Why do I need a business plan?

We have already said that the business plan is our roadmap. A good business plan will guide you through every stage of starting and running your business. You will use your business plan as a guide for how to structure, run and grow your new business. It is a way of thinking through and detailing all the key elements of how your business will operate.

A well-thought-out business plan helps you step back and think objectively about the key elements of your business and helps you make decisions as you go forward.

Business plans help you get funding or bring in new business partners. Having a well-thought-out business plan will help investors get a better idea of your business, see it as more tangible and ultimately make them feel more confident that they can get a return on their investment. Your business plan is the tool you will use to convince others that investing in your business is a smart decision. However, to have a better chance of convincing potential investors or partners, it is important to know what kind of documents they expect to receive from you and what information they expect to find. All these topics will be covered in the following modules.