Do you really need a business Plan?
The short answer is YES.
When you are starting out it can be hard to find the time to sit down and map out a plan. However, if you are seeking finance for your venture, you will be required to provide one with your application.
A good Business Plan is essential to keep you on track, kicking goals and analyzing your business. Once your plan is set up, you will be able to identify your list of priorities - such as what you can achieve and when, with your available resources of time and finances.
This will give you your current business direction and help you define your targets to reach your objectives. You can also identify early on whether this was the direction you planned to take when becoming a small business owner, or whether you are going to pivot your business to something that better aligns with your values or is more financially viable.
Having a business plan aligned with your business budget will give you better control over your business. You will be better able to identify any upcoming obstacles and implement measures to overcome them.
In your business plan you will need to identify your ideal customer, your target markets and what your opposition is doing. This will allow you to develop effective marketing strategies for your business.
It is important to review your business plan regularly to see how you are ticking off your milestones.
So in summary, 6 Reasons to have a Business Plan:
1. It outlines your business idea to prove it is viable
2. It helps you set realistic goals and milestones
3. It helps you identify potential business risks
4. It helps you secure loans and financial investment
5. It allows you to plan and allocate resources effectively
6. It allows you to analyse your customers and competitors to find your niche
Want to learn more about Business Plans? Join me for a 2 hour hands-on work shop this February to start your business planning.