Passion, resources, and a great product are integral parts of getting a new business off the ground, but keeping it in the air will depend on careful planning and realistic expectations. Creating a small business plan helps entrepreneurs develop an idea of where you want to be and figure out how to get there. Below are a few tips for creating a thorough business plan that covers your legal bases and maximizes your chances of success.

Tips for Creating a Small Business Plan

Understand Your Future Clients

Knowing what your clients need and how they’d like to receive your products and services can help you avoid being among the 50% of small businesses that close within the first five years. When developing your long-term strategy, it’s crucial to meet with potential clients to identify possible issues and continuous problems facing their industry.

Get a Realistic Perspective

Achieving a favorable market position requires a realistic understanding of your own strengths and weaknesses, as well as the qualities of your competitors. Spend some time thinking about what gives you a competitive advantage, how to overcome your own disadvantages, and whether you can improve on services that are already available.

Be Prepared to Update Your Plan

A small business plan is only good if it’s based on your current situation. As your launch date approaches, you’ll almost certainly gain new insight and identify potential problems, so be flexible with your plan and be ready to update it as you go.

Network With Your Local Business Community

Too many entrepreneurs concentrate on getting their business off the ground, then start working on building a presence in the community. Joining a Chamber of Commerce or other business association gives you the chance to start networking, building relationships, and perfecting your services before opening your doors.

If you’re planning on launching a new business anywhere in the Florissant, MO, area, the Greater North County Chamber of Commerce offers the networking opportunities, small business plan advice, and professional assistance you need. With over 400 members in a variety of industries, they’re committed to making the area a better place to live and work. Visit their website or call (314) 831-3500 for more on the benefits of a Chamber membership, and follow their Twitter for news and events.