And you can find-out how to write one in 8 hours or less:
If you have a great idea that could sell, then you can start your own business. The thing you should consider is that you must absolutely write a business plan before starting your business, even if you intent to use it in order to obtain outside funding for your start-up or not. When thinking about applying for external funds or when just organizing your evolution line, you must absolutely write your ideas in a sharp and detailed business plan.
This phase in the development of your project is essential due to its capacity of pointing out all the difficulties and problems that may bump on your way to success. First of all, detailed business plans will force you to think about all the data you have disregarded when just analyzing the market’s capacity of absorption of your idea and the possible gains. When thinking about all the problems that may occur, you can realize if you business is to be successful or not.
Also, the business plan is a very important tool for good management. This happens because the business plan helps you not only assess the quality of your team and the abilities that recommend them for this project, but also because the business plan can never be accomplished without an established goal. A good manager knows the importance of an overtly-expressed goal as this is the only tool you have in order to make your team understand what the project is about and how can they do their job in a satisfactory way. Management problems often occur due to bad communication, not because of insufficient knowledge or malicious intents.
Another good reason for writing a business plan is that it can help you obtain external funds from venture capital firms. There are many start-up companies that require high initial funds which the owner, which is generally also the manager, can’t provide by his own. However, you should keep in mind the fact that venture capitalists or angel investors do not work as a bank, they will not provide all the initial capital needed and they will also obtain, through their funding, a part of your shares.
Venture capitalist will also provide external management and a data base of contacts relevant to the growth of your business. Angel investors are not to interfere in the running of your business though. Another thing that you should not neglect is that both venture capitalists and angels only invest in companies that promise to have a huge expand in a very short period of time.
==> Click here to download the Business Plan Template
So, writing a business plan is essential for the development of your business. When writing it, you should focus upon your goal, your management, your team and its capacities, the market demand for your product or services, the amount of money you have to invest and the timeframe in which you can win them back. You should focus upon your vision statements which can help you understand which is your starting point and which is the place you would like to reach. When doing so, you have to describe the solutions you have for meeting your vision with its realization. If you don’t precisely understand how to write your business plan, just keep following our posts, download our helping tools and subscribe to our newsletter in order to receive the latest news about tips on how to write a successful business plan.
Good luck!
-Peter