Research, Research, Research

Building a business plan is a hard thing to do. One of the most important aspects of the process is research. In that respect, I’ve been doing my own research for building my business plan.

Most of the research I’ve been doing involves reading what experts have to say on the subject. Obviously, getting information right from the horse’s mouth, so to speak, is the best way to learn anything. One of the most important things I learned from this research is to be very detailed about “how” the business functions and turns a profit. I’m incorporating this into my business plan by being very thorough about how my business operates and how it makes money. Another important thing I learned is never to get stuck in a one-way track about your business. What I mean is that you have to be open to other options about the way your business is going to go. If there was something that was related to what my company does and that could garner a larger profit, I would attempt to incorporate that into the already existing business plan.

One specific thing that I have changed based on my research is re-tooling how, exactly it is that my business functions. Previously, I had not given much thought to how my business would be structured. I had planned for it to be a corporation, with stock and shareholders and everything that goes with that. I changed it to an LLC when I realized that this would be much more beneficial to the type of business that I had in mind.

I think that the most important section of a business plan that an investor would want to look at is the company’s mission. This is because the investors would have to know what it is that the company does and how it does it before they make any further decisions. Secondly, the finances of the company are very important as well. The investors must know if they could even get their money back from the company should they decide to invest in it.