Without a solid business plan, you might compromise the initial potential of your startup tech company.
Business plans are absolutely essential. Not only do they help you define and create the framework for your startup tech business, they also set goals and a path for your first few years in business. Many entrepreneurs work with mentors and experienced entrepreneurs to hash out a formal business plan, while others forge on ahead on their own. Either way, you’ll need to make sure your business plan is iron-clad, and these seven secrets can help you get there:
1.      Be practical. Don’t outline a vision of your company ten years from now, outline a vision of what you can have immediately. Focus on the most practical aspects of your business and develop those ideas, rather than exceeding your limitations.
2.      Be specific. Specific details really matter. You can talk generally about production, sales, timelines, etc., but unless you specify concrete details, you’ll be doing yourself a disservice.
3.      Be realistic. It’s good to be ambitious, but you also need to rein in your goals a bit. Set one, two, and five year goals that are realistic for your type of business accounting for possible deviations in your plan of action.
4.      Get feedback. Talk to others in the industry, even if it’s only briefly, to get a good feel for what you’re trying to outline. Experienced entrepreneurs should be able to point out potential flaws in your plan or anything that’s missing.
5.      Plan to update. Your business plan shouldn’t be set in stone. While you want to be as detailed as possible, make sure you leave some room for adjustments once you’re off the ground.
6.      Outline possibilities. When you plan for the future of your company, acknowledge that many possibilities are possible. Interest may be lower or higher than what you expected, and you have to be prepared for anything.
7.      Eliminate the fluff. Don’t stuff your business plan full of clichés and unnecessary statements. Keep it concise.
Pay attention to these seven secrets and you’ll end up with a fantastically written, realistic business plan that will support your business for years.
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