- Starting a business requires adequate planning to succeed, as one out of five businesses fail within five years without a proper plan. A business plan acts as a "blueprint for success" to focus on important aspects. - Even a simple business like a lemonade stand requires considering competition and outsourcing some work, which impacts profitability especially for new businesses. - Developing a detailed business plan for a traditional brick and mortar business can take over 100 hours of research, but for most online businesses a less detailed plan is sufficient unless combining online and traditional operations.

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Starting a business can be a very daunting adventure if a proper plan is not put
in place. Most entrepreneurs start up their businesses without putting
adequate plans in place to succeed. No wonder one out of every five
businesses crumbles within 5 years! If one thing should be taken very
seriously, it should be your business plan. This is your "blueprint for
success." However, it would still be beneficial to you if most of the topics
were still covered, even if only briefly. Having a written plan in front of you will
help you to focus on important aspects of the business.

2. You may not have thought much about your competition or outsourcing some of
your work, but things like that will impact your ability to make a profit. And you
will find this especially so in the beginning phases of your business. Even you
are just opening a lemonade stand in the front yard, you will still need to
know what Susie is selling her lemonade for on the next street over! So,
although a detailed business plan may not be required for an online
business, I am going to include it here so you can at least look at and
consider each section and determine yourself if it applies to your business.

3. By now you should understand the need for writing a business plan. Writing a
business plan, for a traditional brick and mortar business, will probably take a
lot of time. It may take up to 100 hours or even more. For obvious reasons, a
new business needs to carry out a lot of research before a business plan can
even be developed. For an online business, a detailed and in depth business
plan is usually not necessary unless you are trying to combine your online
business with a traditional business. For most online business startups, the
detail involved with planning a traditional business is not required.

4. In my previous article, I talked about how you can plan your business startup. I
defined a business plan as a written description of the future of your
business. This is a document that indicates what Pax 2 Vaporizer you intend
to do and how you intend to do it. I further explained that if all you have is a
paragraph on the back of an envelope describing your business strategy, you
have written a plan, or at least the beginning of a plan. I also said that a
business plan consists of a narrative and several financial worksheets. I
mentioned that the 'writing of a business plan' as one of the pivotal steps
involved in setting up a successful business.
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