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I may not be able to offer definitive proof, but I’ll bet that a business owner who has a business plan is thriving at a higher level than a business owner who is just “winging it.” You don’t have to look at a business plan as a document that will take you months and months to write. Look at your plan as a road map to your future success. Start it small, then build on it. The most important aspect is to “start it.”

Why do you need a business plan?

  1. To make certain your idea is a good one. A business plan will help you put numbers to paper on whether your idea is feasible. Who will pay for what you’re selling. Who your competition is? What your profit margins should be, and even more. Getting this information down on paper is crucial to truly being able to determine if your idea can take flight – and earn you a living.
  2. To give you a road map to follow. Developing a business means you need to have a plan in place to serve as your start up compass. Map out the first year before you take the leap. Know where to go for financing. If you need financing, you will need a business plan. Write down your particular skills and make note of those skills you will need to hire for.
  3. A business plan will help you manage business growth. It would be a happy problem to have to have your business grow beyond your means to handle it on your own, right? If that growth happens and you’re not prepared you could make hiring mistakes or other mistakes that could kill the momentum.

The type of business plan you have will likely vary on the industry you’re in but at its most basic you need to have the items mentioned above written down to serve as your road map toward success!