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One of the common things you’ll hear from people when you say you’re going to start a business is that you need to write a business plan. And there is no doubt that planning is a vitally important part of the process when starting out. You need to know where you’re going and how you plan to get there, and that’s exactly what a business plan should spell out. The problem is, many would-be entrepreneurs have never written a business plan, and are overwhelmed at the very thought of it. Sure, you can find “how-to” resources online that will spell out all the sections and what they should contain, but none of the examples are going to match your business and your circumstances exactly, and if you have a unique business model at all, good luck finding a decent resource.
Depending on what you read, you might think you need to come up with 30-50 pages of meticulously thought-out, detailed material, including comprehensive financial projections, market studies, contingency plans, and more. So it’s no surprise that the idea of having to write a formal business plan has kept some budding entrepreneurs from taking the leap into business ownership altogether.
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