And although you don't need an MBA to write one, getting your business plan right often does require quite a bit of work.
"A business plan is important because it communicates to everyone involved in the organization what the goals are, and how management plans to get there," says Drew Starbird, a professor of operations management and information systems at Santa Clara University's Leavey School of Business.
This might include paying for capital expenses like equipment or hiring personnel.
Also detail where all your financing is coming from.
How do their lives improve after you solve that “pain point” for them?
We recommend actually going out and chatting with your target audience first. This is crucial information for determining whether or not your business will succeed long–term.
Here's a quick overview of the step–by–step process we guide entrepreneurs through when they sign up for Live Plan.
Detail exactly what problem you are solving for your customers.
You may want to explain why your location is important or detail how much space you have available. You can also cover your office space and any plans to move outside your house.
Any specialized software or equipment and tools should also be covered here.