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For any company, the business plan serves as a crucial roadmap for success. Business plans are most commonly used to introduce outside parties -- usually investors -- to your business. But even if you're not looking for funding, it is helpful to go through the exercise of writing a business plan, as it requires you to answer some important questions about your business. For example, who are your customers? Who is your competition? What are your goals, and what resources will you need to achieve them?  Whether you're using your business plan as a planning tool or a solicitation of investment, it is important that you have a hand in crafting it. No one else knows your business better than you do. And while experienced legal and business advisors can help you shape the final document, you need to communicate your vision of the business. And if you're not already aware of the nuts-and-bolts financial aspects of your operation, working on a business plan is a great opportunity to get acquainted with them.  The basic elements of your business plan will include a business description, target market, competition, positioning, customers, sales distribution and marketing, and financial statements.

Starting Up
More than one business venture was first hatched as an idea casually discussed among family or friends around the kitchen table. But actually starting a business requires more than inspired scribblings on a paper napkin. Even the most straightforward idea calls for a disciplined approach before putting up your shingle. Starting up your business in a methodical way will not only help you determine exactly how your business will function and succeed, but is also an opportunity to assess your own skills as an independent business owner. Thinking about the nuts and bolts required for your business is an essential part of running your own show.

Starting up a business can be both exciting and terrifying -- but don't be daunted. The very first order of business is just paperwork. Sit down with a knowledgeable friend, a Web resource, or in your public library and review the legal and financial documents you need to file to make your business a legal entity. There are some basic questions to ask yourself: how much money do you need to get your business off the ground? What products and services will you offer? Are there friends or family who have expertise you can tap, like accounting or reviewing health care plans? By taking care of these kind of nitty-gritty steps right away you will have put yourself on the road to making those napkin scribbles something real.

From: Realsmallbusiness.com

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