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Use your plan to dip your toe in the business water.It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.
that your idea for a business is not just a dream but can be a viable reality.
Entrepreneurs are by nature confident, positive, can-do people.
After all, some entrepreneurs succeed without writing a business plan.
With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.
Many people see writing a business plan as a "necessary evil" required to attract financing or investors.
Instead, see your plan as a no-cost way to explore the viability of your potential business and avoid costly mistakes. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.Work hard to set the stage for the rest of the plan.As you develop your Summary you will naturally focus on the issues that contribute most to potential success.If your concept is too fuzzy, too broad, or too complicated, go back and start again.Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year.Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.Creating a business plan lets you spot opportunities and challenges without risk.