Do you have to create a business plan before starting the actual business?

How do I create a successful business plan?

• I am trying to create a business plan for my automotive garage to get a loan. I was recently given the business and I would like to do some major repairs and buy some new eqipment but I need to take out a loan and I would like to create a really good biz plan to give out.

• Answer:

  Here are a few keys to better business plans: 1. Use a business plan to set concrete goals, responsibilities, and deadlines to guide your business. 2. A good business plan assigns tasks to people or departments and sets milestones and deadlines for tracking implementation. 3. A practical business plan includes 10 parts implementation for every one part strategy. 4. As part of the implementation of a business plan, it should provide a forum for regular review and course corrections. 5. Good business plans are practical. Some Business Plan "Don'ts" 1. Don't use a business plan to show how much you know about your business. 2. Nobody reads a long-winded business plan: not bankers, bosses, nor venture capitalists. Years ago, people were favorably impressed by long plans. Today, nobody is interested in a business plan more than 30 pages long. I would also suggest checking out http://www.bplans.com/ . There's a guide linked from the home page on writing a business plan as well as 60 free sample business plans. Finally, contact your local SCORE office for free advice. SCORE is funded by the SBA and is a great resource. You can find your local SCORE office here: http://www.score.org/ Your local Small Business Development Center will also be able to help. You can find your local office here: http://www.bplans.com/sb/