If you’re starting a business, you must have a plan. Imagine trying to get a builder to build a house for you without a plan. It wouldn’t happen. And you shouldn’t try and build a business without a plan either.
If you’re borrowing money to start your business, a bank manager will probably ask for a business plan. If you’re seeking investors – they’ll definitely ask for a business plan.
Since you are going to invest a bunch of your own time and money into a business – follow their lead – and do a plan even if you’re not borrowing money or selling equity to investors.
It just makes smart business sense.
- A good business plan should have the following sections
- An executive summary – you write this last, and it contains a summary of your full business plan
- An organisational plan – this should include who is working in the business and all your structural information like legal structure and who is your accountant, lawyer and so forth
- Sales & Marketing Plan – include all the information on your market, your target audience and how you intend communicating with them. Also includes the resources you will put into sales
- Financial Plan – a detailed review of your budgets for revenue, costs, profit and business funding.