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July 17, 2011

Business Plan tips for Entrepreneurs

A business plan is basically a well planned argument. It lets readers know what you do, who it is done for and how your business will mature into a huge success. When you write your business plan, think about the following things.

What are Your Capabilities?

So you have this wonderful idea for a business that will build a multi-million dollar profit. You understand how everything fits together, what items you will need to make your product, how you will get your product to your customers, and how you will be able to exit via an IPO or buyout.

Click here to download your business plan template <==== Understanding what has to be done is a good thing. Now, you have to be honest and figure out if you can do any of these things. Do you have the proper tools to create your product or service? If not, do you know how to get them? What does your executive team look like? Do they have a history of being successful that would make an impression on a venture capitalist? Does your product have a market? If so, is this market growing? Can you get pass the barriers to entry for your particular niche? Can you then set up new barriers to entry that will stop other competitors? Write down the things that you possess and also the things that you need to get. If you find out that you can really get the things that you need, then you have the ability to become successful. Where is your cheat sheet? No one knows everything about writing a successful business plan. Utilize a template to build a skeleton template to pitch your ideas, info and knowledge. The template should be the basis for everything that is needed to create a wonderful business plan such as the Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Competitive Analysis, Marketing Plan, Operations Plan, Management Team, Financial Plan and Appendix. This type of template should have subheadings in order to fill it out entirely. Get Feedback Pass along a draft of your business plan to others and get their opinion. Make sure that you share it only with those you trust, so that you don't have to worry about anyone stealing it. It is not really about the ideas, but the ability to execute them. Click here to download your business plan template <==== Get feedback from your family, friends and others are helpful. They might be able to point out things that you did not think about, which can help to make your business plan much better. Writing a business plan can be very time consuming. You can finish it quicker by creating a schedule. As a matter of fact, a lot of entrepreneurs have finished their business plans in about a week by putting aside two sections during a day period for eight hours a day. When you finally get a schedule, do not deviate from it. Continue using it.

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