3 Key Reasons You Need A Business Plan

Okay so you’ve decided to start your own business or want to find an investor or partner to grow your current one.

It’s time to dig into writing a business plan.

Why Your Business Plan Is Important!

You have this great idea for your business and want to jump in!

Great – but where to start?

A business plan does many things for you, but ultimately it is a sales document that helps both you and other people you are hoping will help you, understand what you want to do and how you plan to get there.

There is a laundry list of things to include in your plan. Here are a few of them listed from Smart Asset’s reference:

• Target market: Who you are selling to?
• Value Proposition: What you are selling and why they should choose you?
• Finances: What your cost will be against what your pricing and expected income will be?
• Competitors: Who is already in your market and what are they doing?
• Marketing plan: How are you going to get in front of and communicate with your target market?
• Sales strategies: You’ve found your prospects, how are you going to convince them to buy from you?
• and so on.

That brings us back to why?

The 3 Key Reasons You Need a Business Plan:

1 – Setting Goals

Whether you are just starting or growing, you need to know where you are and where you want to be. It can include a 1, 3, and 5 year goal. You are only guessing at how successful or stable your business is if you don’t have anything to measure against.

2 – Analyzing Costs

How much money do you need initially to get the business going and to keep you going until your first sales?

3 – Getting Financing

Are you planning to put all of the needed money to get you started yourself? Or are you looking for an investor, partner, or loan from a bank?

If you want some help with financing, then you have to have a well-thought-out plan laid out for them to consider.

There are a lot of tools out there to help you get started and guide you through step by step to create a complete plan.

Here is a report with 15 tools and resources for you to use.

I know it is sometimes easier to avoid sitting down and writing this plan but break it into smaller pieces and get one done every day. You’ll have a completed plan in less than 2 weeks and have taken the first step to build a rock-solid foundation for your business!

Let me know below if you have any questions or book a 15-minute consultation call!