Starting a Business
When incorporating a business, entrepreneurs
often run into a few speed bumps, particularly during the startup process. Writing a business plan is an essential step in the process and can help business owners prevent themselves from falling victim to several common mistakes.
One of the biggest mistakes owners are guilty of is putting off writing their plans. Although there are other tasks to complete, such as meeting with a legal expert, choosing the proper structure and many more minor tasks, writing a business plan should not be moved to the back burner.
"The busier you are, the more you need to plan," Tim Berry wrote for the website BPlans.
"If you are always putting out fires, you should build firebreaks or a sprinkler system. You can lose the whole forest for paying too much attention to the individual burning trees," he added.
Berry explains that writing a business plan is not in the same category as writing a doctoral thesis or novel, therefore it should not be approached with such trepidation. He recommends entrepreneurs who feel they are up against a wall and clueless as to what to do seek out guidance from books, and then dive into the process before it is too late.
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