March 30, 2023
Whether you have been running the show for decades or just starting the journey, a plan is vital in growing a successful business.
A business plan lets you tell the world about your business. How? By defining what your business is, what your goals are, and how you’ll achieve them. It also lets you tell your story by providing background info, financial predictions and strategies for meeting objectives.
Not only does a business plan help you figure out how to get capital, whether it’s from grant funding, banks or investors — it’s also a mandatory step if you’re looking to lease space, as landlords require a business plan. Ultimately, a plan allows you to figure out what your priorities are and what milestones you want to set for your company. It also helps you determine measures of success and gain awareness of your market, risks and your business’s strengths and weaknesses.
In terms of formatting, a business plan is made up of the following:
And while you eagerly write your business plan, here are some thoughts to keep in mind: