More specifically, Wurtzler says it is imperative small business owners plan every aspect of their endeavor. That also includes conducting market research to determine if there is an audience for the goods or services the entrepreneur wants to inject into the marketplace. That market research doesn’t have to be as formal and expensive as hiring a company to conduct surveys or research the matter for you, he suggests. Ask family, friends and even people at the mall what they think of your idea, says Wurtzler.

Two important documents imperative for thorough entrepreneurial planning are the business plan and an operations plan.

An entrepreneur “needs a business plan from Square One,” says Wurtzler. Among topics to be included are costs of making the product or the inventory, costs associated with selling the inventory, rent or mortgage payments and general expenses, he says.

While an operations plan is an intrinsic aspect of an overall business plan, it should cover other matters involved with starting and maintaining the enterprise.

With operations, “the goal is to make money,” says Wurtzler. Important characteristics of an operations plan include:

• Practical aspects of running a business
• Budget
• Asking yourself where the business currently stands, where you want it go and how to achieve that
• Setting objectives

“It’s important to know how to monitor your company’s progress,” says Wurtzler.

It might sound simplistic, but Wurtzler says it’s a great idea to buy a book about planning for and owning a small business before expending too much time or money on the effort. While he didn’t endorse any one offering, the staff at Entrepreneur Media published a book in late 2014 about writing business plans. Bookshelves are full of business books for dummies and a wealth of information is also available on the Internet.

“Get back to the basics and be sure you have a good business idea,” urges Wurtzler.

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Tami Kamin Meyer is an Ohio attorney and writer.