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Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. 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.So a solid business plan should be a blueprint for a successful business.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.
Maybe you think you don't need a template for writing a business plan.
After all, some entrepreneurs succeed without writing a business plan.
Our advice would be to spend serious time on this and use all the resources available to learn about small business basics. Planning, organizational skills, and high energy are prerequisites for success in the bicycle business.
Financial management can be challenging in a low-margin, highly competitive industry, and studies show the most profitable shops today deliver excellence while also controlling costs.
Then work to accomplish your secondary objective by focusing on your readers.
Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.A joint venture is a formal agreement to share the work--and share the revenue and profit.Creating a business plan lets you spot opportunities and challenges without risk.Use your plan to dip your toe in the business water.If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.to show prospective employees since you're still in the startup phase.Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.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).