Business planning is an essential part of owning any type of business and it is best to start your business with a written plan in place. A business plan is not written in stone; it is meant to be changed and updated as your business needs change.

Many business owners get overwhelmed or confused at the idea of writing a business plan or of thinking where their business will be in five years. Because of this fear, many owners either fail to write a plan at all or they write a plan that is missing essential information. This lack of planning may cause you to lose money or let potential business clients slip through your fingers.

The following practices should be well thought out and should be a part of your written business plan:

1. Income funnel. An income funnel is a diagram or graph of your products at all different price points and your plan of how to sell these to your market. It allows you to build your mailing list while also allowing you to up-sell your products to your mailing list.

2. Outsourcing opportunities. Outsourcing allows you to hire others to handle small, daily tasks so you can have more time to market your company and sell your products.

3. Holding teleseminars. When you hold a teleseminar, you can also record it so that you can sell the audio or transcript as a product via your website.

4. Financial plan. In order to understand where your business is going financially, a plan must be in place. The plan will help you by showing when you should make changes in your business to reflect growth.

5. Crisis management plan. Having a crisis management plan in place will help you be ready to handle tragedy when it happens, such as computer failure, fire destroying office equipment, or flood damage to office.

6. Find a business mentor. A business mentor is some who provides sound advice and direction to you as you manage your business. This person is someone whom you respect and who is successful in their own business.

Think about these six practices carefully and incorporate them into your business plan as soon as possible. Having a focused plan of action for your business will help guide you to making the business decisions that will lead you to growth and success.