Our Business Plan Expert says all you need is a plan. I m a budding entrepreneur, and over the years, I ve brainstormed about many different business ideas. Unfortunately, there s no magic formula.
Successful companies use every combination, and then some.
Here's my recommendation, but check with your lawyer and accountant before making final decisions. First, create the business plan. A plan structures your idea. It lets you think through your market assumptions, product, distribution, management and financial needs. Even if you never need to raise outside money, now may be your only chance to think through everything from top to bottom and know where and how you re going.