Maybe you think you don't need a step-by-step guide to writing a great business plan. Maybe you think you don't need a template for writing a business plan. After all, some entrepreneurs succeed without writing a business plan. With great timing, solid business skills, entrepreneurial drive, and a little luck , some founders build thriving businesses without creating even an informal business plan.
The Surprising Reason Why You Need a Business Plan
Write your business plan
Why write a business plan? Simple: The business plan is the blueprint for your business. If you wanted to build a house, you wouldn't walk over to an empty lot and just start nailing boards together. Starting a business without a business plan is just as risky.
Why You Must Have a Business Plan
October 01, A lot of attention is spent on how to write a business plan, but what happens after it's done? Take your business plan out of your file cabinet and put it to work! Even the best-laid business plans go awry.
Are you starting a new business or trying to get a loan for your existing venture? Business plans give entrepreneurs the opportunity to formally analyze and define every aspect of their business idea. Entrepreneurs who start out with business plans are 16 percent more likely to build successful companies , according to the Harvard Business Review. Developing a business plan ensures sustainable success, guiding you as you grow your business, legitimizing your venture, and helping you secure funding among countless other benefits. Most financial institutions and service providers require you to submit a detailed business plan to obtain funding for your business.