"The hardest part about preparing a business plan is getting everything set in your mind about what you're going to do, then organizing and capturing it on paper," says Vic Brounsuzian, 44, who, with his wife, Suzette, operates a small shop in Streamwood, Illinois, selling dry-roasted nuts, seeds, fine chocolates and other items.
"For me, a lot of time was spent jotting down notes describing my business, what I needed to do to get started, and all the supplies I would need," Vic explains. "Trying to come up with all of the required financial information was the most challenging aspect of the process."
For guidance, Vic turned to the Small Business Administration's (SBA) Small Business Development Center (SBDC). "The gentleman I was working with gave me plenty of input, and I followed it to a `t.' I just kept rewriting until I came up with a business plan that was satisfactory in the eyes of the SBDC," Vic states.
Vic says he is pleased with the accuracy of the projections contained in his plan. "After my first quarter, I opened my business plan and compared my projections with what actually happened. I was very close to my projections. Even my accountant was surprised."