The most beneficial part of a start-up business plan is the writing process. Many professionals will avoid writing a start-up business plan because they think it is just an educational tool useful only in business school or college. Others think a start-up business plan is only necessary for those that want to raise capital through public share opportunities, private investors or angel investors.
No matter what your business, a start-up business plan is invaluable, even if it is only to be read by a business owner, his/her spouse or future employees. What is learned through the start-up business plan writing process makes up for the time spent drafting it.
START-UP BUSINESS PLAN PROS
1. A start-up business plan helps motivate a person to get on task and revisit the original concept of the business and the original vision.
2. A start-up business plan acts as a map to gauge where a professional is in the process of business start-up and the location of the end goal. A start-up business plan, when followed, provides confidence in a specific destination.
3. A start-up business plan gives analytical benefits because it allows professionals to consider options that are outside the box. The business plan requires a business owner to analyze relationships between aspects of the business, including ho sales is related to lead generation and how those elements are connected to services, delivery, profit margins and other aspects.
4. A start-up business plan provides a clear strategy by showing the relationship between a business and the local marketplace. Writing it allows professionals access to information about the competition that will help keep the business viable in the long-term.
Writing a start-up business plan commits ideas to the page so they are as black and white as possible. This will allow business owners to see strategies that might not work as well as weaknesses and address them to make entry into the marketplace as seamless as possible.
Blogged By: Joshua Feinberg