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Why do you need to write a business plan

You need a good business plan to launch your business. A business plan is a blueprint of the steps you need to take to build your business. It shows that you've taken the time and discipline to think about where you are and where you want to go.

Many entrepreneurs don't understand the importance of writing a good business plan. A plan can help you raise money to start or expand your company, plan for the future, and track your growth. A written plan is a tool to help you:

  • Get financing and investments.
    Lenders and potential investors use your business plan to decide how much risk is involved in investing in your business. They look at your company's potential growth, your abilities as an owner and a manager, your purpose, your market, and your competitors.
  • Explain your company's vision.
    A business plan is not just about numbers. It's about your belief in what your company can become, based on the firm understanding of your business and the market.
  • Measure your performance.
    This is your chance to outline what you expect in future growth, sales, profit, and more. If you look at your business plan regularly, you can review your performance, update your plan, and always know where you stand in terms of meeting your goals.
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