A business plan is a description of the business you want to start. It is also a plan for how you intend to run and develop it.
After making a business plan you will have great knowledge of the business world - the world in which your future lies.
Preparing yourself
The business plan gathers all the bits and pieces from the business preparations and your general life experience of relevance to your business. It contributes to a more well-arranged start-up – beneficial to the entrepreneur, his/her family, personal network, consultants, and sources of finance.
Dynamic plan
You should not see the business plan as the final statement for your business. Instead, you should see it more like a platform from where you gain access to the business world. It is a dynamic world so your plans for your business must be dynamic as well.
Working out a business plan serves many purposes:
- Help structure and realise your visions
- Gather knowledge and compelling information
- Facilitate a framework for better business decisions
- Convince family, banks and other investors that you are worth an investment
- Proof of dedication
- Base for better counselling from co-operators and sparring partners