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Business Plans

Five Tips for Writing a Business Plan

The first thing an entrepreneur encounters when considering starting a business is the business plan. A significant number of people will say the sole purpose of a business plan is to obtain funding. Not so. In my opinion, the most important reason to produce a business plan is to make you a better entrepreneur. The processes you must go through when producing a solid business plan is invaluable to laying a strong foundation to start your business.

Numerous books have been written about how to write a business plan. Below are five things you should keep 'top of mind' when writing your plan.

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Ken Saunders of Search Engine Experts talks about sharing your business plan with other business owners and experts to get feedback. He notes that the business plan is not something to hold close to your vest and not share.

Plans are only intentions unless they immediately degenerate into hard work ...
-- Peter Drucker

Why Business Plans Never Die

It only takes a quick Google search to find numerous templates to create your business plan. Many prospective entrepreneurs have used templates to successfully write their business plan. The key word here is 'help' in writing their business plan. If an entrepreneur uses a template for the single purpose of making it “easy” that would certainly be a misstep in starting a business.

The problem with templates is they are often cookie cutter and do not take into consideration the need to choose the right tone and emphasis for your enterprise. Regardless of your business opportunity you want to create your very own business plan. This is especially true if you are even considering investors for your business. Remember, investors see many business plans each year, even in this economy and an original business plan reflecting your research, ideas and emphasis will serve to set you apart from the ‘crowd’.

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