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You want to satisfy the financial institution to give you the money. You need to base your forecasts and optimism on market insights that you have carefully collected.
If you already have created your business plan do not procrastinate.
Building a successful, profitable business - one that not only supports you, but makes you want to spring out of bed early every morning to work on - is hard.
The more time you spend planning, the less time you have for doing.
There is a way, though, to bypass some of the hand-wavey trial and error without getting buried in pivot tables.
Conventional wisdom would have you believe that a business plan needs to be 37 pages long, full of executive summaries and bar graphs and five-year projections.
One alternative is to give your idea the once-over, before diving in and assuring yourself that everything will fall into place on its own.
You wouldn’t build a house without a blueprint, and you wouldn’t fly an airplane without a flight map - so why would you take that chance with your business?
Unfortunately, when you’re just starting out, most of the business planning advice out there on the web is worse than useless, because it’s written for businesses a whole lot bigger than yours.
Without that vital knowledge, they can be made again in the next process of your entrepreneurial activities.
I will present some of the most unrecognizable business plan mistakes that you can make when you are performing a planning process for your company.