By on March 04 2018 23:37:11
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 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?
A standard business plan consists of a single document divided into several sections, including a description of the organization, the market research, competitive analysis, sales strategies, capital and labor requirements, and financial data.
Creating your business plan is more than just getting your ideas down on paper for potential funders to see. It is an exploratory process in which you can evaluate your options, test your assumptions about your idea, and even discover new opportunities. It might even lead you to kill off aspects of your business before investing too much time or money in them