Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.As you develop your Summary you will naturally focus on the issues that contribute most to potential success.
Creating a business plan lets you spot opportunities and challenges without risk.
Use your plan to dip your toe in the business water.
Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.
Think of it as a written elevator pitch (with more detail, of course).
Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.
A joint venture is a formal agreement to share the work--and share the revenue and profit.A business plan is a written description of your business's future, a document that tells what you plan to do and how you plan to do it.If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.Maybe you think you don't need a template for writing a business plan.After all, some entrepreneurs succeed without writing a business plan.Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.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.As a new company, you will likely be an unknown quantity in your market.Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.