How to Write Your Own Business Plan

Let me start with an analogy. If you buy a new television or DVD player for your home you would expect to get a manual or book of instructions on what the item is, what is it used for and how it is used. Without the instruction manual you would not know how to turn it on, change channels, put the power on etc. The business plan is to the venture what the instruction manual is to the television. A business plan is your plan of action for your business. Without a plan you are taking a very dangerous risk; failing to plan is planning to fail. The foundations of a good business plan are hard facts. You may not know everything about a business but you should be able to find out a great deal about your competitors, product ranges, best selling lines, suppliers and wholesalers, market trends, seasonal trends in sales etc. Then base other figures and projections on the best information available to you at the time.