1 Before starting a business, be sure to consider developing a Business plan. A business plan is a recognized management tool used to identify business objectives, identify how these objectives will be attained and to determine which funding sources will be utilized. Here are some general guidelines to follow in developing a business plan:
• Choose a business venture and evaluate the feasibility of the business operations.
• Start with an Executive Summary, which is a broad overview of the business plan with an emphasis on the major goals of the business.
• Describe in detail the Business Profile of your company and its long- term objectives.
• Conduct market research and develop a marketing strategy.
• Determine financial needs to start and operate your business. This will include
initial start-up costs, such as licenses and registrations, and everyday expenses,
such as rent and supplies to keep the business operating smoothly.
• Consider supplemental financial sources and investments if needed.
• Identify ownership and manage- ment of the business operations.