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Before you open your new business, you need to write a business plan. Most banks won’t give out small business loans without one. Think of your business plan as the blueprint for your business. It should include your market research, estimated startup costs, monthly operating budget and forecasted revenue projections. A thorough business plan shows lenders and investors that you’ve done your homework. Similar to our first piece of advice, creating a business plan brings your overall strategy into focus, and in doing so, eliminates the fear and uncertainty that can hold back so many promising entrepreneurs.
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