answersLogoWhite

0


Top Answer
User Avatar
Wiki User
Answered 2013-10-21 06:53:02

Entrepreneurs often ask, "Why do I need a business plan?". Well, let's put it this way. Do you want a successful business? Because, writing a well-thought-out and organized business plan dramatically increases your odds of succeeding as an entrepreneur. Running or starting a business without a business plan is like walking through the dark without a flashlight. You can probably go a long way using just your senses and relying on basic instincts. But operating in such a manner leaves you wide open to the risk that something will get in your way (like a competitor) and you probably won't see it until it is too late. And just imagine all of the opportunities that are just waiting to be grasped - but without a flashlight, ah sorry - business plan, how will you see and take advantage of them? The benefits of having a business plan include: * Helping you to clarify your vision and deciding whether or not to forge ahead with the idea. * Determining if your product and/or service has a sufficient market to support it and whether or not it will be profitable. * Providing an estimate of your start-up costs and how much you'll need to invest or finance. * Convincing investors and lenders to fund your business. * Defining your target market (who your customers are or will be) and how to best reach them through strategic marketing actions or expanding market coverage or reach. * Establishing or reevaluating your competitive position within the marketplace, by conducting a thorough analysis of the competition (finding out where your competitor's weaknesses are and how you can take advantage of them). * Defining corporate objectives and programs to achieve those objectives. * Helping your business make money from the start by developing effective operational strategies. * Understanding the risks involved and anticipating potential problems so you that can solve them before they become disasters. * Setting a value on a business for sale or for legal purposes.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

What are the disadvantages of writing a business plan?

The disadvantages of writing a business plan is that it may skip some integral issues. A business plan is in theory which might be far from the reality or practical application.


What has the author Kevan Williams written?

Kevan Williams has written: 'Brilliant business plan' -- subject(s): Business planning, Business writing 'Brilliant business plan' -- subject(s): Business planning, Business writing


Where can one get advice on writing a business plan?

Advice for writing a successful business plan can be sought out from a number of places. Forbes and Entrepreneur have websites with guides on how to write an effective business plan. Banks such as Barclays also offer this information online.


Why would you need a business plan while expanding?

I need a template so that I may be guided when I am writing my business plan


The main purpose of writing a business plan is to?

The main purpose of writing a business plan is to have a clear objective establishing what is significant about the business. Some examples of what should be thought about is who the target customer is, how to market to the customer, what does it cost to operate the business, and goals of the business.


What exactly does writing a business plan mean?

Writing a business plan meanings covering all the information of what needs to be done and exactly how they are going to be done so mistakes will not be made.


How do I write a business plan for a resturant?

Writing a business plan for a restaurant can be challenging but you can follow the basic steps and it will be easy. Examples of business plans can be found online.


What are the best books to buy when writing a business plan?

Like other questions found here on WikiAnswers, this is a matter of opinion. Here are some of my personal favorites: * Inc. Magazine's 'How to Really Create a Successful Business Plan' * Nolo's 'How to Write a Business Plan' * Barron's 'Writing a Convincing Business Plan' Visit Amazon.com to purchase these or other books related to business planning.


Where can I find a form for writing a business plan?

Writing a business plan is a difficult and long process, they should be specific to your country of origin and format varies depending on that. Going to your local authority can help.


How do you write a simple business plan?

The process of writing a business plan can be very overwhelming, that's why I hesitate to say that there is such a thing as a "simple" business plan. I would recommend writing a mini-plan, which is often referred to as an


Where can I find help with writing a small business plan online ?

To find help with writing a small business plan online you check out your local library. I'm sure they have workshops and such where you can learn about stuff like that.


Where can someone get some tips to stylize their words when writing a business plan?

Many different business planning websites will feature tips to stylize words when writing a business plan. Some examples of such websites are PlanWare, Forbes, and New Entrepreneur.


How can someone write plans for business consulting?

Some tips for writing a business plan for business consulting are keep the plan short and simple and concisely identify your niche. You should also get some feedback from a coach or mentor on your plan.


Where can I find business plan layouts online?

There are multiple online sources which will provide plan layouts and templates for any type of business. Try this website: http://articles.bplans.com/writing-a-business-plan/a-standard-business-plan-outline/29 It is easy enough to follow and will show you something basic.


Sample of a pig farming business plan?

A business plan for pig farming is not that different from a business plan for any other opportunity. The structure of the plan is no different although agricultural businesses can be more difficult to put into words due to their uniqueness. The business plan should be clear and concise and it often helps to get ideas from other farmers before writing your plan.


What information is needed to make a business plan?

Your business plan should reflect your goals for the business and what you intend to do to achieve those goals. Before writing out your plan, it is a good idea to sit down and think about what you want to accomplish with this new pursuit.


How can I learn to write a business plan?

There are plenty of books available to assit you in writing a business plan, as well as several online resources. The book Business Plans for Dummies may be a good place to start.


How Important Is A Business Plan In The Loan Application Process?

Business plans are crucial for startup organizations. The U.S. Small Business Administrationprogram requires a business plan as a part of the application process, and the lender can help you in writing one.


How Does A Business Plan Factor Into The Loan Application Process?

Business plans are important for startup businesses. The SBA program requires a business plan as part of the loan application process, and your lender can help you in writing one.


Where can one find a basic layout for writing a business plan?

Basic layouts and/or templates for a business plan can be found at many informational sites on the web relating to business. These include the government's Small Business Association site, as well as Great Business Plans.


Where can one find advice on developing a business plan?

For US business owners, the Small Business Administration offers comprehensive advice on how to formulate a business plan. Entrepreneur Magazine also offers a guide to writing a business plan, and publications Forbes and the Guardian offer helpful advice.


Key Components Of A Business Plan?

The executive summary needs to be written after the business plan is completed. It should highlight the components of a business plan. There are a few tips that you should keep in mind when writing the executive summary. The length should be between five and ten pages or one-tenth of your business plan. This should follow the executive summary.


What is an ineffectual way of deploying a business plan?

An ineffectual way of deploying a business plan is writing one and then letting it sit on a bookshelf somewhere collecting dust. This happens everyday. Entrepreneurs and business owners will write a business plan to obtain funding, team up with industry partners and so on, and then simply throw the plan to the wayside. In addition to being a great way to raise capital, a business plan is the ultimate way of setting and measuring goals and milestones. It can help keep a business on track and also explain what to do if the business falls off track. Basically, if you are going to invest a substantial amount of time and money into writing a plan, make sure you use it.


Where can one find information on writing business plans?

The website "Entrepreneur" has a business plan guide. A business plan shows a written description of a business's future and lays out it's goals and projections and shows how one plans for it. The U.S. Small Business Association website (SBA) also has several topics on how to start a business and how to write a plan.


What are the benefits of writing-?

The benefits of writing is that it helps put your thoughts in perspective.