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“One area in which business plans often fail is in the accuracy of assessing the weaknesses and threats of the plan,” says Boyer.
“The principal purpose will dictate what section or sections are most important to your plan,” he says.
“It should be clearly spelled out in the Executive Summary at the beginning of the plan.” Regardless of your business plan’s purpose, you’ll need to research whether your idea is fiscally feasible.
Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.
In the early days of a business venture when things are still new and exciting it’s easy to become so passionate about your ideas and plans that you fail to see the potential downsides and put adequate safeguards in place.
Determining your goals and objectives will point your business in the right direction.
Goals tell you where you want to take your business and objectives show you how to get there, so in order to determine your objectives, you’ll first need to decide on your goals.
Now that you understand how a business plan can help you succeed, you’re probably wondering where to start, and if you’ve been researching business plan examples, you might be feeling a bit overwhelmed by the sheer amount of information you’ve come across.
As with any big project, it can help to start with a few basics so you’ll have something to build on as you go along.
“Many start-ups with great ideas have crashed under the weight of operating expenses that outstripped funding and revenue.” He suggests using a realistic set of projections and looking at worst case rather than best case scenarios.
In fact, he says, you should expect to have months and possibly even years added to how long you think it will take until your plan is self-funding.