3 Reasons Your Small Business Idea Needs A Business Plan

October 18, 2017 / by Kyle Teague

iStock-474598001.jpgThis advice seems obvious, right?

You would think so, but sometimes the true value of a solid business plan is undersold. A good business plan helps you navigate through each stage of starting and managing your small business. Your business plan is the element you can use to convince people that working with you or investing in your business is the right choice. Essentially, your business plan is the resume for your small business and helps you…

Determine needed resources

Outlining a business plan will help you detail your needs when it comes to equipment, staff, time, money and location. Each of these main resources will give you a good idea of how much startup capital you’ll need and about how long it will be before your small business starts to turn a profit.

Land a business loan

Now that you have an idea of how much startup capital you’ll need to start your small business, you’re probably going to need a business loan. What’s the best way to get a business loan, you ask? By presenting a convincing business plan that outlines your path to success. Your plan shows the lender that you have a good chance of succeeding because you have thought everything through and are prepared for a variety of situations. 

Create a custom business strategy 

The process of creating a business plan forces you to think about your future customers and competitors. This leads you to perform a SWOT analysis for your industry and marketplace. The result is a solid business strategy that fits your small business to increase your capabilities and build a foundation for success. 

Having a business plan before starting your small business is crucial because it not only helps you to get started, but it also allows you to monitor your progress and track benchmark statistics. As you gain experience with your business, you should modify your plan and make adjustments according to the economy and your marketplace.

Once your business plan is finalized and ready to be implemented, it’s time to start marketing your small business (which you can find help with here). 

When you're ready to take your business to the next level, contact us. 

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