A business plan will help you build a business that will support you financially, have an impact on those around you, and leave a lasting legacy you can be proud of. But can’t you just get things up and running and make adjustments on the fly? Can’t you sort of learn as you go? Yes, you can do those things, but the odds that your business will fail are much higher.
See, a business plan functions as a “crystal ball” of sorts. It helps you to peer into the future and predict different outcomes. Though it’s certainly not perfect, it helps you map out where you currently are and where you’re headed.
Specifically, a business plan helps you to:
- Estimate total startup costs. Once you know the approximate costs, you can determine whether you’ll need to raise funds from investors.
Project revenues and profits. By forcing you to define both your market and how much of that market you expect to reach, a business plan helps you estimate potential revenues and profits.
- Convince investors. A business plan shows investors that you have a clear and defined strategy for achieving success. If this strategy isn’t present, investors won’t want to finance your business.
- Compete from the start. As part of your business plan, you’ll identify key gaps in the marketplace which your company will fill. This allows you to hit the ground running.
- Anticipate challenges. When you create your business plan, you’ll look ahead and try to identify any potential problems you might encounter. This prepares you to address these issues if they do arise.
Are you starting to see the value of a business plan?
A business plan helps keep you on track. It ensures that you focus your attention on the right things and helps you avoid mistakes that could sink you.
So how do you write a business plan? What things need to be included? That’s what this ebook is all about. We’re going to walk you step-by-step through the process of creating a solid business plan. By the end, you’ll know exactly what to do to create your own plan.