Learn2 Write a Business Plan - Step 2

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                          Learn2 Write a Business Plan
      
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                          (Continued) 
      
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                                    Prepare to research
      
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                          and write 
      
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                          Before you can start writing any of the plan's
      
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                          sections, you'll need to start gathering evidence.
      
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                          Since every claim your plan makes should be
      
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                          backed up, the research process will take time.
      
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                          You'll find many answers through trade
      
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                          associations, magazines, newsletters, and annual
      
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                          reports. Subjects that require active research
      
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                          include: 
      
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                               Your company's past financial records
      
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                               (if you're already in business). 
      
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                               Industry statistics. Find out the size of
      
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                               the overall market and what trends are
      
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                               currently affecting it. 
      
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                               Statistics about competitors. Compare
      
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                               your numbers with firms of similar size in
      
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                               the same industry. 
      
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                               Market research. Find out about who's
      
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                               buying products like yours, and what
      
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                               trends might be currently changing their
      
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                               buying patterns. This information is
      
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                               available in trade magazines and
      
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                               newsletters or through a professional
      
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                               marketing consultant. 
      
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                               Potential investors. Find out who
      
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                               finances ventures like yours and the details
      
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                               of deals similar to the one you're
      
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                               proposing. Industry trade associations are
      
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                               a good place to start, as are personal
      
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                               contacts. 
      
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                          After you've done your research, it will be time
      
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                          to fill in the outline with pertinent facts and
      
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                          crystal-clear prose. You definitely want to
      
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                          capture your enthusiasm for the project, but your
      
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                          audience is trained to see through hype and
      
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                          sales-speak. Strive instead for clarity, simplicity,
      
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                          and thoroughness. Here are some guidelines: 
      
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                               Don't exaggerate. 
      
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                               Make your sentences short, sweet, and
      
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                               Guide the reader with bulleted lists,
      
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                               numbered sections, and clearly named
      
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                               subject headings and subheadings. 
      
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                               Don't clutter the text with small details that
      
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                               will slow the reading process. Relegate
      
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                               them to an appendix. 
      
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                               Provide a table of contents so readers can
      
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                               skip to relevant sections. 
      
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                               Keep the plan to about 20 to 30
      
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                               single-spaced pages, minus the
      
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                               appendices. 
      
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                          Consider outside help 
      
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                          You should complete as much of the plan as
      
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                          possible yourself. This way, you'll be able to
      
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                          answer questions when investors grill you.
      
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                          Further, a full-service consultant may charge
      
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                          anywhere between $10,000 and $20,000
      
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                          (U.S.)--a lot of money if you're just getting on
      
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                          your feet. If you can afford the service, consult a
      
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                          local Better Business Bureau for
      
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                          recommendations, and make sure you ask plenty
      
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                          of questions before you write any checks. 
      
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                          No matter how confident you are, however, you
      
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                          should seek help at some point along the way.
      
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                          Professional input can both improve your
      
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                          chances of success and help avoid potential legal
      
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                          trouble down the line. At the very least, get
      
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                          several trusted, experienced businesspeople to
      
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                          give your plan a serious look. Also consider
      
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                          hiring an accountant to help you prepare the
      
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                          financial plan, and a business lawyer to look into
      
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                          regulatory issues and potential liabilities. 
      
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