5 Reasons To Write A Business Plan

A business plan doesn’t have to be so daunting that you decide you might not want to go into business for yourself if you have to craft one. Even if people aren’t talking about business plans – and it seems entrepreneurs are popping up across the country during this pandemic – but they’re not saying what’s in their business plan. They may not even have written a business plan but we’ll bet they have some sort of a roadmap aka business plan, but we have 5 reasons to write a business plan you may not have considered.

5 Reasons To Write A Business Plan

Here are some of the very good reasons the most savvy entrepreneurs – new and established – put together a business plan.

1. As mentioned – it’s your roadmap. How will you know you have “arrived” if you don’t know what the final destination is? What is success? How will you measure it? This is something your business plan will help you determine.
2. What will you make and sell or deliver? Knowing that and knowing what your profit margins may be will help determine whether you’re over- or underpricing your services and products. Remember, you need to set a value for your time and that may seem harder to do than setting a value to a product.
3. If you’re seeking financing or if you’re building a team or working with a team, your business plan will keep everyone on the same path. When you take the time to write it down, you will be more productive and will truly understand the intentions of your business.
4. When you are in the process of writing down your business plan you may have that “lightbulb” moment and find a way to open the door to more opportunities. When you are doing a deep dive into your customer base and the industry you may find new options you hadn’t identified previously.
5. Your business plan is your origin story – your business story. The business plan can highlight and help you share the story of your brand and that counts for a lot when connecting with potential customers.

We work with new and existing entrepreneurs and when we are talking with them, we find that having a business plan makes them feel more hopeful for the future of the business and that’s why we are proponents.

Whether you’re seeking coaching or simply want help with a business plan, reach out to Rex Richard and schedule an appointment.