Why Illinois startups need business plans

A business plan may not seem like a necessary item in today's lean startup world. However, without one, a company may not be able to fully create and articulate its vision. While investors may not demand to see such a plan, it helps that everyone is on the same page when it comes to what the company does and where it is headed in the long-term.

Fortunately, a business plan doesn't need to be overly complicated to be effective. It should state what the company makes, how it plans to get it to the marketplace and what its revenue and profit goals are. Business plans should also indicate how the company would recognize that it has failed and needs to adjust its methods. Ideally, the plan would be completed in less than 10 pages.

If the plan is more than 10 pages, it may indicate that the company is trying to do too much or needs to further refine its vision. It is also important to understand that the business plan is not a static document. Every so often, it may be a good idea for the team to come together and have a short meeting where the plan is reviewed. Doing so may help adjust the plan to better account for changing market realities or evolving company goals.

Owning astart-up company can be exciting, but there are often a lot of pitfalls to overcome. An attorney who has experience with these types of matters can be an invaluable asset to prospective entrepreneurs, starting with suggestions as to the type legal entity the business should operate under.

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