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Do I Need a Business Plan?

You have this wonderful idea and are sure you can make money with it.  You have decided this is what you want to do and nothing can stop you.  Congratulations!  You are entering the exciting world of the business owner.  What do you do now?

Depending on the type of business, some of you will just forge on.  Others will start with a business plan.  Is that really necessary?

A good business plan is a requirement if you are going to be asking for any type of financing.  But in my opinion, whether you need financing or not, there is a bigger reason to tackle the major task of writing a business plan.

By putting everything down on paper, you are making a commitment.  You are promising to yourself that you are going to do what it takes to run a successful business, you are doing the research necessary to put your plan into action, and you are setting goals for your future.

Think of your business plan as a road map to success.  It is a very structured document listing every detail of your future business.

– what is your product or service

– who is your target market and competitors

– how much money do you need to start up and continue to stay in business

– how are you going to market your business

– what are your short term and long term goals

– how are you going to operate and maintain your business

– do you need employees or subcontractors

A business plan is a very lengthy document and some of you will start and never finish.  But if you can get through it you have shown yourself that you have the drive and determination to make this work.

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