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Why Every Entrepreneur Needs a Business Plan

Posted January 26th, 2011 in Small Business Tips and tagged , , , , by Mara

businessplanThe internet is the land of opportunity, where anyone can make a quick buck, right?

That’s what we like to think. But time after time people jump online and create a business website without really figuring out how the business is supposed to make money. That is why no matter what your idea, you need a business plan.

A business plan sets you up for success – it makes it much easier to reach your goal of being profitable because you know how you’re going to get there.

To break it down a bit further, here’s what else you get from creating a business plan:

1. Check the viability of your idea
Sometimes ideas sound great in your head, but when you put them down on paper, you start to find holes. Do you have a market? Will you be able to make enough profit? The list goes on. A business plan will help you identify flaws BEFORE you sink your time and money into an idea that might not fly.

2. Entice investors and get funding
Unless you are able to bankroll your project completely on your own, you’re going to need some financial help. It’s nearly impossible to convince a bank or investor to lend you money if you don’t provide them with a clear path for how you plan to repay them (and make them money).

3. Identify your strengths
As you solidify your plan, not only will you find your weak spots, but you may also find that your idea is even better than you thought. You may identify additional markets or opportunities that you wouldn’t see without sitting down and thinking on it.

A business plan is not something that you do once and forget about. It’s an ever-evolving and changing roadmap for achieving your business goals. As your business grows, you may abandon original ideas and branch into new areas.

Need more information about writing a business plan? Entrepreneur.com has some great tips and resources – visit http://www.entrepreneur.com/businessplan.

Do you have a business plan? And if so, how it helped you?

Comments

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