How To Create A Business Plan Step By Step

Rather than spinning your wheels and guessing at where to start, follow this 10-step checklist to transform your business from a lightbulb above your head to a real entity. Generating some of idea of how you'll eventually exit the business forces you to look to the future.

Or enjoy creating art to bring color to their world?

Luxuries can come when you're established." If you need financial assistance, a commercial loan through a bank is a good starting point, although these are often difficult to secure.

If you are unable to take out a bank loan, you can apply for a small business loan through the Small Business Administration (SBA) or an alternative lender.

They also leased a professional high-end printer that was more suited for a team of 100 (it had keycards to track who was printing what and when).

Spend as little as possible when you start and only on the things that are essential for the business to grow and be a success.

If you're planning to leave your current job to focus on your business, do you have money put away to support yourself until you start making a profit? Experts generally agree that startup businesses often fail because they run out of money too quickly before turning a profit.

It's never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.

"When you board an airplane, what is the first thing they show you? When you go to a movie, what do they point out before the feature begins to play? Your first week of kindergarten, they line up all the kids and teach them fire drills to exit the building.

Too many times I have witnessed business leaders that don't have three or four pre-determined exit routes.

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