Develop a Business Plan.

To convince investors that your business is idea is solid, you will need a completely new product of service or one that is better or less expensive than products that already exist.

A good business plan includes sales projections for the short term, the medium term and the long term.

Banks and other lenders make financing decisions based on how much they think the company can meet its objectives.

Drafting a business plan helps you gain confidence in your business idea.

Lenders require a business plan before they will consider financing a business.

By the time you're done writing your business plan you would have given a loth of thought to the business you want to establish. You will also believe that your business will succeed.

Once your business is up and running, you can use the business plan in your decision making.

This part of your business plan should describe the products or services your company plans to produce and sell. You should explain how these products or services differ from those already on the market.

This section of your businss plan should describe the industry you will operate in. Things you should include are:
•External factors affecting your business, such as high competition.
•Growth potenttial of the industry.
•Economic trends of he industry.
•Technology trends that may affect the industry.
•Forecasts for industry growth.

The location matters because if your buiness is in a bad part of the city, no one will come.

In your business, you should have a section detailing your form of ownership. Provide information relevant to your form of business, such as who your partners are and how many shareholders you have.

The people who manage your business are critical to it's success. The best business plan won't make your business succeed if it is carried out by people who are not capable.

In your business plan, you will also include information on marketing your business. You will explain who your prospective customers are, how large the market is for your product or servive, and how you plan to enter that market.

Information for your business plan can come from many sources. Your public library will have many books on entrepreneurship. For example, there;s books on marketing, financing, hiring and managing a staff.

Much information you can find in print resources is also available on the internet. The "Small Business Administration" (SBA) website contains much of the same information that the SBA provides in print.