Developing a Business Plan

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An important task in starting a new venture is to develop a business plan. As the phrase suggests, a business plan is a “road map” to guide the future of the business or venture. A business plan will enter into the daily decisions of the business and provide direction for expansion, diversification, and evaluation of the business.

This publication will help you create your own business plan. It includes a discussion of the makeup of the plan and the information needed to develop a business plan. Business plans are traditionally developed and written by the owner with input from family members. Business plans are “living” documents that should be reviewed and updated at least every year. Reviews reinforce the thoughts and plans of the owner and the business and aids in the evaluation process. Evaluation determines if the business is in need of change or if it is meeting the expectations of the owners.

Lynn F. Kime
Winifred W. McGee
Steven M. Bogash
Jayson K. Harper
Pennsylvania State University