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So a solid business plan should be a blueprint for a successful business.It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.Does a business plan make startup success inevitable? But great planning often means the difference between success and failure.
Maybe you think you don't need a step by step guide to writing a great business plan.
Maybe you think you don't need a template for writing a business plan.
Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.
Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.
After all, some entrepreneurs succeed without writing a business plan.
With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.
A joint venture is a formal agreement to share the work--and share the revenue and profit.
As a new company, you will likely be an unknown quantity in your market.
So think of it as a snapshot of your business plan.
Don't try to "hype" your business--focus on helping a busy reader get a great feel for what you plan to do, how you plan to do it, and how you will succeed.