#2 Write a Business Plan – Start A Small Business Series…

A few important questions to ask yourself after you have your idea in place. You will need a well written business plan to address the following subjects
  • What are your end goals?
  • Who will you be selling to?
  • What is the actual purpose of your business?
  • How will you finance this business?

Many businesses rush into things without thinking about a good business plan.  A good business plan not only helps entrepreneurs focus on the specific steps necessary for them to make business ideas succeed, but it also helps them to achieve short-term and long-term objectives.

Communicate Your Ideas With Stakeholders

A business plan is a communication tool that you can use to secure investment capital from financial institutions or lenders. You can also use it to convince people to work for your enterprise, to secure credit from suppliers and to attract potential customers. At the business plan’s core, your plan should identify where you are now, where you want your business to go and how you will get there. Writing a good business plan does not guarantee success, but it can go a long way toward reducing the odds of failure. Besides, even if you are not looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide you.

What is an Exit Plan in a Business Plan?

An exit strategy is often thought of as the way to end a business — which it can be — but in best practice, it’s a plan that moves a business toward long-term goals and allows a smooth transition to a new phase, whether that involves re-imagining business direction or leadership, keeping financially sustainable. Your Exit Plan must set goals, provide accountability and measure results. This is especially important when your goals are to protect and grow value, and minimize taxes.

Incorporate Flexibility

Create an Exit Plan that is flexible enough to react quickly and effectively if the unexpected happens. An exit strategy gives a business owner a way to reduce or liquidate their stake in a business and, if the business is successful, make a substantial profit.

There is No Wrong Way to Write a Business Plan

A business plan helps you figure out where your company is going, how it will overcome difficulties and how it exits. There is no right or wrong way to write a business plan. You can pick a plan format that works best for you. What’s important is that your business plan meets your needs. Most business plans fall into one of two common categories: traditional or lean startup.  Traditional plans tend to require more work upfront. Lean startup business plans are less common, but still use a standard structure. They focus on summarizing only the most important points of the key elements of your plan. They can take as little as one hour to make and are typically just one page.

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