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Creating A Business Plan Essay

1550 words - 6 pages

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" to help give you a better idea, as well as templates, for creating your plan (171). This way you have an idea as to where to go so that you don't miss anything, but still will be able to present your plan as uniquely as possible because you will be writing it yourself. Just make sure to use the software as a guide, and not as a person whom you are paying to write your very important business plan.There are some basic elements in creating your plan, and most plans on average tend to be about 25-50 pages in length. (172) It is very important to stay within these boundaries to insure that your plan is solid, but not long enough that it won't be read. Often investors and lenders read your business plan before they even meet you (169), so you want to make sure your plan "catches their eye".The first element the executive summary, should be the first to appear in the business plan, but the last to be written. The best way to explain this step is to imagine yourself in an elevator with a potential investor, and you only have two minutes to pitch your entire business plan to him. This section of the plan should be no longer than two pages, and fully outline all relevant points in the business venture; the business model, target market, need for...

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