Let’s start with a critical element that many small business owners ignore – The Business Plan. You’ve got a great concept and all the details worked out – in your head. Putting the concept to paper will help you recognize the holes in your plan, your strengths and weaknesses, and will focus your business building efforts in the right areas. If you’re looking for outside investors, the Business Plan is even more critical. It demonstrates to investors that you’ve thought through the hard questions. Remember, nothing in the Business Plan is set in stone. Some aspects of the concept may change as you learn more about the competitive landscape or market demographics. The Business Plan will help you make these adjustments in your business concept and bring you closer to launching a successful business. A good Business Plan template can be found in Chapter 7 of the book “How to Start a Business in Washington,” published by Entrepreneur Press.
Author: Michelle Bomberger, Bellevue Business Lawyer