Entrepreneurs should go out and talk to industry experts, potential customers in their target market and other entrepreneurs to determine their business' viability, said Kara Bubb, principal consultant at Kara Bubb Product Consulting. The forethought put into the plan identifies the milestones by which you can mark your progress.
"Talk to some real potential future clients [and experts], and ask for some honest feedback," Bubb told Business News Daily. Who, specifically, are you targeting with your business? Editor's note: If you're looking for information to help you with business plan services, use the questionnaire below to have our sister site provide you with information from a variety of vendors for free.
These days, most of us put some level of research into everything we do — from deciding where to go to dinner, to buying a new blender.
Why should something as important as starting your own business deserve any less thought?
Being prepared for those headaches – and trying to get ahead of them – can greatly decrease the impact they have on your business.
One important step in preparing for the challenges your startup may face is writing a solid business plan. Let’s face it: When you’re excited about your great new business idea and can’t wait to get going, the last thing you want to do a sit down and spend weeks or months crafting a business plan.As the world of business has gotten less formal and the pace at which startups come to market has sped up, many entrepreneurs have begun to question whether a business plan is necessary anymore or as outmoded as the typewriter.When she's not working, you will find her exploring her current town of Cape May, NJ or binge watching Pretty Little Liars for the 700th time.Maybe you think you don't need a step by step guide to writing a great business plan.The mission is the "why" you're doing what you do."The first sentence of the mission statement should be why you're in business.Williams' co-author, Alison Whybrow, said that this "compass" can be discovered by having an honest, open conversation with your team."One thing that a team might want to do is engage in a formal assessment process – looking at habits, beliefs, values and capability – so that they are working from a clear starting point and have a framework for discussion about working styles, strengths, and individual and collective blind spots," Whybrow said.However, the reasons to write a business plan really have nothing to do with other people. You may think you’re making it easier on yourself and saving time by skipping the business plan.In reality, doing a little homework now and crafting a business plan will make your life much easier and save you tons of time later on.