A business plan won't automatically make you a success, but it will help you avoid some common causes of business failure, such as undercapitalization or lack of an adequate market.
Just as you wouldn't start off on a cross-country drive without a road map, you shouldn't embark on your new business without a business plan to guide you.
It also provides an excellent first step to getting your thoughts organized -- a suitable road map for a more comprehensive plan.
You can also use this mini-plan to pitch your business idea to potential investors or partners, especially those who don't have time to read a hefty 30 page proposal. Roberts, Packetcom Inc., 2000), resulting in millions of new users and billions of new web pages.
It’s your business strategy, written in brief, with just the essential business plan components, so that you can update quickly and easily as you learn more about your business, your customers, and yourself.
It’s also a great starting place for As you think about each of the areas above, don’t think “business plan.” Instead, imagine that you are having a conversation with someone at a cocktail party and you’re explaining your business to them in simple terms.
Think carefully about what you are trying to communicate.
Too many companies spend time focusing on presentation and graphical display of their plans when what they are saying and how they are saying it is really the most critical aspect of it all.
In fact, it’s possible to write your initial business plan in less than an hour.
After all, you’re always thinking about your business and the strategies you’re going to use to grow, so getting those ideas down on paper shouldn’t be hard—it can even be an enjoyable experience.