Why do I need a business plan?

There are two main reasons you may need a business plan. The first is very obvious. You need written guidance and structure for your business. You think you know everything about your business or maybe even everything you want to do with it. However, this blueprint will help you get a more vivid scope of where you are and your potential future.

The second most important reason for having a business plan is for financial backing. If you want to attract sponsors or apply for a business loan, most investors require you to have a business plan. The business plan helps evaluate your services and products. Some lenders even tell you what they expect you to have in it.  This leads me to my final point.

Your business plan is always changing, rather if it’ for self interest, or to gain interest. Regardless, the time is now. Start with an outline of what your business plan may be. Then write you a simple one. It will evolve over time, as you do research, or find other business plans you like. The important part is to make sure you have all of the important pieces included.

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Author: Anthony R. Caraway

Founder of Caraway Business Solutions

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