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Start with a plan.

Updated: Apr 11, 2022

I think one of the best pieces of advice an entrepreneur can receive is to have a business plan. Anyone can have an idea and people there to support you because the idea is innovative. Not only is the idea innovative, the idea is also something people will buy. They've even guaranteed to be your first customer. The careful business owner, however, will make a business plan to prepare for growth.

Business plans don't have to be complicated. The SBA has examples for you to choose from: a lean business plan and a traditional business plan. The templates are adaptable for your needs. Either one is helpful and assists you in thinking about all the aspects that will go into getting a business started and running. The plan won't be something you draft and put away either. It's a document you'll amend and change as your business needs change.

So why should you have a business plan? For a number of reasons, though an important one is for when you go visit your attorney to help with registration with the Secretary of State. If your attorney has an idea of how your business will operate and grow, they can best help you determine which entity structure is best for your needs. The information will also be used in the drafting of your organization's documents. The templates that you get online are just a starting point, not a one size fits all. With your business plan, your attorney can assist you to get your entity's structure and governance in order.

So when you have that great idea and are ready to hit the ground running, take some time, alone or with a mentor or your business partner, to sit and write out how you want to run your business. Your attorney will thank you.

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