How To Make A Great Business Plan

Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.Think of it as a written elevator pitch (with more detail, of course).After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.

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For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.

Determining if an idea fails on paper can help a prospective founder avoid wasting time and money on a business with no realistic hope of success.

Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.

As you develop your Summary you will naturally focus on the issues that contribute most to potential success.

So a solid business plan should be a blueprint for a successful business.

It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.

Instead, see your plan as a no-cost way to explore the viability of your potential business and avoid costly mistakes. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.

So think of it as a snapshot of your business plan.

Some entrepreneurs succeed without a business plan.

With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without ever creating even an informal business plan. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.