![]() ![]() Investors rely on business plans to evaluate the feasibility of a business before funding it, which is why business plans commonly are associated with getting a loan. What is a business plan?Ī business plan is a document describing a business, its products or services, how it earns (or will earn) money, its leadership and staffing, its financing, its operations model, and many other details essential to its success. That's where writing a business plan comes in. Not every business launches with a formal business plan, but many founders find value in taking time to step back, research their idea and the market they’re looking to enter, and understand the scope and the strategy behind their tactics. When you’re starting a business, your to-do list is a mile long and filled with more immediately rewarding tasks, like taking product photos, creating ad campaigns, and opening social media accounts. ![]() Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment. ![]() There are many reasons to write a business plan-it’s not solely the domain of entrepreneurs who want to secure funding to start or grow their business.Ī business plan can help you clarify your strategy, identify potential roadblocks, decide what you’ll need in the way of resources, and evaluate the viability of your idea or your growth plans before you start a business.
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