A formal business plan is important. It is needed when obtaining financing; serves as a guide for the policies, strategies, and tactics needed for running your business; can be shared with potential key employees; serves as a key document when you sell your business; and forces you to focus on the issues that are essential for the success of your business as you prepare it.
Why does your business exist? Explain the need that you have experienced or noticed. This should be an actual problem that makes life difficult for you or a group of people. This could be an issue that impacts many people (mass market) or a small group of people (niche market). What’s your solution to the problem? Remember, your solution doesn’t have to be brand new, but be sure you can describe how you will address the defined problem more effectively or more broadly.
Your business plan is a living document and will probably change over time with your business, but you still need a written business plan. Click the button below for our free business plan template: