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A businessplan is essential to your company’s success. After all, seven out of ten businesses fail within five years. We know you’re starting a new business or moving to expand and want to stay focused on the positive and the last thing you want to talk about is failure. What is a businessplan?
They wrote a businessplan, circulated the document to a bank, and worked tirelessly to scale their company and drive profits for themselves and their investors. Entrepreneurs have different motivations for starting a business just as consumers have different motivations to buy. But in 2018, we’re a startup nation.
The United States Small Business Administration reported over 70% of U.S. businesses in 2013 were owned and operated by sole proprietors or sole traders. Many entrepreneurs love sole proprietorships because of the ownership they have over business decisions and revenue and how easy and cost-effective they are to set up.
Any successful and well-structured business proposal or businessplan should include an executive summary. Once this is in place, you can add the elements above to go above and beyond, and hopefully land that next business deal. See also: How to write a businessplan. What is an executive summary?
Stage 2: Planning Just as architects need building plans to construct a new building, entrepreneurs need businessplans to create successful businesses. Developing a businessplan helps you estimate costs, identify risks, and set up risk mitigation measures. You desire to expand faster.
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