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Writing a Business Plan - the First Step

Written by Jennie

So you're thinking of starting your own business. In that case, you've probably already been advised that writing a business plan is essential to its success, but are you aware that writing a business plan should be your very first step? Writing a business plan before you do anything else can help to ensure that you get the rest of the start-up process right.

Writing a business plan should be the first stage of developing any business idea because it will help you to determine whether or not that idea is viable. Writing a business plan is not just something you should do for other people, it's something which can help you to bring together and assess all your ideas about your prospective business in a clear and realistic way. Due to the formal nature of writing a business plan you can be sure that you won't miss any of the elements you really need to think about.

Writing a business plan should involve bringing together information on your idea, the marketplace, investment, financial planning and marketing. You can make lists of your skills and resources when writing a business plan, making it easier for you to identify any shortcomings and work out what to do about them. You can also showcase your assets.

Writing a business plan is essential to the process of attracting funding and other forms of support. When you demonstrate that you're capable of writing a business plan you take the first step into the world of the independent professional. Writing a business plan may seem like just one task among many during the busy process of starting out, but it really is worth your while to make it the first thing you do.

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