Learn more about planning a business launch.
Having a business plan is essential to business success. A new, online tool from the Small Business Administration walks you through the process of creating a customized plan, including market analysis and financial projections.
'Truisms for Starting a Business' details the building blocks of success for any small business, from the qualities of leadership to the specifics of business planning.
'In Sickness and in Health. . .and in Business' gives helpful tips and keen advice for starting and running a business with your spouse, written by a guest columnist who has been in business with her spouse for many years.
Developing a good working relationship with a business attorney can help you avoid pitfalls in starting and running your business.
'Creating a Business Plan that Works' gives practical tips and delves into the benefits of researching and writing a business plan that ultimately plots out your objectives; marketing strategy; operational procedures; and the right combination of expertise, equipment, location and sheer capital that will be required to convert your ideas into reality.
Learn how to research and write one of the more important elements in a business plan: the market analysis.
To be successful in entrepreneurship, you'll need to set economic, personal and retirement goals that are concrete and actionable, in order to guide you in getting your new business off the ground.
Small business ownership isn't just another job -- the responsibilities have advantages and disadvantages, requiring you to perform many different roles using many different skills. Are you ready?
'Setting Up the Home Office' lists the numerous considerations and advantages to setting up a functional and low-cost home office for your small business.
'The Elements of Your Business Plan' covers the act of writing a sound and effective business plan, and the necessary contents and required appearance to make it a success.
To create an effective plan, you have to gather together and organize a lot of specific information relating to your business, your competitors, and the market you hope to reach. There are many potential sources for that information.
When you draft a business plan, you have to make many different types of assumptions. These include the general business environment, business-specific factors, and issues outside your control.
Choosing the right small business to start -- one that will succeed -- requires market research that matches unmet customer needs to your unique skill set and product/service offering. But you must avoid some common mistakes.
Not everyone is equipped to own a small business or handle the impact on one's personal life. You'll need to understand the essential qualities for owners, and assess how your strengths and weaknesses match up.
A business plan provides benefits beyond getting financing, dealing with vendors and suppliers, and familiarizing prospective employees with your business. It also serves as a roadmap for the operation of your business. This helps you chronologically organize business-critical events so you don't get ahead of yourself in business activities that have conditions precedent that must be satisfied.
Understanding the mix of goods and services that your particular business will provide to its customers is vital when planning for the key elements of your business.
Although the end product is worthwhile, preparing to write a business plan is a difficult process. You have to determine who your audience is, set the scope of the document, and organize the information so that your plan stands out.
Starting a new business is an obvious triggering event for creating a business plan. But changes in the business, or business environment, may also make it advisable to create a plan or to revise an existing plan.
Creating a solid business plan takes time and energy. You may be asking: "Why do I need a business plan?" or "Why go to the trouble of documenting a business idea that I know will work?" The answer is that you significantly increase your chance of success if you chart your course with a written business plan.