Viable Business Plan

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Decide early where and when money will come from, set some milestones and metrics, and work to a plan, or be caught short.

Even though the Internet is pervasive and free, you should not assume that a website is all you need for sales and marketing.

If the main reason you want to create a business plan at this point is to see whether or not a proposed business idea can be turned into a viable business, you don't need to go through all the work of producing a full-scale version. It will work for you whether you’re starting a business from scratch or thinking of buying an existing business.

Just answer these five questions to the best of your ability and you’ll know if your business idea is worth pursuing.

Your plan shows how you will get from here to there.

Related: 7 Steps to a Perfectly Written Business Plan You can visit our small business encyclopedia to learn more about business plans or our Form Net area to get the necessary forms to get started.A detailed process, with empowered employees and adequate budget, are mandatory to any viable business model.Don’t assume that only customer-facing employees need to understand sales, and that these people can be hired and trained at the last minute.Video: What Investors Really Think About Your Business Plan.At our Entrepreneur magazine Roundtable, financial pros offer tough talk about the business plans of first-time entrepreneurs: Related: What Investors Really Think About Your Business Plan Video: How Can I Hire Someone to Help Write My Business Plan?Too many founders have learned that passion and free beta products do not imply a sustainable business.Proof of any business model starts with a finished product or solution, sold to a new customer for full price, with high satisfaction for the value received.You've come up with what you think is a great idea for a new business, but is your business idea viable?Common wisdom is that the best way to find out is to work through a business plan, which because of all the research involved, can be a long drawn out process. Maybe you don't need to write a complete business plan.If you jot down a paragraph on the back of an envelope describing your business strategy, you've written a plan, or at least the germ of one. You start here, today, with certain resources and abilities.And you want to get to there, a point in the future (usually three to five years out), at which time your business will have a different set of resources and abilities as well as greater profitability and increased assets.


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