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By Mary R. Badger on June 03 2018 21:08:56
Having an understanding with third parties when distributing a plan could be enough protection for some businesses, however others who have innovative business practices or products or services may wish to go further and sign a confidentiality agreement with each person to protect their innovations. It may also be a good idea to include some words in your plan asking the reader not to disclose the details of your plan.
It is definitely not the most exciting part of starting a business. In fact, if you’re like a lot of entrepreneurs, you’re probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding. Because that’s the thing--your business plan is a pretty important.
You may want to consider the following key questions to help determine if you are ready to start writing your business plan.
~ Have you thoroughly refined your business idea so you have a good understanding of how your business will operate?
~ Have you researched your business concept to determine if there is a need for it in the marketplace?
~ Have you completed a feasibility study to determine expected level of success?
~ Do you have the money required to start and grow the business?
~ Are you prepared to invest significant time into the business to get it up and running?
Don’t make common mistakes. I’ve seen thousands of business plans, good and bad, and I can tell you that avoiding these common business planning errors will put you far ahead of the curve.
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