It's All About "YOUR" Business

When you have an idea for a business, jot it down; surely it will lead somewhere, but not without a business plan. And what is a business plan???

A business plan is a "roadmap" of your business, which will guide your business direction. A business plan can be the difference between business success and failure. Generally, the first five years are what you want to project for your business. Your plan should include the history of your business, summary, owners, location, income statement, cash flow statement, sales forecast and demographics (just to name a few).

Sometimes, business plans are for internal use, only for a guide. However, they are necessary to acquire business loans, angel investors and silent partners. Although, you may have business projections in five-year increments, new start-ups sometimes do projections for one and three years. It is a good "rule of thumb" to have your business plan reviewed annually.