10 Steps to Open for Business

Step 3: Create a Business Plan

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Writing your Business Plan

Your business plan should be concise and neatly formatted. We suggest a Microsoft Word document for the bulk of the business plan, with financial documents as attached or embedded spreadsheets created in Microsoft Excel. Avoid fancy graphics, flowery language or photos. The easier you make it to read for a potential investor or partner, the better.

If you are the type of person who works better with templates and wizards, there are many business planning software packages available that cost around $100, as well as a few free online business plan templates.

The advantage to using business planning software is that it offers a step-by-step approach to the process (similar to a “wizard”), and can include sample business plans for specific types of businesses (e.g. restaurants, manufacturing, service) to help you outline some of the unique requirements or expenses associated with that particular business. It also formats your business plan for you.

A drawback to using business planning software is that it might not provide you the flexibility to convey some of the uniqueness and creativity of your new business, since it's written through the software system.

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Comments

I just thought I would touch on some software that I just purchased to formalize my business plan in the hopes that others might find the information helpful.  :) I just purchased Business Plan Pro Premier from Palo Alto Software.  It should be arriving in the next couple of days!  I chose this package because it is the one my husband`s chiropractic school has it`s students work through (and since sooner or later we`re going to need to get a business plan written up for him,...

MeLissa, You are waaay ahead of me on that one. I`ve been in business for almost 2 years now and I never created a business plan. I still plan to, but I just haven`t had the time. Lame excuse, I know! I think I`m holding back because I have no idea how to do projections. To me, anything could happen and I have a hard time understanding how anyone can project things in a precise manner. Does this freak anyone else out?

You know, Chris, that is a bit scary to me, too.  Thankfully, as a CPA it was drilled into me that projections (or forecasts) are just like the weather forecast - they`re rarely right.  The idea is to simply give yourself something to shoot for... I can tell you, though, that I have groused more than a little bit to my husband about how it seems like such a waste of time to prepare something of this sort (I complained similarly when I was doing it for other people, too!) whe...

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