If you are here, you are most likely well on your way to starting your own business. I am sure you have been doing extensive research to find the most valuable information for your business to succeed. You have probably wondered, do I really NEED a business plan? You know your idea is great and that you will make it work, however, it is still so important for you to have a detailed plan covering even the small things-like hiring a bookkeeper/setting up payroll.
So, why?
1- Lending-If you are going to need lending, you must have a proper business plan for banks or investors to consider lending to you. Think about it- if someone asked you for money, and they didn’t know what they were doing with it or an estimated time frame of when they could pay it back, would you give them money? Probably not.
2- Hiccups happen. You must be prepared for things to go sideways. If you have a proper business plan, you are prepared for these hiccups, and have an effective solution on how to get things straight again.
3- It allows you to feel relaxed, knowing that you have a better grip and handle on your business. If someone asks you questions about it, you are ready to answer them. You know what you need to do and you have a timeline to allow for an easier process.
4- Strategic Planning -If sales/growth aren’t going quite as they were supposed to, you can refer back to your business plan and confirm that you are executing as you had planned for. If you realize there are some things you haven’t done, or haven’t put as much time into, you can find effective solutions to fix it.
For information on how to start a business plan, please visit https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan.