This is also the time to check into insurance and to find a good accountant.
While incorporating can be expensive, it’s well worth the money.
This is a good time to take a look at potential competitors.
And remember, the presence of competitors is oftentimes a good sign!
But, there are plenty of people who do need a formal business plan document.
Lenders and investors often ask for a written business plan.So, should you need the full-blown plan document, take these final steps: That’s it!Remember, business planning is more of a process rather than a single event. If you’d like some help with business planning, check out Live Plan’s business plan consulting—you’ll get an MBA-written business plan in five business days.But, even if you are going to finance the venture yourself, a business plan will help you figure out how much money you will need to get started, what it will take to make your business profitable, what needs to get done when, and where you are headed.Rather than thinking of a business plan as a hefty document that you’ll only use once (perhaps to obtain a loan from a bank), think of it as tool to manage how your business grows and achieves its goals.There are a number of ways you can do this, including performing general Google searches, speaking to people already working in your target industry, reading books by people from your industry, researching key people, reading relevant news sites and industry magazines and taking a class or two (if this is possible).If you like, you can even take things a step further and consider the consumer needs currently not being met by businesses in the industry.This type of plan is not intended for banks and outside investors.You will use it either to plan your company’s growth or expansion or to set company-wide priorities.It means that the market for your product or service already exists, so you know that you have potential customers who are willing to spend money on your product or service., about what they provide to their customers, how they attract attention, and whether or not their customers are happy.If you can figure out what’s missing before you even get started, your job will be made that much easier when you do finally set up shop.