The difference between an ordinary business plan and a strategic business plan is a SWOT Analysis. This breaks down the Strengths, Weaknesses, Opportunities, and Threats for your business, and shows that you have fully researched your idea.
Is your business really a business? It might sound like a silly question, but it’s an important one, especially around tax time. There are guidelines to help you determine whether your activities are considered a business or a hobby under the law.
The part of your business plan that investors will be most interested in is the executive summary—the one-to-two page summary of your overall business plan. A strong executive summary will grab an investor’s attention and get him or her interested in learning more about your business.
A well designed business plan is an important tool for a business, helping in the search for investors and lenders and in every management. Each company will have a different business plan, but there are a few common core elements that will make any plan more effective.
If your business conducts business in one state but is officially incorporated in another, then it is considered a foreign corporation. This article details the steps you must take to qualify as a foreign corporation in order to legally do business in that state.
If you want to do business using a business name, as opposed to your personal legal name, then you’ll need to file a DBA. This article discusses the purposes of a DBA, and how their use might differ if your business is a sole proprietorship, LLC, or corporation.
There are many reasons why a business may want a DBA. For sole proprietors and partnerships, the legal name of their business is their personal name. For those who do not want to use their personal name as their business name, a DBA may be of some value.
Almost every business requires a permit or license of some kind. But the specific requirements will vary from place to place, making it difficult to know what you need when you are just getting started. Knowing where to look will save you lots of time and energy in the licensing process.