A business plan is a formal statement of your company’s future.
A business plan can be an easy thing to overlook, but not having one could cause problems and cost money in the long run.
Most business owners have a general idea of where they want their business to go, but it is not the same unless you write it down on paper. A typical business plan is for 3-5 years. Business plans for immigration investment visas are a little different and usually require a 5 year plan.
Starting off, most business owners know where they want their business to go, but they need some help with the specifics. Thus, a business law attorney can help you with your business plan along with advising you on various other aspects of opening and maintaining your business.
Next, most business plans detail:
– How the business will start up
– Plans for personnel
– An analysis of your target market
– An analysis of your competition
– Plans for marketing
– Small details you may have not normally factored into your economic plan
– The rate at which your assets will depreciate (meaning when you will have to get more equipment, etc.)
– And more.
Furthermore, a business plan should also reflect your income and spending habits, so you should tweak it every six months. The purpose of the business plan is to force you to plan and predict the future of your company. Lastly, it also forces you to ask yourself hard questions. “In three to five years, where will the company be? What resources will it have? Where will its location be? What will the profits be, if any, and where will they be allocated?
Attorney Francis Boyer is not only a business law attorney, but he also has a Bachelor’s of Science in Business Administration. With offices in Jacksonville, Orlando, and Miami, Florida, Boyer Law Firm can help you with all aspects of your business planning.