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How can you create a good business plan?

On Behalf of | Jan 11, 2016 | Business Formation & Planning

The process of getting a new business off the ground in Florida can be very exciting. At the same time, the sheer number of things to make sure are taken care of can be overwhelming, especially if you have never started a company before. Drafting a business plan is one of those activities. Following are some tips on how to create a good plan for your new business.

Entrepreneur explains that a good business plan should be led by facts, not the hopes for a successful business. You should avoid making claims qualified with adjectives like “amazing” or “innovative.” Focus on the points that can be backed up by hard data. When indicating financial projections and expenses, a conservative approach is recommended. It is always better to have your final numbers look better than what you predicted than the other way around.

A strong part of a solid business plan is an overview of the competition. Again, this should be factual. One part of that includes identifying your competitors’ strengths and weaknesses in the market and relative to your business and offering. Honesty here matters because it is likely that someone else will have strengths from which you can learn. Finally, always include details of how investors will be paid and what role they may play in the operation of the business. Lack of clarity here can lead to a host of problems down the road.

This information is not intended to provide legal advice but general information about developing a business plan when starting a new venture in Florida.