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The business plan must be based on a logical statement. It communicates what your business is about, what you do, what is your mission and how the business will grow to be a successful venture. To have a starting point when writing you business plan take account of the following:
What can you actually do?
You think you have an incredible idea that will translate into a multi-million-dollar business empire. You constructed a mental picture of the system, you see it working, you know what you need, how you will provide the services or deliver the products and how you will make millions of dollars thorough and IPO or buyout.
It is essential to know what you need but you have to analyze what you can actually do. Do you have access to good resources? Can you gain access to them? Do you have a good management team? Has the management team achieved great success in the past? Are there really customers interested in your product? Is this a growing market? Are there any barriers to entry that can become a problem or can you set barriers of entry so you can maintain your position in the long term?
Put it all down on paper. What you want to achieve and what you need. After doing this you can see if you are really capable of starting and sustaining the business and achieving success.
What is your inspiration?
You are most definitely still learning how to write a business plan. Find a template or a structure you can use to organize your ideas and information. Make sure it contains all the basic elements for an standard business plan like the Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, Management Team, Financial Plan, Appendix and even more.
The structure should contain headings and subheadings to allow you to fill it correctly and completely.
Find educated people who can assess your business plan and send a copy to them. Choose them wisely. Only the people you trust completely and are unlikely to steal the idea should see the plan. The idea is not as important as your ability to execute it.
Get some opinions from your friends, family, associates or mentors. More often than not, they will come up with new ideas and point out mistakes, which will help you develop a better business plan.
Make a plan and follow it
Writing the business plan is a hefty task and can take long. Set a schedule and follow it exactly. The most ambitious entrepreneurs have finished their business plan in less than two weeks by working only on the business plan for eight hours a day, five days a week.
The important rule is to follow your schedule.
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