A lot of people have great ideas for companies and want to see them come to fruition by starting their own business. While this is a great idea, there are a lot of things that new entrepreneurs need to think about before getting their business off the ground.
There are of course the obvious first steps such as picking a name and trademark then securing startup capital. But there are some things new business owners may not be aware of because of their lack of expertise in the law. This is where a good business law attorney comes into play because they are the perfect person to direct questions toward and get answers in response.
One such question that often arises is the one we're asking in our post title: what is a business plan? The simple answer is that it describes what you'd like to happen to your business in the future. But as you will soon see, a business plan is actually a little more complicated than that.
Any good business plan should include these three parts, which are outlined in an easy to understand way in an article for Entrepreneur:
- Your business concept
- Your marketplace goals
- A financial section
Because a business plan is designed to attracted potential investors, entrepreneurs should make sure that each section of their business plan is clearly laid out and that their goals are not only well defined, but are aimed at success.
Because there is oftentimes a lot riding on making a business successful, it's typically considered a bad idea to trust your own understanding of the law and present a business plan to investors without first having a lawyer review the plan.
Most business law attorneys, such as the ones here at Frese Hansen, have a deep understanding of the law and know how it applies to even the most particular of situations. With a lawyer's help, making costly mistakes are less likely, meaning you have a better chance at drawing investors in and gaining the capital you need to start your new business off on the right foot.