Why Develop A Business Plan

To make sure everyone's on the same page: Chances are, you are not building a company by yourself.

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David Ronick and Jenn Houser are serial entrepreneurs and start-up advisers. to create Upstart [email protected], a program that guides entrepreneurs to start up smarter.

To learn more about business planning, take Up Start's on-demand course.

First, and foremost, it should be used to help run your company with a more cohesive vision. By truly analyzing your plan for marketing, sales, manufacturing, website design, etc., you greatly improve your chances for success.

The second purpose of a business plan tends to be the reason most clients request plan advice from SCORE.

Use a presentation format like Power Point or Keynote to save time, and make it easier to share your plan.

Not all founders or start-ups are the same, of course.doesn't mean you have to hole away in a library for months compiling 40-plus pages of text.You can create a plan in under a month, working part time.For example, if you are writing code in your dorm room, you can experiment to find out what consumers will latch onto before thinking about implementation or financing. To avoid big mistakes: The last thing you want to do is work on your start-up for a year, only to realize you were doomed to fail from the start.Many founders learn the hard way that they didn't set aside enough capital to reach their goals, took on partners with the wrong skills and resources, or don't have a viable way to make money.," and "How can we attract customers in a way that's cost effective and scalable?" These are all things you'll address during the business planning process.5. If you raise or borrow money—even from friends and family—you'll need to communicate your vision in a clear, compelling way. An October 2007 study by Babson College found that start-ups with a business plan raised twice as much capital as those without a business plan within the first 12 months.This doesn’t require the big formal business plan document (complete with complicated business plan components) you fear like a term paper. It probably lives on your computer until you have to share it with somebody outside the team.The plan is what’s supposed to happen and why, and how much, and when.It’s a bit like dressing a teenager for the class prom.If you are approaching a banker for a loan for a startup business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require specific business plan sections.

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