Writing a Business Plan – 5 Reasons Why You Should Write a Business Plan

If you are in the process of starting a business or considering expanding an existing business, most advisors, and books written on the subject, say you must have a Business Plan. You may be doubtful given that it means you need to take precious time out of your busy schedule to put your plans on paper.

But do you really need a Business Plan?

A survey carried out on 400 UK entrepreneurs by SimplyBusiness revealed that 54% of business owners don’t have a Business Plan. Shocked? I was. Based on my experience when dealing with both start ups and seasoned business owners I thought the figure was on the low side! Only 54%?? Come on. I can count on one hand the number of business owners who have a Business Plan.

» Read more: Writing a Business Plan – 5 Reasons Why You Should Write a Business Plan

What Makes an Efficient Startup Business Plan?

Starting up a business takes a lot of time, hard work, and patience. Businesses can bring out the best in a person. It is indeed a big challenge for novices, especially those without relevant business training, to start a business and have it doing very well. If you’re not equipped with adequate knowledge and experiences, you are most likely to falter along the way. If you consider yourself a newbie when it comes to businesses, try not to commit the petty mistakes that could cost you your entire investment. What you need is a great startup business plan and stick to it at all times. This is also necessary for seasoned businessman if they want to succeed on a new business on their first try.

Here are the ingredients of an effective startup business plan that would propel you towards success:

1. Your startup business plan should be modern.

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From Business Plan to Web Design – Starting an Online Business

Before you officially “open the doors” of your e-business, you need to create a business plan. Turn your business idea into a plan that will help you succeed (or you may find while going through this process that it is better to scrap the idea and come up with something better).

Putting a business plan together may seem like a daunting task. I will take you step by step through the process of creating a business plan, making the process a little easier for you. Putting a business plan together will include completing a market analysis, a competitive analysis, an advertising plan, pricing, branding, a sales strategy, and much more. This article will go over some of the basics.

You will want to consider marketing, financing, your target market, distribution of your product, finding out who your competition is, etc. In addition to considering these factors, you will want to set realistic goals for your small business.

» Read more: From Business Plan to Web Design – Starting an Online Business