Preparation

Writing a business plan is similar to the preparation a NASCAR team does prior to a big race. After traveling to the race site, the pit crew makes sure all their tools, spare parts, and supplies are on hand, the car is carefully inspected and tuned up and all the safety equipment is tested.  The driver spends time studying competitors and taking practice laps around the track. Every possible preparation is made in order to ensure the best performance when the race begins.

As a young entrepreneur entering the race of business, you will also want to ensure your best performance. Writing a business plan will help you:

• Test your business concept to be sure it works
• Consider important legal questions
• Set up an organizational and operational structure
• Determine what equipment, supplies, and materials you’ll need
• Estimate your start-up costs and ongoing operating expenses
• Size up your competitors and develop marketing strategies
• Plan for the future growth of your company
• Raise capital by getting loans and/or attracting investors

The process of writing a business plan is demanding, but it very often makes the difference between success and failure. Don’t hurry through just to say you finished. Give it your absolute best effort. Otherwise, you will always wonder what might have happened if you had tried a little harder or gone the extra mile. Remember, you have the opportunity to become just as successful as some of the famous entrepreneurs you have read about who also started with nearly nothing.

Click the race car to continue

©2007 Business Professionals of America. All rights reserved
(copyrighted images used persuant to educational use provisions of US Copyright Act)