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Building a business plan: Include your objectives

Before you open a business, you first have to think about what you want your business to be and how you're going to grow it according to your vision for an end product. For instance, if you want to open a day care, you need to think about a name, how you'll market yourself, how much money you need, the licensing you need and other factors before you can ever put your plan into action.

Business plans are a great way to get your plans in order. They're designed to address all the major factors pertaining to the opening and running of a business. A business plan generally outlines the first three to five years of your business' life.

What should you include in your business plan?

People include different things in business plans, but a few important pieces of information to include are your objective, marketing information, your goals and your financing needs. If you need to take out a loan to start your business up, you'll need to present this plan to the lender. It will review the plan and decide if funding your business is in its best interests.

When you write your business plan, remember that you need to have a clear objective. Is it to provide child care to low-income families? Is it to provide a bilingual community with a day care with dual-language staff members? Pointing out your objective gives you a better idea of what you want out of your company and helps explain why it's a good fit for your community.

Getting a good business plan together will help you get the money you need from lenders and organizes your thoughts. Your attorney can help you prepare the documents, so they're ready for presentation.

Source: Entrepreneur, "Business Plans: A Step-by-Step Guide," accessed Feb. 22, 2018

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