Business Plan Terms

A joint venture is a formal agreement to share the work--and share the revenue and profit.As a new company, you will likely be an unknown quantity in your market.Many people see writing a business plan as a "necessary evil" required to attract financing or investors.

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So think of it as a snapshot of your business plan.

Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.

Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.

Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.

Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year.

Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.

Does a business plan make startup success inevitable? But great planning often means the difference between success and failure.

Where your entrepreneurial dreams are concerned, you should do everything possible to set the stage for success. That's because many aspiring entrepreneurs see a business plan as simply a tool--filled with strategies and projections and hyperbole--that will convince lenders or investors the business makes sense.

Think of it as a written elevator pitch (with more detail, of course).

Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.