If You Don’t Have A Plan, You Are Definitely Planning To Fail

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If You Don’t Have a Plan, You Are

Definitely Planning To Fail

Just as an architect will create a blueprint to make sure that a

building will be structurally sound, a business plan is a

blueprint for your business. It will help you to determine if

your business will be solid from the beginning. If you do not

have a business plan, you are gambling with your business

as there are just too many things to chance.

A business plan contains a description of your business, including operating details, market

research and marketing strategies, financial forecasts and even an evaluation of your biggest

competitors.

Putting together an organized business plan increases your odds of succeeding as an entrepreneur

dramatically.

Some of the things you want to put a lot of thought into when developing a business plan:

First of all, determine if your business has a chance of making a good profit.

Put together an estimate of your start-up costs, and how much money you will need to get

started, and how much you will personally need to invest or finance.

Put together a revenue estimate of your market, who your potential customers would be, and

what percentage of the market you would expect to reach.

Think about potential problems beforehand so that you can solve them before they become a

catastrophe.

Develop an effective marketing strategy.

Do your homework and through an analysis of your competition, put together what your business

would be offering that they do not.

If you need to raise funds and convince investors and lenders to fund your business, you will

need a well written, well researched solid business plan.