A Solid Business Plan is Critical
Startup Journal: “I started my business in November and have been keeping you posted on my progress since. Now I want to take a step back and write about the business plan I used to justify the venture. Believe it or not, most of the questions I receive about my business are about my business plan. I spent a lot of time researching and writing it, with good reason. Done right, this document shows the risk you’ll take and if you’re likely to succeed. It truly is the difference between a business that makes it and one that doesn’t. In recent years, I’ve written a half-dozen plans based on ideas I’ve had for various businesses. Most of these ideas were small, and often, just writing the plans — not starting the actual businesses — excited me. I didn’t proceed with those ventures because either the market or cash flow wouldn’t support them. However, the only way for me to know this was by writing the plans. Completing the initial plan for my current company — a game-and-hobby store — was time-consuming. I spent about 40 hours over a three-week period researching and writing it. It’s a living document, since I revisit it monthly, even after being open for five months.”
via Bplans Blog.
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