A business plan is a description of:
- the goals of a business,
- the motivation,
- and the plans for reaching these goal.
A business plan may also contain background information about the organization or persons attempting to reach these goals.
Read more ...
When you go to a bank or other organization to ask them to help you finance your business, they will almost always ask for your business plan.
Some good advice:
The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically.
It takes time now, but avoids costly, perhaps disastrous, mistakes later.
It typically takes several weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions.
But then, that’s the value of the process. So make time to do the job properly.
Those who do never regret the effort. And finally, be sure to keep detailed notes on your sources of information and on the assumptions underlying your financial data.