Business Plan Profile

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Many people see writing a business plan as a "necessary evil" required to attract financing or investors.

Instead, see your plan as a no-cost way to explore the viability of your potential business and avoid costly mistakes. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.

Most great businesses can be described in several sentences, not several pages.

Then work to accomplish your secondary objective by focusing on your readers.

to show prospective employees since you're still in the startup phase.

Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.

Use your plan to dip your toe in the business water.

It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.

After all, some entrepreneurs succeed without writing a business plan.

With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.

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