After all, some entrepreneurs succeed without writing a business plan.
With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.
Use your plan to dip your toe in the business water.
It's the perfect way to review and revise your ideas and concepts before you ever spend a penny.
Even though you may be creating a business plan solely for your own purposes, at some point you may decide to seek financing or to bring on other investors, so make sure your Summary meets their needs as well.
Work hard to set the stage for the rest of the plan.
to show prospective employees since you're still in the startup phase.
Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.
So a solid business plan should be a blueprint for a successful business.
It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.