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Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it.In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable.Investors and financiers are always looking at the risk of non-repayment, and word-of-mouth is no substitute for written facts and figures in a properly-prepared business plan.
Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.
Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.
The more you know about your industry, your prospective customers, and the competition the greater the likely hood that your business will succeed.
Writing a business plan will ensure that you pay attention to both the broad operational and financial objectives of your new business and the details, such as budgeting and market planning.
A business plan helps you to: You’ll need a business plan if you want to secure investment or a loan from a bank.
Read about the finance options available for businesses on the Business Finance Guide website.
Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.
The exercise of budgeting and market planning will help you define your Target Market, your Unique Selling Proposition, optimum pricing strategies, and outline how you intend to sell/deliver your products to customers.
Viable businesses are dynamic; they change and grow.
The company's original business plan needs to be revised as new goals are set.