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Crafting your business plan

In the best-selling book Microsoft Small Business Kit, authors Joanna L. Krotz, John Pierce, and Ben Ryan argue that starting a business doesn't begin with buying a desk or renting space. It begins with painstaking research and advanced planning that is carefully documented in a business plan. An effective business plan for your new financial advisory business clearly describes your pioneering business approach, operational tactics, and benchmarks of growth that validate your strategy.

Your business plan works as a cheerleading document. It's meant to sell your ideas and make a compelling argument for why — and how — your business will succeed. It not only serves to inform and attract investors, but also can offer sound guidelines for your management team about how to expend time, energy, and resources to launch your business.

Use these tools and information to learn some best practices for crafting a winning business plan.