2. Develop your business plan
After you think about the “20 Questions,” you’ll be ready to develop a document that will play a critical role in starting your business—your Business Plan. Read 20 Questions Before Starting a Business from the Small Business Administration.
What’s covered in your business plan? Here’s a quick overview.
You’ll talk about the “big idea” behind your business. You’ll describe your strengths and analyze the competitive marketplace. You’ll provide information on your location, your operation, your management team, and your key employees. You’ll also include important financial information and data.
When you’re finished with your plan, you will have a valuable document that will give investors, lenders, key vendors and potential partners confidence in your ability to manage your business effectively and achieve your goals.
Your plan will also guide your decision-making. So don’t think of your plan as tedious homework. It really plays a strategic role in launching a new business.
Learn more about how to develop your business plan on our Business Plan Basics page.