What is a business plan? A business plan is a written document that provides guidelines for your business detailing everything from your business purpose to your marketing strategy. It provides you with a plan of action to carry out your small business venture. Business plans are not all alike, but they usually include a Cover Page, Table of Contents, Statement of Purpose, Executive Summary, History of your Business, Goals, Products or Services, Location, People in Management, Marketing Plan, Competitive Analyst and Financial Statements. Writing a business plan requires much research and work but it can prove to very helpful in planning your business.
In your business plan you set goals for your business and specify how you believe you will attain those goals. Starting a small business is full of risks so there is a chance your small business journey doesn’t turn out the way you planned. There is no guarantee that your business plan will turn out to be true for the future of your small business. However develop your business plan to the best of your abilities and if it needs tweaking in the future go ahead and tweak.
Being prepared is essential when taking on a big project such as starting a small business. A business plan helps you get on paper a solid plan to carry out your small business project by providing guidelines for you to follow. It also supplies lenders and investors with critical information about your business to help them decide if they want to invest in your business.