Business plans are not just for people who wish to seek financing. Your business plan will accomplish many things:
‣Give you new business ideas as you write.
‣Help others take your business seriously.
‣Cause you to analyze the profitability and practicality of all decisions.
‣Show you the viability of your business idea.
‣Help you not overspend.
‣Help you get funding from outside sources if you desire investments.
‣Direct your analysis of competition and help you compete.
Each section of the plan is important and should be completed before you
invest a substantial amount of time or money in your business. A
thorough business plan will help you avoid major obstacles and will
guide your decisions unlike any other document. When considering a new idea, a
customer request, expansion, marketing opportunities, or any other
operational items, you will have this plan to consult. Starting a
business without a roadmap can hurt your chance at success. I’ve never
heard anyone say, “I wish I hadn’t wasted my time writing a business
plan.” I have however heard people say the opposite of that…too many
times to count.