Why Do I Need A Business Plan?
Why do you need to write a business plan? There are a number of reasons. Writing a plan dramatically increases your chances of success as an entrepreneur.
Here are just a few reasons why you would want to write a business plan.
1. Evaluating initial startup costs.
2. Determining what it will take to make a profit.
3. Analyzing your competition and it’s success and failures (which you can capitalize on)
4. Well defined rolls of all people involved in the company.
5. Investigating your market and developing a strategy.
6. Anticipating problems before they occur.
7. Defining a clear goal and exit strategy for your business.
8. Convincing investors to fund your business
Some may scoff at all of the parts of a business plan, but remember that you are undertaking this endeavor to make money, not to just produce a product or service. Most businesses fail because they are hit by unforeseen expenses — or situations — that they should have anticipated ahead of times.
To give yourself the best chance of success, do your homework ahead of time and you’ll be...
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