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If you are thinking of starting your own business and you tell anyone about it, the first piece of advice is usually “write a business plan.” At this point, you run out and buy a book on writing a business plan or get a piece of planning software and start writing. It will be the key document that sets out exactly how your business is run. It covers all major aspects of your business, including your financial plan, operations plan, marketing plan, and more. In general, count on 6 months to a year from the time you start writing the plan until the time the money is in the bank.
And you don’t have to start with the full, detailed business plan that I’m going to describe here. You may want to consider the following key questions to help determine if you are ready to start writing your business plan. …