Why should you create a business plan? 1. It encourages you to think deeply about your business objectives and goals. When you create a business plan, you get to think about the short_term and long_term objectives. It also helps to develop a mission statement for your business. This helps you to remain focused as you do your business. 2. It encourages you to think about the possible problems and how to overcome them. In any business you may think about, there are always risks involved. Creating a business plan enables you to anticipate the risks that you may encounter in the process of running your business. It also makes you to think about the various ways of overcoming the problem in case it happens. That's a proven way of looking at things for you to remain in business. 3. You get a clear picture of the whole business project. The process of making a business plan makes it possible for you to focus on the nature of your business in details, to analyze your target market, to develop a marketing and operational plan and to make your financial projections. 4. You get new ideas.
You may find that the easiest part is the actual writing of the plan. The real work comes in the data_gathering, which may take you a hundred hours or more, depending on what you already know or have researched. If your new venture is in an area where you've been working, you may already know about your customers, your suppliers, your marketing plan, your organizational structure, your financial and cash flow needs, equipment, inventory, and so on. If you know all of these except for Marketing, say, then this is where you will need to invest some time and effort. You can find a wealth of information by utilizing the traditional data sources such as chambers of commerce, major cities' websites, trade associations, the US Census Bureau, trade journals, magazine and online articles and advertising, etc. Performing keyword searches on Google, or Ask will bring up websites to check out. Following are some places to start: James J. Hill Reference Library (jjhill.org): One of the nation's premier business libraries to bring you FREE and affordably priced tools and resources you can use to create a better business plan based on relevant and credible data. U.S. Census Bureau (census.gov): A source for a variety of useful statistics, especially the Economic Census that comes out every 5 years. American Demographics (adage.com/americandemographics): Just as the title suggests, numerous free reports about consumer demographics in the U.S. nationally and by statistical area. Internet Public Library _ The Census Data and Demographics (ipl.org)/: An especially useful site that has links to information about countries other than the U.S. Corporate Information (corporateinformation.com): Features information summaries on over 350ꯠ companies in the U.S. and abroad for competitive analysis.