Wednesday, December 17, 2008

The 5 Key Elements of Any Business Plan

Whether you plan to open a bagel shop or a solo medical practice or to attempt to advance your own career while an employee within an established group, you must develop a business plan.  Here are the key elements to a good business plan:

Revenue Sources
Operational Costs
Capital Requirements for Start-up
Critical Success Factors
Key Risk Factors

Think about each of these 5 elements and brainstorm as much about them as possible.  You'll find that with this disciplined approach, you'll avoid making some costly mistakes and maximize your chances for success in the venture.

If you don't understand or have the time to make a plan yourself, you can use a number of resources, such as The Entrepreneurial MD, 

Good luck,

The IU.