Acemakers Wiki: First Step In Starting A Business Is To Write A Business Plan
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First Step In Starting A Business Is To Write A Business Plan

Secrets For Starting A Business > Tips For Starting A Business - Business Plans

The first step in starting a business is to write a business plan. In fact, the business plan should be written and completed before the business is started.

  • "A lot of businesses fail to write a business plan at all until they get in a jam," says Linda Pinson, author of Anatomy of a Business Plan: A Step-by-Step Guide to Building a Business and Securing Your Company's Future. "They need money or a strategic partner: They come across a requirement for [which they need] business planning, and all of a sudden they're panicked."
When writing a thorough business plan, you may discover that the business is not such a good idea. If so, the writing of the business plan may have saved you a lot of money and time.

If you start the business, the business plan serves several important functions:

  • It will be required by potential investors
  • Banks will require it before giving a loan
  • It can be used to communicate with partners, vendors, employees, and even customers
There are four core questions every business plan should answer.

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