The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
In reality, doing a little homework now and crafting a business plan will make your life much easier and save you tons of time later on.
Here are 5 good reasons why every startup entrepreneur needs a business plan.
For example, if you’ve worked as a CPA for 10 years and you want to strike out with your own CPA firm, you may feel like you know everything you need to know.
You may also think that as long as you’re not looking for a bank loan, line of credit or any type of outside financing, you don’t need a business plan.
Revise and Proofread Revisit the entire plan to look for any ideas or wording that is confusing, redundant, or irrelevant to the points you are making within the plan.
Finally, proofread thoroughly for spelling, grammar, and formatting, enlisting the help of others to act as additional sets of eyes.
Research Detailed research into the industry, customers, competitors, and costs of the business begins the process.
A variety of resources can be used for research, ranging from databases and articles to direct interviews with other entrepreneurs or potential customers.