Business Planning - Contact a Lawyer

Business planning encompasses more than getting your business going. It also involves becoming familiar with the relevant antitrust laws, so that you don't engage in conduct that illegal monopolizes your market or inadvertently enter into agreements that restrain trade, and learning how to salvage a sputtering business. Depending on your area of business, effective business planning may also require familiarity with less familiar legal topics, such as agriculture law and international law.

Plan Your Work

The importance of a comprehensive, thoughtful business plan cannot be overemphasized. Much hinges on it: outside funding, credit from suppliers, management of your operation and finances, promotion and marketing of your business, and achievement of your goals and objectives.

"The business plan is a necessity. If the person who wants to start a small business can't put a business plan together, he or she is in trouble," says Robert Krummer, Jr., chairman of First Business Bank in Los Angeles.

Despite the critical importance of a business plan, many entrepreneurs drag their feet when it comes to preparing a written document. They argue that their marketplace changes too fast for a business plan to be useful or that they just don't have enough time. But just as a builder won't begin construction without a blueprint, eager business owners shouldn't rush into new ventures without a business plan.

Before you begin writing your business plan, consider four core questions:

• What service or product does your business provide and what needs does it fill?
• Who are the potential customers for your product or service and why will they purchase it from you?
• How will you reach your potential customers?
• Where will you get the financial resources to start your business?
  

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This web site is designed for Business informational purposes only. The environmental law information contained herein is not guaranteed to be accurate, up to date, or complete. It does not constitute legal advice nor does it constitute the formation of an Business lawyer attorney/client relationship. Individuals accessing this site are encouraged to seek independent counsel for advice regarding their individual legal issues. No person should act or rely on any information in this Business lawyer search without seeking the advice of an Business attorney. Copyright © Lawyerfind Network 2006