Thinking about starting a new business? One of the first operating essentials you need to consider is your business plan. You probably have already come up with some version of one and you don’t even know it. What is a business plan you ask? It is a formal written description of your business’s future, specifically goals you have set, the reasoning behind them and plans for how you hope to achieve them.
Needing outside funds to get your new business up and running? Business plans hold significant value for entrepreneurs looking for investors. They can be written to convince investors to cough up the capital to make your idea come to life.
Each business plan is going to be different. However, there are three main parts to every plan that every entrepreneur should follow as a guideline.
The harsh truth is that if you cannot come up with a sound business plan, the likelihood of your business being viable in the marketplace is slim. Some ideas sound good in your head, but when put on paper, aren’t feasible. Stay tuned for our next post that will deep dive into the specifics of a business plan from our friends at LivePlan.