This is another great topic. Always best to have a business plan, and sooner rather than later. It can always be changed as you go if necessary but an overview and idea of where you are headed is a simple yet unequaled part of making a successful small business.
Thanks for posting, maybe other members have some input on the importance of business plans as well.
There's a lot that goes into a business plan. Some of the most important are pre-launch.
Having an accurate Market Analysis is very important. Especially for online businesses or any brick & mortar business competing online. This step here has helped myself and others as we always do this to determine if a business should launch or re-evaluate their business plan. If the market space isn't there, we don't want to launch a business in that niche segment. So I feel that's important.
Financial projections also, even if you have to make changes later, it's important to have an estimate of what money can be brought in.
These are two of the main segments I worry about in a business plan.
That's a great point about market analysis too, Richard. Thanks for your input!
I support your point of view on the use of having a business plan completely. I truly believe that it helps a lot not only to present your business idea in a full way to your potential investors if you are planning to find them to support your project, but also for you as a business owner to put all your thoughts into it as I'm convinced it is almost impossible to keep everything in your head, unless you are a genius
Hi krystsina! I agree sometimes it can seem completely overwhelming to write a business plan. But it is truly worth it, as you mentioned, not just for a potential business, but an existing business as well. Our experts on the SBC Team have put together a great guide to help our members develop a business plan that will help in the journey. Please feel free to read our Guide: How to develop a business plan.
Would love to hear you thoughts on the guide as well as any additional tips or experience that you'd like to share with the rest of our members on the process.
Business Plan is very good but I think that the most important part is the drive.
and actions. People that are looking for a perfect business plan crossing all the
do list may never start any business. Business is a venture and also a risk. I will suggest , when you
dream it, realize it, then just do it.just start from somewhere .
I agree, aligned health, it’s exciting to take a chance and try to make your dream of owning a business come true. Part of the job is keeping that drive and passion, maintaining a “never give up” attitude is essential. That said, I think it’s very important to have some kind of forecast model for your business. Your dream company deserves a leader, who stays up to date on related, trending issues. There are so many intricate parts, steps and skills needed to build a successful business. Having a structured game plan can prepare you for what may come and help you avoid any pitfalls you may encounter. ~Moderator Mel
Thank you for the link to your business plan guide, Rebecca. I downloaded it and looked through, a very nice guide. There are millions of guides how to create a business plan nowadays, so to compare it with those I've read, your guide is a simple combination of all possible tips that it great as I love simple explanations.
Concerning your words on what I can add, I would share the link to free business plan templates that the company I work for created to help people make it structural and visually pleasant, so if anyone would like to get some templates, feel free to download them from here: Free Business Plan Templates For Word, Excel, Open Office, Powerpoint | InvoiceBerry
Nice Information. I must say that business plan is an essential road-map for business success. If you're starting a business, you must have a proper plan in order to get everything done properly. It gives you clear idea and picture of where you're going and how you're going.
I absolutely agree with your opinion. I truly believe in the power and help of business plans for any kind of a business. Being prepared with the research and financial forecasts is very essential.
I spend a lot of time writing about why you need a Business Plans.
Here are a few more.
Too many ideas. With too many ideas, it's easy to spend so much time choosing a topic
Over-thinking. You want to make sure your idea will really work.
Perfectionism. I am not. but I do keep thinking of things to add... and add some more.
Not knowing what to do in what order?? Where do you start?? You've got to plan the product.
The Business Plan keeps revolving and changing.
Good Luck, LUCKIEST