Once you have an idea and a passion, starting a business can feel like a whirlwind. While it might feel like you have to dive in head-first right away, taking a step back to plan and organize can set you up for long term growth.
Before you begin your business journey, here are a few tasks and helpful reminders to check off your list.
Create a business plan. You may think business plans are only for large organizations, but every startup needs to have one. The Small Business Administration has a guide to help you write one yourself. Business plans are meant to serve you, the entrepreneur, so there is no wrong way to write yours.
Most business plans include an executive summary, company description, market research, organization, service or product summary, marketing and sales strategy, funding requests and financial projections. You want to outline what you’re offering, where there’s a need for it, how you’re going to show people that you can fill the need and how you’re going to financially support the venture.
Taking time to think through these points can help you set your long and short-term goals and create a more compelling case for financial backers when it’s time to seek out capital.
Don’t overlook this essential first step. Set yourself up for success with a detailed plan that can get you organized and moving forward.
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