Writing a business plan can be a daunting task, but it is a crucial step in the process of starting a business. People wonder if it is truly necessary to write a plan before they start their business and we want everyone to know that it is! By writing a business plan you will be starting your business off on the right foot. If you have an idea you would like to turn into a viable business now is the time to get started. December is the perfect time to tackle writing your business plan as it is National Business Plan Writing month!
What is a business plan?
A business plan lays out exactly what your business is. It describes the products or services that you will sell, your target market, the production process, how it will be marketed, and much more information. It is an invaluable tool that shows both strengths and weaknesses in your business idea. Writing one will help you to know the ins and outs of your business and will help you find and fix flaws in your idea.
Reasons to create a business plan.
- Writing a business plan allows you to look at your business in its entirety. While writing the plan you will become even more familiar with your idea and you will see what it takes to own and operate the business. As well, you fully understand what needs to be done from start to finish to get your business running.
- It will force you to look at the feasibility of your business idea. While writing your plan you will be looking at your target market and recognizing whether or not there is a market for your business in your desired location. Writing your business plan shows you whether it possible for your business to succeed and flourish. Think of the phrase, “never sell ice to an Eskimo”, since that type of business is just not practical.
- It demonstrates to others how you plan to proceed with your business. Having a business plan will show bankers and any other investors everything they need to know about your business, and they will use the plan in their decision to provide financing. Without a business plan, it is less likely for someone to be willing to invest in your business because they do not have proof of success. Your business plan communicates your vision and without it people will not understand exactly what you see in your idea.
The Small Business Development Center is devoted to helping small businesses start, grow, and prosper. In regards to writing your business plan, we have specific guides and tools to help make this process easier. We are here to help you with your business plan, whether it be with research, answering questions, proofreading, or anything related to your business or business plan. Please visit our website for more information: https://scrantonsbdc.com/.
The University of Scranton
Small Business Development Center
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