A key ingredient to launching a new business successfully is writing and implementing a business plan. The business plan lays out a course of action for your company for the first 36 months of operation.
Eight reasons why you should do a business plan.
One – test your idea on paper before committing time, money, and resources.
Two – to chart the direction of your idea and how to get there (and you should really have follow the plan once it done).
Three – decide what people, facility, organization, and resources you can use to turn your idea into a reality.
Four – to set some standards of control, evaluate possible outcomes, and to improve your business idea.
Five – to anticipate problems that will arise as you operate your business, and have preventative actions planned.
Six – to plan for personnel, capital and facilities.
Seven – to know the kinds of goals you wish to attain so that you can relate this to other persons who are helping you with your business.
Eight – to be able to define what kind of financing you will need and when you will need it from lenders.