"Why do I need a Business Plan? I know what I'm doing".
Many aspiring small business owners have made that statement. Too often, their dreams of becoming successful entrepreneurs have turned into nightmares. While one may be familiar with the ins and outs of running a business, that knowledge may not cover every possible scenario. That's why a Business Plan is a must for veteran business owners and newcomers alike. This plan of action for building a successful small business examines the environment in which a business operates, including potential problems, cyclical trends, and opportunities. More importantly, the plan provides the business owner with contingencies for dealing with these situations.
Putting your ideas in writing also forces you to think realistically about sales, expenses, and short and long-term goals. The Business Plan should identify target customers and how you will attract them; timelines for adding staff and infrastructure; product and business differences between you and your competitors; and many necessary factors. In addition, if you plan to seek financing, it is all but certain that a lender will require a Business Plan as part of the application.
A Business Plan benefits startup businesses, as well as established enterprises, that need it to reassess their goals and strategies. A professional business counselor can provide confidential guidance, (sometimes even free of charge) to help you prepare and improve a winning Business Plan, and help you with any and all aspects of your business, whether it is still a dream or an established part of your life.
Also, the free workbook, "How to Really Start Your Business", provides a helpful framework for developing a Business Plan, plus key questions that will influence how your business operates.
Article provided by SCORE
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