The entrepreneurial spirit is alive and well in America. One of the reasons it is so fascinating to watch entrepreneurs is that they are always thinking of and testing different strategies to build larger and more successful businesses. Though there are occasional setbacks in what is often a process of trial and error, the winners tend to lead the charge to new approaches to business expansion and development. One of the areas where we are seeing this dynamic is with existing business owners who are adding new franchise businesses to their current operations. Traditionally, the two main approaches to growing a business are "horizontal" or "vertical" expansion.
6 Factors in Taking Over an Existing Business
Creating A Business Expansion Plan Template | CMG Consulting
Last Updated: November 13, References Approved. With over 15 years of experience in accounting, Keila specializes in advising freelancers, solopreneurs, and small businesses in reaching their financial goals through tax preparation, financial accounting, bookkeeping, small business tax, financial advisory, and personal tax planning services. Keila spent over a decade in the government and private sector before founding Little Fish Accounting. There are 13 references cited in this article, which can be found at the bottom of the page. This article has 13 testimonials from our readers, earning it our reader-approved status. This article has been viewed , times. A basic business plan will help guide you in thinking through the feasibility of an idea, and it is tailored to reflect your purpose for writing the plan and tailored to the audience who will be reading the plan.
Business Plan Template for an Established Business
While buying an existing business typically involves more upfront cost, it also presents less risk than starting from scratch. You may also acquire valuable patents or copyrights, or have the opportunity to drive a stagnant business in an exciting direction with your expertise. In reality, founders sell their businesses for a myriad of reasons. They may be in a different life stage, and the needs of the business no longer match their lifestyle.
Whether a company was started with more enthusiasm than planning, was planned from an operational standpoint without the need to present a plan to investors, or just changed significantly in the course of its creation, there is often a need to create a business plan once a business is already operational. This plan should include both current and historical data, as well as projections for the future. Existing businesses are often more credible to investors because much of the financial data in the business plan has already been proven accurate.