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Posted on 12/28/11 at 8:25 am to rmc
I believe your idea of your business plan is a good one. The depth of the business plan depends on how detailed you want to get with your projections and how much you want to "stick with a plan". Since you aren't needing financing, I do not believe there is a need to fill your business plan with unneeded info. However, you should come up with a solid plan including all facets of the business to use as a guideline for operations and decisions.
I just recently went to the bank with an owner of the company I currently work for to open a new business with him. I had to come up with the business plan in one day because of scheduling conflicts. We went to the bank with a one page overview of the company, competitors, current and prospective clients, etc. I only had time to come up with yr 1 projections. The bank was fine with that because our conversation was solid.
We were awarded a $1.1 mil loan for startup. I'm sure this can be credited to the relationship the other guy has with the bankers.
I just recently went to the bank with an owner of the company I currently work for to open a new business with him. I had to come up with the business plan in one day because of scheduling conflicts. We went to the bank with a one page overview of the company, competitors, current and prospective clients, etc. I only had time to come up with yr 1 projections. The bank was fine with that because our conversation was solid.
We were awarded a $1.1 mil loan for startup. I'm sure this can be credited to the relationship the other guy has with the bankers.
Posted on 12/28/11 at 11:57 am to rmc
Two books to check out:
Solo by Choice by Carolyn Elephant
How to Start and Build a Law Practice by Jay Foonberg
I would absolutely do a business plan. Probably the most important thing to do is to get your accounting/trust system in place ahead of time. Develop good practices early with written instructions to go along with everything so that someone else can step in if and when it's necessary.
As for marketing, I'd start building your website now. You can launch it when you open, but it will take you a while to get it how you want it.
The point is, you can be doing a lot of the work now, before you open your doors. This includes making reasonable projections wrt income and expenses. Good luck!
Solo by Choice by Carolyn Elephant
How to Start and Build a Law Practice by Jay Foonberg
I would absolutely do a business plan. Probably the most important thing to do is to get your accounting/trust system in place ahead of time. Develop good practices early with written instructions to go along with everything so that someone else can step in if and when it's necessary.
As for marketing, I'd start building your website now. You can launch it when you open, but it will take you a while to get it how you want it.
The point is, you can be doing a lot of the work now, before you open your doors. This includes making reasonable projections wrt income and expenses. Good luck!
This post was edited on 12/28/11 at 11:59 am
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