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Don't have a business plan? You may want to make one

You probably have a vision in your head of how your small Texas business will unfold. You look forward to making your dreams into reality and begin taking the appropriate steps to make that happen.

Other entrepreneurs may ask you whether you have already created your business plan, and you may wonder why it's even necessary since you are only opening a small business. After all, you aren't starting a corporation or a large operation. Even so, you may want to rethink creating a business plan since it has many uses.

Reasons to have a business plan

A business plan doesn't have to be complicated and lengthy to be effective. It just needs to fulfill the needs of your business. Some of the reasons why you may find a plan useful include the following:

  • Budget and monthly cash flow requirements
  • Solicitation of business partners, investors or lenders
  • Business strategies, background information and employee culture
  • Research regarding your target market, feasibility analyses and potential competition
  • Current and future goals of the company

You may also include other information as necessary that applies to your specific circumstances. You can always refer back to where your thinking was at a particular point in time and update the plan as your vision goes from theory to reality.

Your business plan doesn't have to be complicated

You may be like other small business owners in thinking that your business plan has to be complicated in order to do its job. Fortunately, that isn't the case. Your plan can be as long or short, complex or simple or traditional as you need it to be depending on your needs and requirements. If you would rather go with a simplified plan, consider including the following elements:

  • Company mission, objectives and vision
  • Income projections
  • Anticipated expenses
  • Business strategies
  • Startup capital
  • Action plan

These elements provide you and others with a visual representation of how you believe you can achieve success in your new venture.

Finding support and assistance

It's one thing to have an idea of what direction you want to take to make your venture a success, but putting that idea into words may seem like a daunting task even if you use a simplified business plan. You may find it useful to lean on the experience of someone who routinely helps others not only with business plans but also with other formation issues.

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Waco, TX 76701

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