Most people have heard that 90% of businesses fail in their first five years of business. However, do you know that research has indicated that only 20% of businesses that build a business plan fail in their first five years?
Our business planning attorneys and counselors are leading experts in establishing sound business and financial plans. Business plans are always recommended for new business owners or business start-ups. However, it is never too late for a business plan no matter how many years you have been in the business. And if you have a business plan, it is imperative that this business plan is revisited every year or two to ensure that your business is on the right track.
Why write a business plan?
A business plan forces you to start thinking about and overcoming important factors you may not otherwise think about. It helps you assess critical stages and aspects of the business, and ensures that these issues are contemplated and planned for ahead of time.
Some important questions that have to be answered before investing your precious time and money are:
- What is my vision for the business?
- What skill sets will I need to look for in my employees?
- What kind of financing will I need and how will the money be used for?
- What will I be selling or what kind of services do I want to provide?
- Who are my customers?
- What should my marketing plan look like?
- How will I be different than my competition?
- Where should I set up shop or will I be internet based?
- What legal issues do I need to address?
- What insurance and licensing issues must be identified?
The Executive Summary
The executive summary is your business summary. What does the company do, how will it identify itself, what are its goals, and how does it plan to achieve those goals? Our attorneys can help you “visualize” your business by identifying its objectives, risks, and the business environment.
Our business planning counselors will help you assess your financial objectives and risks. They will work with veteran accountants, bankers, and other professionals to compile accurate and realistic financial projections and assess how much start-up money is going to be required.
Our business attorneys will help you identify economic factors and marketplace trends, single out your competition, and capitalize on your business' strengths. Our attorneys will also help you describe and draw out your business strategies, and assess business branding, intellectual property issues, and legal risk.
For professional assistance in drafting a comprehensive business plan that will increase your chance of success, contact Fakhouri Law Group today for a free consultation.