By Barbara R at August 27 2019 01:05:00
As a matter of fact, did you know that the Small Business Administration says that 50% of small business owners will fail sometime during their first 5 years? There are lots of reasons but one big one is that owners don't have a plan. Another is they have picked a product or service that doesn't have a big enough market to sustain their business and sometime during their future they will run out of customers.
A plan should include but is not limited to the following: 1. A statement of your business purpose 2. A description of your company 3. The goals of your company 4. The structure of the company (sole_proprietorship, partnership or corporation) 5. The product or service that you are selling 6. A market analysis of your product or service 7. Resources spent (time and money) 8. A financial plan to include financial statements 9. Information about the managing principals in the company 10. How you plan to manage and operate the company