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Successful business planning won't have these common mistakes

Many Georgia residents may contemplate the idea of starting their own company. However, from the germ of the idea to the fruition of hard work, there are many steps along the path. One of the most important steps in the process is investing the right amount of effort in the business planning stage.

There are as many right ways to launch a business as there are ideas and effort. There are also many ways to sabotage a dream before it gets off the ground. There are some common errors that can be avoided to enable a business plan to succeed. One way to turn off potential investors is to present a plan that is incomplete or contains simple errors in grammar or presentation. It is also imperative to present a plan that has enough detail to answer questions about risk and competition without getting lost in unwieldy or confusing details.

A plan that does not address the risks and intended actions to overcome them also may cause investors to doubt the potential business. Detailed research can help alleviate the majority of these concerns. Additionally, any assumptions that the plan tends to include should also be addressed and supported with facts based on that research.

Lastly, a solid business plan will include an affirmative plan of action to ensure stated goals are realized and include steps that the owner will take to reach those goals in a timely manner. There are resources that can provide useful information concerning the successful completion of the business planning stage. Future business owners in Georgia do have access to knowledgeable professionals who are experienced in all aspects of business and commercial law whose assistance can prove to be invaluable in getting a new enterprise up and running for years to come.

Source: readingeagle.com, "Viewpoint: 10 major mistakes to avoid in writing business plan for startup", Glenn Ebersole, Jan. 31, 2017

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