What Makes a Successful Business Plan?

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time.comMarcus Lemonis, star of CNBC’s The Profit, has advice for how to launch a business successful. He underlines a few easy steps that should not be forgotten throughout the process: map out the first five years of your business: how much you plan to lose, how much you plan to earn, and how much you plan to sell, for example.

Most businesses lose money in the first few years, says Lemonis, because they are directing their money towards research and development. A good business plan should acknowledge this loss and be prepared for it. Second, a good business plan should have a timeline for meeting certain performance benchmarks.

 

Watch the video at time.com

 

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