Creating a Viable Business Plan

tips creating a business plan

A business plan is an important step to take when starting a business, and essentially describes what your business plans to do and how it plans to do it. A well-written business plan serves not only as a blueprint for your company’s future operations, but is vital in acquiring financing and/or capital.  Below are some tips for preparing a viable business plan.

What Makes a Business Plan Viable?

A business plan accounts for commercial needs and financial realities in relation to your business model. The phrase “viable business plan” refers to the likelihood of success (i.e. profitability) of the business model or idea outlined in the business plan. Before you write your business plan, you should not only define what your business is or will be, but also your goals and objectives. As the old saying goes, plan your draft before you draft your plan. How will your business will look in the next three to five years? How many employees will you have? What will be your annual sales and revenues in a year? Are there plans for local, national, or global expansion? All of these questions should be answered in your plan.

It is also important to have and demonstrate an understanding of your marketplace, including your competitors, customers, geographical boundaries, distribution channels, and relevant market trends. Additionally, to demonstrate the viability of your business is to create a competitive advantage. Think about what aspect of your specific business plan and model is unique and will give you a competitive edge, then describe it in your plan.

It’s All About The Money!

It is also important to define your financing goals. There are three primary considerations when pursuing financing, be it in the form of a loan or investment capital. First, identify how much financing your company intends to pursue. Second, identify who might be interested in providing it. Third, identify the terms you are willing to agree to in exchange for the funds (debt, equity, etc.). Some investors will be silent partners, including banks (as long as payments are made on time), while other investors, including angel investors and venture capitalists will want significant input in the operations of the business.

Seek Help

It is important to obtain legal advice and input while creating a business plan, especially before launching the business. Some examples of when an attorney will be valuable include: you need to establish a new legal/business entity; you have signed a nondisclosure agreement or a noncompetition agreement with a previous employer; your business has employees; your new business venture involves intellectual property; your new business requires the use of contracts; you offer products or services that may be the target of a lawsuit; or your business will regularly engage the services of subcontractors or other people working for you.

Creating a business plan is one of the most important steps a new business must take, and it should necessarily touch on including many legal, tax, and other operating considerations. In order to find an experienced business lawyer to help you with these issues, quickly posting a short summary of your legal needs on, and let the perfect attorney come to you!

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Posted - 10/11/2016