So, you have a business idea—that’s great! But besides a good idea, one of the most important things you can do to be successful is to develop a solid business plan. Whether your business is big or small, self-backed or financed through investors or banks, here are the top five reasons why you need a business plan:
#1 Brings your idea to life
If every idea equalled prosperity, we’d all be working for ourselves. But since the world doesn’t work that way, the best way to turn an idea into a profitable business venture is by fleshing it out by writing a solid business plan. And because our business ideas are often innately personal—even labours of love—a business plan helps put things in perspective, allowing you to view your idea critically and objectively to determine its viability in the marketplace.
#2 Creates a blueprint for your business
Like any stable structure, a solid idea needs the proper architecture to build a successful business upon, which a well-written and thought out business plan can provide. And like any good blueprint, a thorough business plan establishes a framework for how to run your business, gives you the chance to iron out any kinks in advance, and helps focuses your vision and mission, and creates a path to success.
#3 Leads you to the investment
A business plan is the first thing any potential partner, banker, or investor wants to see before thinking about handing you over any money. A great business plan can even attract their attention before you’ve opened your doors. And even if you’re starting up without any outside financial help, a business plan keeps your initial investment low by helping you avoid any unanticipated costs, and saves you time in the long run, which is just as valuable.
#4 Introduces your business
Even though you came up with the idea, a business plan introduces your idea along with every aspect of your business and helps you figure out who you are as a company, and where you want to go. It also establishes your brand and lets any potential backers, stakeholders, and future partners get to know you and what you’re about. A well-written business plan can also teach you about any competition you may have, and how to succeed in the marketplace.
#5 Makes you more organized
From putting your idea to paper to reading the final draft, every aspect of a business plan prepares you to open your doors for business effectively. The planning process teaches you about your target customers, which allows you to better position yourself to reach them. The business plan keeps you organized and can help your company grow faster, achieve higher benchmarks, and multiply your chances of success.
It doesn’t matter what your idea is, or how much money there is to be made, writing a business plan is the best thing you can do to ensure your company succeeds when so many others fail. Looking for a Vancouver-based business plan writer? Contact me here, and I’ll be happy to answer any questions you may have about your business plan requirements.