Stages Of Business Plan

So, should you need the full-blown plan document, take these final steps: That’s it!Remember, business planning is more of a process rather than a single event. If you’d like some help with business planning, check out Live Plan’s business plan consulting—you’ll get an MBA-written business plan in five business days.

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Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it.

In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable.

But, there are plenty of people who do need a formal business plan document.

Lenders and investors often ask for a written business plan.

Business planning is simple and so worthwhile that a straight-forward guide was in order to help you through the basics.

So, instead of a several-thousand word article on the topic, here’s a simple checklist you can follow to kick start your planning process: Now STOP.

A presentation may pique their interest, but they'll need a well-written document they can take away and study before they'll be prepared to make any investment commitment.​​​Be prepared for your business plan to be scrutinized; both venture capitalists and angel investors will want to conduct extensive background checks and competitive analysis to be certain that what's written in your business plan is indeed the case.

Writing a business plan is time-consuming, but it's essential if you want to have a successful business that's going to survive the startup phase.

Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.

Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.

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