How to Write a Great Business Plan, According to Entrepreneur Cate Luzio

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Coming up with the million-dollar idea was the fun part. But turning that idea into a successful company requires a business plan. Here’s why: A great business plan helps you plot your course and focus your efforts, which is what it takes to meet short- and long-term goals. It also demonstrates to interested parties—employees, investors, lenders, partners, yourself—that you’re committed to building the company and that you’ve got what it takes.

A considered business plan also shows how you’ll generate revenue and handle expense management, gets honest about how long it will take to turn a profit, maps out how you’ll attract and retain customers, and lays out hiring and operating practices. It can be intimidating to get started, but here are a few key things to know that will make the process much easier.

Get honest about potential problems.

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