After the great idea comes figuring out how to create a successful business around it. Very rarely does this happen by accident so you need to have a firm plan in place before you begin a new business. The Michigan Economic Development Corporation (MEDC) has developed the Small Business Resource center and SCORE have both developed templates and guides on what to consider and how to write Business Plans.
Once you have a business plan in place you will be able to seek funding to begin your business. Its it very important that you write a business plan prior to approaching bankers, alternative lenders or investors. The business plan will be a requirement to meet with a a bank, investor, or a venture capitalist.
Not only do you need to convince your financing sources that you can pay back the loan but you need to convince yourself that you can earn a livelihood from your business. Your business plan should clearly articulate the answers to the following questions; how much money do I need? What do I need it for? When do I need it? How will I pay it back?