Once the thought process and research is well under way, it is time to put it all down on paper. One of the great aspects of a franchise is that many already have done much of the market research and product development, and even provide a template for the actual business plan.
There are also numerous templates available online or through services such as the Small Business Development Center. If just starting to write is overwhelming, Hughes suggests a simple exercise. “Close your eyes and picture your business, then write down everything you see in your mind. That gives you a place to start to determine costs and other factors.”
Louis Celli Jr., CEO of Northeast Veterans Business Resource Center Inc. and U.S. Army veteran, also has a trick to help get started on a business plan. “Write a one-page overview of where you see the business going in the next year. Then take what you have said and break down each part to start the business plan,” he said.
According to Celli, who works with veterans starting their own businesses on a daily basis, the most important aspect of the business plan is that it helps the entrepreneur to truly focus on the business and create a plan to bring the business to life.