Business Plans

These are the basics you must understand before starting a business. First, you need to know what type of business you want to create. This includes identifying the types of products or services you can offer. You also need to decide the mode of entry into the business.

Once you've settled on the type and mode of entry, it is time to research the idea to confirm viability. You then need to formalize and brand your business with a logo. Never forget to patent your idea!

A business plan is a document that defines what needs doing, by when, by whom, and the resources to fund the goals and an outline is a summary of this document. 

The main purpose of a business plan is to create a road map, mission, vision, values, and prioritized plans for action to start or take a business from one level to another, often a higher and advantageous level. It is a tool for focusing necessary actions to achieving goals and can serve as an instrument for soliciting funds.

Strategic planning is a calculated way of making business plans using facts from a strategic thinking process and the plan is the document from this process. Once you have settled on a business idea and you want to implement it, one of the next steps is to have a strategic plan or a business plan for the business.

Most successful businesses work with plans that look several years ahead. That is why you hear about strategic plans, business plans, and budgets.