On Day 4 of Two Weeks to Startup from Entrepreneur.com, we look at the importance of business plans. This is a frequent stumbling block for new business owners and prospective entrepreneurs, but it serves many essential functions and should not be overlooked. The fourth installment of the Startup guide includes valuable tips on putting together your business plan and key elements that should be included, such as business concept, market research and capitalization.
In building your business plan, keep in mind that it’s not just a start up document or a means of securing initial funding. It’s a living tool that can and should be referred to throughout the course of your business and serve as a guide for new opportunities or dealing with unexpected business challenges. It’s also subject to change, and often will. As entrepreneurs and business owners get into day to day operations, they often find their plan needs to be modified according to the realities of doing business.
Check out Day 4 of the Two Week to Startup Guide and stay tuned for the next installment soon.