, a well-designed, written business plan (which it's owners and managers create) is a list of goals, and direction the company is going to take, financial and operational details, as well as it's marketing opportunities and strategy and all of it's managers skills and abilities. (168) Most lenders believe that entrepreneurs, who do not have the discipline to create a solid business plan, also lack the discipline to successfully run a business. (170)It also is your "selling tool" to lenders and investors, kind of like that essay you used to get into college; the one that outlined your long and short-term life goals.

(169) It needs to looks professional and be well written. Reviewing the goals that are in the business plan, and comparing them to actual result on a timely basis helps you to create a better business because you can make managerial adjustments when they are necessary in order to complete your company's goals. (169) Another advantage to creating a business plan is that you see reality. After researching and crunching numbers, you may find that your business venture will not work, or needs much more thought. (170) After all, it is much less expensive to realize mistakes on paper, rather than in reality.

When creating your business plan, it is important to keep in as unique as possible. It may be a good idea to invest in a business planning software program, such as "Business Plan Pro"...