Developing Your Business Plan

In developing your business plan for your new business, you should consider several things. Andrew Fosdick of Venture Capital located in Memphis, Tennessee, gave a presentation and here are a few tips he had to offer. As you begin to develop your plan, you should answer the following questions: What is unique about your product or service that you offer, or how will you offer it differently? You should also consider if there is a need or demand for what you are offering and if so, is it something profitable? Can the demand be met? Also, when looking at profit, can you determine if the net profit will be satisfactory? Mr. Fosdick addressed several other questions as well as the legal aspects and reporting mechanisms and suggested the entrepreneur must know the financial side. It is good to have some accounting background or at least have some working knowledge. A lot of new startup businesses have failed because of lack of proper planning and management according to Andrew, so plan thoroughly and do the research. Explore resources other entrepreneurs have provided as a source or guide, there are many books to assist you.