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How to start a business: Business plans

Graduatetutor.com assists b-school students with tutoring in a variety of subjects.  We are now thrilled to formally launch our business plan tutoring services.

There has been a spurt of new entrepreneurs and we want to do our bit to support them.   See this special report on entrepreneurship in The latest edition of The Economist.  According to this NYT article, more people are now forced to start a business.  It may be that people are tired of looking for work like the title of this article says or it may be that you have less to lose once you are laid off!  Whatever your reason for starting a business is, it always helps to plan well before you do so.
Starting your business is a risky venture.  Statistics show that only one in ten or more businesses succeed.  What can you do to increase your odds of success?

Answer:  Write a business plan before you start a business.

We believe putting down your ideas in a business plan before you start really helps in many ways.  See our business plan tutoring page to read more on how a business plan can help before you start a business and how GraduateTutor.com can assist you.
People get ideas all the time  but unfortunately ideas alone will not create a successful start up.  The idea needs to be implemented.  But even  implementation is not sufficient to create a successful business.  The idea must be implemented in a manner that it must produce more revenues /cash flow than it costs to bring the product or service to the market.

Writing a business plan before you start a business will help you evaluate if your business idea can produce more revenues /cash flow than it costs to bring the product or service to the market.  If the answer is a resounding yes, then it is a wise decision to move forward.  If not, pause and think of a new idea.
We believe that if more people had written business plans before they started their businesses, the statistic that  nine out of ten startups fail would have been so much better!  So take our advice and write a business plan before you start a business!

(full disclosure:  We offer business plan tutoring services! Please don’t feel obligated to work with us.  Just write a business plan before you start a business.)