Tips to Plan a Small Business by Michael Savage

Nov. 19, 2012 - PRLog -- When looking to start a small business, the appropriate first step is to create a well written business plan. Writing a business plan is not a simple task and there are many small steps to take within the process of writing the plan itself.  The tips below describe where to start in the process of writing a business plan to attract investors, partners, and customers.

1. Cover the basics:  Organizing the business plan into sections before diving into smaller details will make it easier to prioritize research topics and uncover new questions.  The typical categories included in a business plan are the Executive Summary, Company Description, Market Analysis, Organization and Management, Service or Product Line, Marketing and Sales, Funding Request, and Financial Projections.  

2. Strategize: Identify how the business will be formed by researching options including a Limited Liability Company, S Corporation, C Corporation, Sole Proprietorship, etc.  Each business form has different tax and legal implications, so it is important to make sure that the business model, strategy and form are all coherent.

3.  Find Funding: The key to attracting investors is a solid and convincing business plan.  With an informative business plan that covers each of the topics listed in step one, investors should be able to predict profit potential within a short amount of time. When writing a business plan with the hopes of attracting investors, enthusiasm and passion, addition to a solid plan, should be evident.  

Keep in mind while writing a business plan that flexibility is a must. Once a lengthy business plan has been created, it is never set in stone.  The business idea and details of the plan will have to evolve and grow to maturity to be successful and competitive.

About Michael Savage

Michael Savage is associated with 1800Accountant, which offers tax preparation and tax planning services for small businesses around the nation from their location in the Empire State Building in New York City.  Michael Savage is a leader in the tax industry as he assists entrepreneurs to turn their ideas into a reality.  The financial and tax services that Michael Savage has made possible at 1800Accountant allows entrepreneurs to focus on the core operations of their business without the worry of keeping their books.  To learn more, please visit: http://1800accountant.com (http://www.thetaxclub.net/)