Business plans are the real-world equivalent of studying for a history exam-they require global edge, research and intensive thought.

Like studying, business plans often require several hours of preparation to yield good results. Many area business owners wouldn't dream of starting a business without a formal plan. You don't know where you're going unless you have a plan to get there. How do you get on the road, and what direction do you go? You have to have a plan to keep you on that road.

The process of planning allows the founding team to really think through what it is they're undertaking. You're anticipating who the competitors might be, understanding who the target customers will be, what their needs are, what constitutes value for the customers and all those sorts of things.

A business plan is used to promote a company to both prospective employees and prospective financial backers, allowing them to see why they should invest-be it their careers or their capital-in the business, but even the most careful planning cannot account for everything.

The economy fluctuates and consumer preferences change. The expectations in a business plan often vary from the realities of the business, and owners must learn to adapt. All in all, our plan has been very close to what we had originally intended; there have just been opportunities that have arisen over the years that we've taken advantage of.

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