Broward College Expert Offers Tips for Creating a Business Plan

FORT LAUDERDALE, FL (Dec. 17, 2014) – With the approach of a new year, many consider starting their own business. During National Write a Business Plan Month, observed in December, Broward College Professor William Vasquez, DBA, is offering tips on creating a successful plan that may turn dreams into reality.

“A business plan includes a description of the business, its product or service, market and financing needs, as well as guidelines to recruit the necessary people to run the business,” said Vasquez. “If the business plan is well-prepared, it will serve as a business guide and a valuable sales tool in attracting the financing and personnel needed to help it grow.” 

Vasquez shared the following tips to assist start-up entrepreneurs in creating a business plan –

Ask yourself what you do well. It is important that you understand what business you would like to be in and what your position would be in the organization.  Being “the boss” is appealing to most but having a specific skill set to offer is critical.

Understand the impact a “start-up” will have on your life. In many cases when people embark on a start-up business, initial income may be slow to accumulate, work hours increase, and if financing is needed, debt will be incurred.

Define your business. Write a mission statement that clearly describes what you will sell, to whom you will sell it, and what will make your business different or distinctive from competitors.

Name your business. This is vitally important.  Keep the name straightforward and descriptive.  Avoid “cute” or grandiose terms that may sound good, but are often overworked and overlooked.

Remember to ask for help. There are many organizations available to assist start-up businesses.  Local chambers of commerce, business networks, trade magazines, and federal, state and university programs are just a few of these available resources.

Take advantage of your education. Recognize that planning and organizational skills, effective leadership, control mechanisms, and a variety of business and education courses are important for a thriving business. 

For more information or for experts in other areas, contact Angela Nicoletti at 954-201-7939 or  anicolet@broward.edu .

-BC-