Where are you going? How are you going to get there? What is it going to take? Many businesses do start-up plans, but all businesses need to do an annual evaluation. Your chances of success increase greatly when you have a detailed blueprint to follow. Also, the exercise of creating a plan forces you to think through issues that might otherwise be overlooked, such as:

• Who are my competitors?
• How big is the target market?
• How can I reach this target market?
• How much cash flow does my business generate?
• What is my company's profit and loss?
• How much should I allocate for advertising?
• What kind of marketing works best in my area?
• How can I minimize my tax obligations?
• What are my future employment needs?

Also consider personal items:

• How will I pay for my child's college education?
• Would I lose the business if I took a two week vacation?
• When can I retire?

You can incorporate these and other elements into a comprehensive business plan that puts your company above the rest. Also, don't forget the services of the Small Business Development Center. In addition to business plans and advice, they have access to great demographic material to plan your next strategy and assist in marketing. There is no charge for their services!!

Contact:

Tim Baker
East Central Indiana SBDC
P.O. Box 1912
Muncie, IN 47308
(765) 282-9950

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www.isbdc.org