Do You need a Business Plan to Start a Business? Here is My Recommendation…
Starting a business without a Business Plan in place can get chaotic if important considerations, such as outlining the company’s organizational hierarchy, main products or services, or marketing strategy, are neglected, dismissed, or forgotten.
Though some people state that you do not need a Business Plan to start a business, I strongly recommended that you should, as it will help you organize your business’ structure and needs in a clear, easy-to-read format.
A Business Plan is a written document that outlines a company’s goals and how it plans to achieve them. This document may be required by third parties for example, when I was setting up my Pay Pal account as one of the GateWay Payments for my clients, I was asked to submit some documents, and Business Plan was one of them.
What information should you include in your Business Plan?
The information you include in your Business Plan will vary depending on the type of business you own and the type of information you want to include in your plan. Generally, most business plans will layout:
- Goals and objectives
- Marketing strategy
- The reason you are making your Business Plan.
- A proposal to send to investors to secure funding
- As a blueprint to help you achieve a specific goal (like reorganizing your business structure so that your company’s management processes are more efficient),
When is a Business Plan used?
Here are Common situations where a Business Plan may be used include:
- Change of ownership
- A start-up company who want to use a Business Plan to present their business idea to potential investors for funding
- Companies wanting to establish new opportunities for growth for their business
- A fast-growing company who would like to adjust their company structure
How long should my Business Plan be?
The length of your plan will depend on the reason you are creating it, the category of business you operate in, the number of goals and objectives you decide to include, and, in general, how much information you decide to cover. Our plan was based on a number of goals and objectives we set for ourselves with my team.Create the legal document you need in minutes!
The business plan should not remain forever but requires updating depending on any significant changes.
In any case, a good Business Plan helps guide business owners in achieving a particular goal or keeps them on track by setting out the business’ main purpose.
What is a SWOT analysis?
Some business plans will include a SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats, and it is a planning technique used to identify areas where a company does well (strengths), doesn’t do well (weaknesses), could improve on and how (opportunities), and any potential issues with the business or products, such as expected material shortages or a change in consumer practices (threats).
This is a great tool that many businesses use to keep their businesses on track. If you want an easy way to draft your business plan, LawDepot’s Business Plan template can be handy for you to download within 10 minutes if you live in Australia, UK, NZ, Ireland and countries in Europe.
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