Develop A Business Plan

Develop A Business Plan-41
Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year.Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.

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After all, some entrepreneurs succeed without writing a business plan.

With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.

So think of it as a snapshot of your business plan.

Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.

Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.

Work hard to set the stage for the rest of the plan.Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.Creating a business plan lets you spot opportunities and challenges without risk.For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.Determining if an idea fails on paper can help a prospective founder avoid wasting time and money on a business with no realistic hope of success.Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.Think of it as a written elevator pitch (with more detail, of course).Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.

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