by Ken Sethney, Kitsap SCORE
Writing a business plan is one of the important steps an entrepreneur needs to take before launching a new business. There is no shortage of people who feel that writing a business plan is an intimidating task. However, many business owners are likely to agree that their plan played a major role in their ability to launch and grow a profitable business.
A business plan isn’t about the document itself, it’s about the discovery process you use to create it.
Business plans can be tackled in a number of different ways, but all should go after the same result – to clearly demonstrate the viability of your business to generate revenue and turn a profit. Your plan needs to state the business case for the business itself, discuss marketplace, financials, SWOT analysis, and much more. It’s a lot to think about.
Too often owners decide to jump right in rather than take the time to properly plan. The benefits of planning – and the investment in the time it takes to write the plan – are invaluable in the end. Thinking through your start-up costs and revenue projections ahead of time, for example, will help you make the types of decisions that could be the difference between your business losing money or generating a profit.
When you’re ready to start your business plan, create manageable goals and hold yourself accountable for meeting deadlines.
The easiest way to get started is to create a task list with manageable goals and deadlines. Here are some tips to make writing a business plan less intimidating and easier to accomplish.