Business News

Business Boot Camp, day one – your business on paper

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by Peter Switzer

Is it time to whip your business into shape? Over the next 12 days, Peter Switzer shares steps to get your business fit and fighting in the New Year. First, let’s work on the goals for your business.

Do you need a business plan to start a business? Many successful businesses have started without one, while other entrepreneurs have had a plan in their head and then written it up later down the track to help grow the business. This, however, doesn’t mean you won’t need one.

To get a loan from a bank, you will have to write up a business plan. The plan needs to include any market research you have done and how you will market your product or service. You also need to show you have considered risk management and can cope with things that go wrong for businesses such as rising interest rates, a recession, a fire or the introduction of a competing product in the market.

Construct a business plan because it makes you think about your business and sows the seeds of success.

What tips do you have for constructing a killer business plan?

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer and Paul Rickard the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

Published on: Monday, December 20, 2010