Writing a Business Plan

A written plan for launching and operating your business is essential for success and should be the first step in your new venture. A well-written and prepared business plan should describe the business: its products or services, market, people and financing needs. The plan servers several purposes. For the new business, it helps the owner determine the feasibility and desirability of pursuing the steps necessary to start a business. For the company that is seeking financing, it is an important sales tool for raising capital from outside investors and provides credibility. For an existing company, the written business plan forms the basis of a detail operational plan. This can become an important management tool for monitoring growth and determining future direction of the company. You can view a sample outline that represents a generalized approach. Small Business Development Centers offer expert guidance in developing, evaluating and refining your business plan. These services are offered free of charge. More information about the SBDCs and locations

For additional information on developing a business plan visit the Minnesota Department of Employment and Economic Development

Source: Minnesota Department of Employment and Economic Development

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