Research and Write Your Business Plan
This is the first step in the How To Start a Business series.
A successful new business always begins with a comprehensive business plan. It provides the foundation for building your new business – from crafting the mission statement, to financial planning, to ensuring your business is in the perfect location.
Do Your Homework
First, familiarize yourself with How to Write a Business Plan. Once you understand what's involved, you should dive into doing Market Research on your business. BizLaunch has curated several free tools that will make doing your research easy. Be sure to schedule an appointment with a BizLaunch advisor to learn more about each tool and how it can help you understand the market for your new business.
Draft Your Plan
Writing a business plan isn't as hard as it might sound. There are numerous free examples available online. Find one that you like, then customize it by plugging in the details relevant to your business model. Here are a few places you can go to find sample plans:
Refine Your Plan
Once you've done your research, plugged that information into your outline and have a draft business plan, it's a good time to solicit feedback. Meet with a mentor or consultant who can review your plan and point out potential risks and opportunities. Advisors can be invaluable at this stage. They bring real world experience and insight to the process, which can often save you from making rookie mistakes.
Both of these services offer mentors and advisors that can help you start your business:
Once you have your plan, you are ready to move on to Step 2: Funding Your Business.