If the business concept appears to be sound, the next step is to prepare a business plan. Although entrepreneurs tire of hearing about the need for a business plan, it is a key factor in the development of a new business. It is also essential for the existing business to plan its future. The very act of writing a plan for the proposed venture will be the most informative part of the process. It instills a much-needed discipline to the often overly enthusiastic behavior of the eager entrepreneur.
People often try to find someone else to write the business plan.
Unfortunately, much of the benefit of a business plan is lost if someone else writes it. Without exception, entrepreneurs who have written their own business plans report that they were forced to rethink many aspects of their venture. Instead, consider it a road map for going in a desired direction. The entrepreneur will find the business plan necessary, since constantly changing information and experiences are encountered that must be dealt with. Over the next months we will be looking at the development of a business plan.