I have some friends who are batting around the idea of starting a business. I asked them if they had written a business plan and received two different answers.
One friend said he hadn’t decided which of three options (for example: a bakery, an ice cream parlor, or a clothing store) he was going to choose and was waiting until he had made that decision before he started a business plan. One asked what a business plan was and why he would need one.
A business plan does two things. First, it is a tool that will help define the pros and cons of each option and clarify your decision. It can tell you which option or business will be the most profitable within your community or which has the least start up cost; among other things.
Second, it defines your products or services, your pricing, and your schedule. This allows you to go to an investor and explain exactly what you are selling. It will also point out any issues before they become problems.
This is just the tip of the ice berg of what a business plan can do for you and your business. We are willing to help you bring your business to life.