Business Plan (DIY) Online Course
by Helia Singh
What is Business Plan?
A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan from a marketing, financial and operational viewpoint. “Investopedia”
- Business Plan is an overview of all aspects of a business at its current stage and future.
- It will include information about its connections, competition, special advantages of its products or services and supporting information.
- Everyone with a business (beyond a few hours casual work) or even a start-up business will benefit from writing down Business Plan.
- Even if you are just starting to plan any sort of business, learning to set out a simple Business Plan will help you become more successful in your business.
- The common view of a Business Plan is that it’s only needed when you approach investors or banks for funds to start or expand your business. But this is actually too late!
- Established businesses got where they are by using their Business Plan as a sort of map through the life of the business.
- When you review your Business Plan after even 6 months operation, you will be able to see the benefits of using the Plan.
Why You Need a Business Plan
- Use your Business Plan to get a better understanding of what’s involved in running a successful business.
- Some people start getting a few customers then stop looking after the record keeping and organization. They fall in a dangerous territory of being too busy to worry about paperwork’s!
- That will reduce the success which they get from their early efforts and may cause problems later on when they approach potential investors with inadequate records.
- The main problem is that poor records will stop them being in touch with their actual financial position.
- They often don’t even have enough funds for regular expenses like taxes, fees and licenses, equipment and to pay their staff’s wages.
- A simple Business Plan will help you to see your actual financial position and plan what you need to put aside for fixed costs.
- When you see your business ideas and details in paper form, any gaps, potential risks which are not your strong point to resolve will be much more obvious.
- You can use your Business Plan to explain the different parts of what you do and expect to achieve to people that might be interested in that information.
- The usual first presentations are to show to finance providers or anyone interested in funding your development or even buying part of the business.
- Business Plan will help you monitor changes in your business environment before they impact you.
Why You need to Write your own Business Plan
Because most People don’t plan to fail but they fail to plan!
A Business Plan is like having a map. Without a map you can still get by in your travels, but you can appreciate how much easier it is, when you know where you are going once you hold one in your hand.
A. Mirkovic, PostIdea.com