Do I need a Business Plan?
Yes, you need a business plan. The good news is that it does not have to laborious or complicated. Sometimes it’s not the finished product that benefits you most, but what you learned while formulating the plan. Writing a business plan forces you to think about the issues that have to be addressed in order to have a successful business. Designing websites, logos and imagining the money rolling in is the fun part. But there has to be a plan behind it all.
There are many different types of Business Plans and many different reasons for writing one.
Types of Business Plans
- Start Up Plan
- Internal Plans
- Operations Plan
- Strategic Plan
- Growth or Expansion Plan
Reasons for writing a Business Plan
- Defining a new business
- Borrowing money
- Evaluate new product lines, promotions or expansions
- Provide standards for a business review and correct process
- Set a value on the business for legal or sale purposes
- Define agreements between partners