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A business plan is your road map to success, and once you get started you will realise that putting one together is not as difficult as it seems.
Not only is the process of writing a business plan time-consuming, it also forces start-ups to think about what they specifically want to accomplish and what that will look like financially.
Because life for a new entrepreneur can be hectic (think job, family, chores, not to mention your new venture), a plan can help you to stay organized and think strategically about the future and where you see the business going.
When you decide it’s time to get your business started, you’ll find the first piece of advice given by most experts is to “get a business plan written”. When you look at most business plan advice handed out by these experts, they tell you to pull together all sorts of information that might seem kind of irrelevant to you.
And they’re right; that is the first step to turn your business dream into a reality. For example you might be asked to explain the revenue model, the management structure and your five year strategy.
It can help you to evaluate (or re-evaluate) the market and competition and assess your marketing and financial plans, which can help you to prioritize and think about the bigger picture, and can lead to better internal operations within the company.
Why business plans are a work in progress Once you have written a business plan, you shouldn’t set it aside to be forgotten – you should be re-working and updating it as necessary.
If you haven’t started a business yet, how on earth could you know all of this detail? What you’re putting together there is not really a business plan. However lost of people who start their own business don’t need funding.
If that’s you, then you still need a business plan – but you need a business plan for you and not for the bank.
A business plan is a written document that describes your business.
It covers objectives, strategies, sales, marketing and financial forecasts.