A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
It is definitely not the most exciting part of starting a business. In fact, if you are like a lot of entrepreneurs, you are probably going to find yourself pulling a few all-nighters to get one done before heading into your first pitch for funding. Because that is the thing--your business plan is a pretty important.
The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground.
Know your finances. The other essential part of a business plan is the finance section. If your business isn’t going to make any money, it won’t be successful so you need to be very clear on how you will make a profit. Use it to your advantage – your plan will be incredibly useful when it comes to securing loans and investment, but that’s not its only use. It’s also a personal tool to help you understand your objectives.
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