The importance of a well thought out business plan cannot be stressed enough. A previous post about business planning emphasizes how a formal business plan will encourage you to follow through with your ideas and increase your commitment to your concept. But a plan will assist you as you seek out financial support and to self-evaluate.
Lenders and investors will take your business proposal seriously if they can see and read through your plan and evaluate for themselves if your concept has been researched and articulated clearly. An effective business plan will express to potential lenders and investors that your business has a good chance of succeeding.
Your business plan is also designed to help you, the entrepreneur, understand the soundness of your own proposal. As you write your plan you will learn how money flows through your business as well as potential flaws in your concept. If you can correct the flaws in your concept at this early planning stage, you will not have to invest time and resources into a business that has built-in problems.
There are many local organizations, programs and tools available to support you through writing your business plan. But be advised that no one is more qualified than you to write your business plan, after all you will be the first CEO and responsible for shaping the destiny of your business.
If you are looking for examples of business plans, visit the nearest Dallas Public Library Branch computer or log onto the Library’s website with your library card. Click the Database tab from the home page, and click on the Business and Investment Category. Next, click on the Small Business Reference Center (EBSCO) link where you can navigate to the Start-up Kit & Business Plans page there are about 40 examples to choose from!
If you want a hands-on experience with trusted organizations, check out the B.R.A.I.N. Calendar for opportunities with our partners including the BCL’s Bite Size Business Planning series that will be starting at 6pm on April 12th at the Central Dallas Public Library. This four-part series will ground early stage entrepreneurs with business terminology, and equip you with the tools you need to complete your business plan by the end of the series.