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.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business. Without a plan a business is likely to fail or stagnate.
A good business plan can help you secure finance, define the direction of your business and create strategies to achieve your goals. Writing a business plan is one of the most crucial elements of starting a business. However, it does not have to be the most frustrating.
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?