Preparing to Grow Your Business

As you construct your business plan, remember that this is not just a document required by lenders and investors — it is a plan for building your business and turning your dreams into reality. A good business plan requires research, careful thought, and lots of decision making. It also requires a strong vision and well-defined goals for where you want to be in six months, a year, two years, five years, and even 10 years from now.

Businesses go through stages of growth, much like a crop that is planted in a field. First prepare the ground and plant the seeds. After a while, you will start seeing tiny little plants coming up. Now you have to water and care for the crop until it matures. Then you are able to harvest the crop and enjoy your labors.

When entrepreneurs speak of raising money to start a new business, they actually call this money “seed capital.” The first stage of business growth is often referred to as the “seed” or “concept” stage. This is the stage you are in right now. Writing the business plan is part of preparing the ground so you can plant the seeds, which are the ideas and concepts for a business that you have developed in Lessons 1 through 8.