TOP TEN DO'S

1. Prepare a complete business plan for any business you are considering.
2. Use the business plan templates and samples provided in the tools section.
3. Do little chunks of it at a time, don't try do it all in one go.
4. Research (use search engines and our forums) to find business plans that are available on the Internet.
5. Package your business plan in an attractive kit as a selling tool.
6. Submit your business plan to experts in your intended business for their advice.
7. Spell out your strategies on how you intend to handle challenges and economy changes.
8. Spell out the strengths and weaknesses of your management team.
9. Include a monthly one-year cash flow projection.
10. Freely and frequently modify your business plans to account for changing conditions.

TOP TEN DON'TS

1. Don't Be optimistic (on the high side) in estimating future sales.
2. Don't Be optimistic (on the low side) in estimating future costs.
3. Don't Disregard or discount weaknesses in your plan. Spell them out.
4. Don't Stress long-term projections. Better to focus on projections for your first year.
5. Don't Depend entirely on the uniqueness of your business or the success of an invention.
6. Don't Project yourself as someone you're not. Be brutally realistic.
7. Don't Be everything to everybody. Highly focused specialists usually do best.
8. Don't Proceed without adequate financial and accounting know-how (do a short course)
9. Don't Base your business plan on a wonderful concept. Test it first.
10. Don't Skip the step of preparing a business plan before starting.