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Apr 09, 2018 at 02:48 PM

Small Business Management - 3 Important Plans You'll Need to Start a Small Business

By Alexandra Trujillo
Small Business Management - 3 Important Plans You'll Need to Start a Small Business

For some, the decision to start a business is one that takes years of research and thoughtful consideration. For others, it happens quickly — an idea takes root and you're building the foundation for your new business within days. Whether your process is fast and furious or slow and steady, a number of steps are necessary to start a business. 

Each step in the business startup process is important, but there is one phase you simply cannot skip: the planning phase. You'll have to focus on three essential plans to do it right and give your small business the best chance at survival. These plans are relevant for every type of small business: the business plan, the marketing plan, and the financial plan. Although each is best created as a separate document, all three overlap in some areas and they should work in concert.

Here's a rundown of these three plans and how they will help you make progress in starting your new business. It's best to start with your business plan, then move onto your marketing plan. Leave your financial plan for last because you'll need to know the details about how you'll launch and promote your business before you can estimate the capital you'll need to meet your goals.

1. A Business Plan

Do you break out in a sweat when you hear the phrase "business plan" because all you can think about is how difficult it must be to create a 40-page document that covers every single intricacy of your business idea? Maybe you aren't even convinced that you need a business plan at all.

Well, I have good news and bad news. First, the bad news: You really do need a business plan. There's just no getting around it. But here's the good news: Your business plan doesn't have to be a massively long and boring document that you painstakingly create and then never look at again.


Posted in Managing Your Small Business.

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