The process of developing a company starts with a business idea. Many persons believe that, once you have found the suitable business idea, nothing can go wrong; you are on your way towards success and wealth. But, as we can often see, not so many entrepreneurs manage to build a profitable company, even if they have the most brilliant business idea. This may be due to a wide variety of factors, but this feature can generally be seen from a very early stage in the development of a business. Experienced business persons can realize whether a business idea can turn into a profitable company by just taking a look at the business plan.
Click here to download your business plan template <==== It is only normal for you to feel that this last statement is controversial. Well, it can be explained using only two arguments:
- Most entrepreneurs believe that a business plan is a complete waste of time and that they donΓÇÖt need to putt their ideas down because they have already thought about all the details that will help them build a strong business. They are terribly wrong. Experience shows us that while writing your business plan you have to consider each and every detail about the future development of your company. It requires marketing research, stating your teamΓÇÖs advantages and disadvantages, establishing the marketing strategies you will use in order to advertise for your products, calculating the funds you will need and the amount of time you need in order to turn your business profitable. It also forces you to calculate the risks entailed in your business. Even if you have a terrific brain, you cannot correctly calculate all these factors without writing them down.
- Most entrepreneurs need external funds for their company. But, as they donΓÇÖt want to write a business plan, they will most likely try to obtain the funds through a bank loan, thinking that this process might be easier. When confronted with the fact that even banks demand documentation similar to a business plan, they write something quickly and generally find out that they will not obtain the loan. Meantime, their competition has already applied for angel investment or venture capital funds and they are way ahead those entrepreneurs who think that writing a business plan is a waste of time.
These are important arguments that entrepreneurs have to keep in mind when deciding to start-up a company. Another thing that experience shows us is that most of the entrepreneurs give up on the idea of writing a business plan because they find it difficult. This is only due to the fact that they donΓÇÖt know how to do it.
Click here to download your business plan template <==== A business plan template can provide you guidance in the process of writing your business plan and can help you discover tips on how to make your business plan look attractive to investors and how to understand the risks entailed in a business by analyzing the constitutive elements of the business plan.