Aldrich Law Firm, Ltd.
Aldrich Law Firm, Ltd.

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877-508-0433Good People Deserve Good Lawyers. ®

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What to know about making a business plan

Anybody who wants to start a business in Nevada or anywhere else will need to have a plan. Even if you don’t create a formal or traditional business plan, it is essential to understand what the company has been established to do. It is also important to know how the company’s goals will be achieved and what happens if those goals change for any reason.

The length of the business plan depends on whether or not the company is going to seek financing. If it isn’t, a business owner could get away with creating an executive summary that is just a single page full of bullet points. However, if a company does plan to seek funding, it will need a more detailed plan. Of course, it may not be necessary to create the expanded plan until it is time to seek funding.

It is also worth mentioning that no serious business owner would make a pitch without including information a lender or investor would want to know. In that sense, any written or oral presentation can be as long or short as necessary to convey that information. Ideally, a business plan will be flexible and able to meet the needs of the company both now and into the future. This can make it easier to pivot to new opportunities if necessary.

During the business formation process, a business owner should aim to articulate why the company exists and how it will function. This may help determine how it is structured, who is on the management team and whether it needs funding from banks or investors. An attorney may help draft a business plan or other documents related to the company’s founding. These documents could include incorporation paperwork that needs to be filed with the state.

John P. Aldrich
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