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What should you do before creating a business plan?

It's easy to believe that you should dive right into creating a business plan. On top of this, it's good to get excited about this aspect of launching your company. However, before you get too far ahead of yourself, there are some things you must first do.

  • Determine the overall purpose of your company. You need to know what you are setting out to accomplish, as this will guide every decision you make in the future.
  • Set short- and long-term goals. This goes along with knowing your purpose.
  • Focus on your business model. You can't create a business plan until you know what type of business model will work best for you. You may come to find that you can take more than one approach
  • Know your target market. Who is the perfect target for your product or service?
  • Test your idea. By testing your idea before creating a business plan, you can determine if it's viable. You can also determine if you need to make any changes before you move forward.

These are the types of steps you should take before creating a business plan. When you do these things, it's much easier to tackle the process with a clear mind.

When the time comes to create a business plan, you shouldn't hesitate to take immediate action. While you may not know exactly what you are doing, things will come together as the days go by. A business attorney can provide invaluable advice and guidance during this and other stages in your business setup.

In the end, the only thing that matters is that you have a comprehensive and legally sound business plan in place that can act as your guide.

Source: Business News Daily, "Writing a Business Plan? Do These 5 Things First," accessed Oct. 31, 2017

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