Write a business plan! This particular advice is pretty consistent across any information you see that tells you how to start your own business. Unfortunately, merely “writing a business plan” understates the actual purpose. What all entrepreneurs really need to do is plan the business. Once you have researched and considered your options for everything from business model to location to your target market to suppliers, writing a formal business plan for investors is a snap!

Many first-time entrepreneurs see the “write a business plan” advice enough that they set out to do just that. They find a template or software or even a boilerplate, ready-made business plan for their type of business and check that item off the to-do list, only to realize they have no idea what to do next! Actually planning your business will not have this result because, after a thorough consideration of exactly how your operating business will run, you will know what things need to be done prior to opening, how much they will cost, and how long they will take.

The problem with most of the startup resources available is that they fail to tell you how to plan your business. They don’t tell you where to go to find out how to legally register your business, much less how to find the right business name or which entity type is best for you. They tell you to create a marketing plan without laying out all of the options, from online advertising to developing promotions (coupons or premiums) to submitting effective press releases. They tell you to keep an eye on the money without telling you how to read the basic financial statements or how to work through basic profitability ratios to see where your business stands.

Simply filling in the headings in a business plan template will not help you develop a clear picture of how your business will run. If you need a formal business plan to present to investors, you really need to know and understand all aspects of your business idea, how various factors might affect your success, and a solid, justifiable set of numbers that you can easily explain. Whatever your business idea, doing the work to plan the business will greatly increase your chance of success – or tell you that your idea needs to be modified for success. Regardless, good planning will save you untold time and money over the long term, and delving into the details will increase your creativity in bootstrapping, reaching your customers, and preparing yourself to respond to opportunities and threats that can make or break your business.

We designed the LaunchX System to fill this need for entrepreneurs. The step-by-step program considers every aspect of business startup with an emphasis on planning, marketing, and financial management – the three keys to business success. In addition to the Handbook and Workbook that walk you through your startup planning, beginning with planning your business and ending with a formal business plan, the LaunchX System includes an Employer’s Manual (everything you need to know to find, hire and manage your small business employees), critical small business software (Peachtree Accounting, ACT! Contact management, OfficeReady business form templates and more!), and additional time-management and organizational tools to help entrepreneurs develop any business idea into a thriving company.

Start Here. Go Far. LaunchX.com