A good Business plan helps you focus on markets for your products or services, anticipate future needs, monitor progress and be a Pro-Active manager.
Also, if you want to raise money to finance a new business or to operate and expand an existing one, YOU NEED A PLAN.
Investors or lenders will not even consider providing your business with money, if you don’t have a plan- and it has to be a plan that shows that you really thought through and about what you are proposing.
If you don’t know where you are or where you are going…how are you going to get there?
There are 2 types of business plans:
- Condensed Business Plan
- Detailed Business Plan
If you have never prepared a business plan, I strongly recommend working with a resource partner like the SBA (Small Business Association) in your community or with someone who can guide you through the process or do it for you. There is also software like this one that can also aid you in the process.
It takes time, but it will save you headaches in the long run and help you be prepared for what may come.
Monday and Tuesday will contain Parts 2 & 3 of this initial post.