Happy New Year, everyone! Was your New Year’s resolution to improve or start a new business and look for funding? MWBEzone suggests you write a comprehensive business plan and provides you with some pre-writing tips below. Follow these 3 guidelines before beginning your business plan. GrantWriterTeam.com can also help you develop your business plan. Keep in mind that a business plan is a living document. You will want it in a format that you can modify and tweak as your business goals change.
1. Be verbal.
Talk to people about what you want to accomplish. This is important because it helps you articulate your ideas. Try to get it down to 30 seconds. You’ll find yourself refining your ideas and deciding what stays and what goes. Another good thing about talking to people is feedback. Were they excited about the idea? Did they seem genuinely interested? In addition, talking allows you to network! Now is a great time to find like-minded entrepreneurs, advisors, investors, etc. who will be pivotal as you move forward. Uhelpfund, a crowdfunding website that offers great customer service may be just the right place to start a campaign that gives the people you know an opportunity to help you with start-up funds.
2. Take a step back.
Don’t rush! Don’t expect to quit your job, buy a storefront or domain name and bring in business all in one day. Only quit when you’re comfortable and put thought into where you will be located or what your business name will be. Remember to research this and possibly even consult on it. Take one thing at a time.
3. Compile all necessary paperwork.
Make sure your partners and co-founders are all on the same page about how you want to run the business. Get a lawyer and prepare all legal work. Even if you are going into business alone, you want to set up what is called a separate legal business entity. This is a safeguard should there be disagreements between yourself and a customer. And when shopping for a lawyer, we suggest to get a lawyer who specializes in start-ups. This is because they may defer their fees to give you time to launch your business.
Now that you know 3 things to do BEFORE finalizing your business plan, you can work on making your new year’s resolution to start a business come true! And while you approach this undertaking, look for funding at MWBEzone. Not every business starts with a loan.