A business plan is a written document that describes your business.
It covers objectives, strategies, sales, marketing and financial forecasts.
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances. Get detailed information about how to write a business plan on the Start Up Donut website.
Here are 4 reasons why you need a business plan Potential investors or lenders want a written business plan before they give you money.
A mere description of your business concept is not enough.
Writing a good business plan, the Ernst and Young Business Plan Guide adds, can’t guarantee success, but it can go a long way toward reducing the odds of failure.
This is also according to multiplestreams.org, even if you aren't looking for investment, your entrepreneurial plans will fall flat quickly without a plan to guide them.
You not only concentrate on financial matters, but also on management issues, human resource planning, technology and creating value for your customer.
Having a business plan helps you to identify potential pitfalls in your idea.