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The Essentials of a Business Plan
Again, no matter who your audience is, you should be as thorough as possible when calculating your break-even analysis and profit-and-loss forecast. The last thing you want is to experience the very real misery of starting a business that never had a chance to make a solid profit.
Getting Started on Your Business Plan
Your best bet is to follow a self-help business plan book that shows you how to conduct the financial forecasts described above. Two good bets are Business Plan Pro, by Palo Alto Software, and How to Write a Business Plan, by Mike McKeever (Nolo).
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If you use business plan or accounting software, don't rely on the numbers it spits out unless you fully understand them. To become a truly successful business owner, you should take the time to learn the concepts behind financial projections. FAQs
- I have an idea for a business. What is the first thing I should do?
- What does market research involve?
- How do I develop a business plan?
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