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Getting Started with a Business Plan

businessPlanSo you’ve decided to start your own business, congratulations!  Starting a business can be an exciting and highly opportune experience, but there are steps that need to be taken prior to your grand opening.  For starters, you’ll need to develop a business plan which can seem intimidating as you’re essentially putting all of your business ideas to paper and elaborating on details on how your business will launch and expand.

Begin by developing a one page pitch, something describing your business overview like what you’d like to do, who your customers will be, your sources of generating revenue, and what your strategies are for marketing and sales.  This step should only take about thirty minutes and will provide a robust outline for your business plan that you can share with your business partners, allowing them to provide constructive feedback.  With this one page pitch you can easily make adjustments before getting started with a more detailed and elaborate business plan.

Without knowing your target market, you’re ultimately setting yourself up for failure.  Know who your customers are, their interests and likes, ages, etc.  This step will give you an idea of how large your market is and help you identify whether your business provides a viable solution to a problem for your target market.

Some other important things to keep in mind when developing your business plan: researching and knowing your competition and developing a sustainable budget.  Once you’re ready to get off the ground, don’t forget to find a legal professional that can help you with registering your business, drafting contracts, and all the necessary agreements and paperwork so you can avoid future legal headaches as your business grows.

This update is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP.  Our areas of practice are insurance litigation and construction law and also include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, and more.  Call 305-676-7545 to learn more about our business start-up law services.

This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.